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  • Zen Chong

Report: The Threshold for Singapore's Top 1% Wealth Club Reaches SGD 7 Million

If you have a net wealth of USD 5.227 million (SGD 7 million), you may be among the top 1% wealthiest in Singapore. Among the Asia-Pacific region, Singapore has the highest threshold.

Globally, Monaco tops the list with USD 12.883 million. Following that is Luxembourg with USD 10.832 million, and Switzerland with USD 8.509 million. The United States ranks fourth with USD 5.813 million. According to the Wealth Report 2024, released by real estate consultancy Knight Frank on Wednesday (February 28), this is the threshold for the top 1% wealthy in various places.

In Asia-Pacific, the threshold for this 1% in Australia is USD 4.673 million, New Zealand is USD 4.574 million, Hong Kong is USD 3.094 million, Japan is USD 1.971 million, and mainland China is USD 1.074 million.

The report states: "In all the markets we assessed in our report this year, the threshold for this top 1% wealth club is far lower than the USD 30 million threshold for becoming an Ultra High Net Worth Individual (UHNWI). Furthermore, European hubs top the list, with Monaco leading with a threshold of USD 12.9 million to join the 1% club. Luxembourg (USD 10.8 million) and Switzerland (USD 8.5 million) follow closely."

The report also notes: "Perhaps surprisingly, given the United States' dominance in overall wealth creation, the US ranks fourth with USD 5.8 million. Across the entire Asia-Pacific region, Singapore leads with a threshold of USD 5.2 million."

It also points out: "Our research confirms the vast disparities in wealth distribution between countries, with smaller hubs tending towards higher thresholds. As Western countries, in particular, struggle to address government deficits and the need for increased taxation, policies are expected to focus more on where wealth is located, how wealth is distributed across economies, and how governments can both tax and encourage wealth growth. These outcomes are not easily ensured."

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