Singapore is expected to see a sharp rise in the number of ultra-wealthy individuals over the next five years, according to a new global wealth report released by Knight Frank.
The report revealed that Singapore’s population of ultra-high-net-worth individuals (UHNWIs) — defined as people with a net worth exceeding US$30 million (around S$38.3 million) — is projected to grow by 46 per cent by 2031.
Knight Frank estimated that Singapore currently has 7,171 ultra-rich individuals in 2026. That figure is forecast to rise to 10,495 by 2031, reinforcing Singapore’s status as one of Asia’s leading wealth hubs for global investors, entrepreneurs and family offices.
The findings were published as part of the consultancy’s 2026 Global Wealth Report, which tracks wealth growth, billionaire trends and luxury property movements worldwide.
Singapore Continues To Attract Wealthy Investors
According to the report, the number of UHNWIs globally increased from 551,435 in 2021 to 713,626 in 2026.
This means more than 162,000 new ultra-wealthy individuals emerged worldwide over the five-year period, averaging roughly 89 people reaching ultra-rich status every day.
The United States accounted for the largest share of newly created UHNWIs at 41 per cent, followed by China at 17 per cent.
Singapore ranked 10th globally for projected five-year growth among ultra-high-net-worth populations.
Although Singapore’s expected 46 per cent growth remains substantial, it is slightly slower than the previous growth cycle between 2021 and 2026, when the number of ultra-rich residents rose by 54.5 per cent.
The report highlighted Singapore’s continued appeal due to its political stability, strong banking sector, low corruption levels and reputation as a major financial services centre in Asia.
Singapore has also increasingly become a preferred destination for wealth management firms, investment funds, private banking and luxury real estate investments.
Billionaire Population Also Expected To Rise
The report further projected growth in Singapore’s billionaire population.
Singapore currently has 63 billionaires, with forecasts suggesting the figure could rise to 85 by 2031 — representing a 35 per cent increase.
Globally, Saudi Arabia topped the rankings for expected billionaire growth, with projections showing its billionaire population potentially increasing by 183 per cent over the next five years.
Indonesia also stood out in the report as the fastest-growing market for UHNWIs in the region.
The neighbouring country currently has 3,833 ultra-rich individuals and is expected to nearly double that number to 6,966 by 2031, reflecting an impressive 82 per cent growth rate.
Prime Property Prices Continue Rising In Singapore
The report also noted that Singapore’s luxury property market remains resilient despite broader economic uncertainty.
Prime residential property prices in Singapore reportedly increased by 7.9 per cent over the past 12 months, placing the city-state 13th globally for luxury home price growth.
However, Knight Frank also observed that buying power for prime real estate in Singapore has declined by 22.5 per cent, suggesting rising prices may be reducing affordability even for wealthy buyers.
Rental prices at the high end of the property market have also climbed significantly.
According to the report, top-end rents in Singapore have surged by 48 per cent over the past five years, alongside similar increases seen in cities such as New York and London.
The latest projections are expected to further strengthen discussions surrounding Singapore’s growing concentration of wealth, luxury property demand and its evolving role as a major international financial centre.