Singapore millionaires top world’s highest per-millionaire wealth by 2015
Millionaires in Singapore, a hub for wealth management, may surpass those in Switzerland with the world’s highest per-millionaire wealth by 2015 with US$4.5 million, according to a survey.
Worldwide, especially in the United States and emerging markets, public and private investments controlled by the richest families are expected to more than double in value to US$202 trillion by 2020, from US$92 trillion this year, according to a survey of millionaires in 25 countries by Deloitte.
In the developed markets, Australia and Singapore will have the fastest growth rate of millionaire households, according to the study conducted by Oxford Economics. Meanwhile, the ranks of families with more than US$1 million will also increase by two thirds to 55.5 million in the developed world. They will more than double to 10 million in emerging markets such as China, India and Brazil.
Still, Deloitte predicts that the bulk of the world’s wealthiest families will continue to be found in the US and Europe, despite the wealth-management industry’s obsession with emerging markets.
Deloitte noted that China, Brazil, Russia and other emerging markets are minting new millionaires at a faster rate than established markets, powered by economic expansion, commodity prices and development.
Across 10 emerging markets, millionaire-household wealth is seen tripling to US$25 trillion from US$7 trillion this year. And, among emerging markets, Deloitte expects China to continue to be the driving force in the growth of millionaire wealth, followed by Brazil and Russia. By 2020, China will likely join the ranks of the top 10 richest economies with US$3.6 trillion of wealth.
Meanwhile, India’s average millionaire would be wealthier than the average US millionaire.
That said, the US is likely to remain home to the most millionaires, doubling to 20 million households by 2020 from this year. The total wealth among US millionaires will reach US$87 trillion by 2020, an annual growth rate of 9 per cent.
Wealth in the study includes financial assets (stocks, bonds and other investments) and non-financial assets, including primary residence, durables, business equity and other assets.