Singapore, home to 47 billionaires, emerges as one of the preferred countries for the ultra wealthy: UBS report
2 min readIn the last four years, Singapore has become one of the preferred countries for billionaires, as per UBS’ Billionaire Ambitions Report 2024. It said since 2020, billionaires have relocated more frequently, with 176 having moved from a total population of 2,682 in April 2024. That’s one in 15.
“They’re moving to countries such as Switzerland, the UAE, Singapore and the United States. In total, billionaires accounting for more than USD 400 billion have emigrated in four years, with the MEA region attracting the most billionaire capital,” the report said.
“As countries compete to build industries of the future, this is a significant potential investment. By way of comparison, emerging countries will pay a record USD 400 billion to service external debt this year, according to a report released on the eve of IMF / World Bank spring meetings,” it added.
Currently, Singapore has 47 billionaires, six more than the city-state had in 2023. The country has seen seven new billionaires, while four dropped out from the 2023 list this year. Billionaires in Singapore have a combined wealth of USD 155.5 billion, according to the report. Last year, the 41 billionaires had a total wealth of USD 135.8 billion.
As per the report, around two-thirds of the billionaires in Singapore are self-made. Nearly a decade ago, the country was home to only 17 billionaires in 2015. In the last nine years, the number has seen an increase by 30, while the total wealth has grown from USD 44.5 billion (2015) to USD 155.5 billion.
Singapore billionaires have had a rise of 27 percent in their wealth, from USD 2.6 billion in 2015 to USD 3.3 billion in 2024, UBS said.
According to Benjamin Cavalli, head of strategic clients at UBS Global Wealth Management, “The Covid-19 pandemic was a wake-up call for many people and led them to reassess their lives. Billionaires were no exception.”
Overall, from 2015 to 2024, the number of billionaires has increased from 1,757 to 2,682, according to UBS. It said 1,877 were self-made billionaires, while 805 inherited the wealth. The wealth grew by 121 percent, from USD 6.3 trillion to USD 14 trillion over the last decade.