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9 May 2008 - Press Briefing

Barclays tips Singapore to become world’s millionaire hub

Singapore will have the highest concentration of wealthy households in the world within a decade as economic expansion and the growth of its financial services industry draw investors, Barclays said, according to a report in The Straits Times.

Almost 41%, or 436,000, of Singapore’s households will have assets of at least S$1m (€472,967) by 2017, compared with 39% in Hong Kong and 28% in Switzerland, a survey by Barclays Wealth, the bank’s wealth management unit, revealed. Singapore was second in 2007 with 23%, while Hong Kong had 26%, the report said.

Singapore’s $132bn (€82.5bn) economy grew last quarter at the fastest pace since 2003.

Tags: Barclays Wealth , Singapore

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Stocking filler: Harrods sells world's most expensive shirt

Harrods, the luxury London-based retailer, is selling a diamond-encrusted shirt valued at £20,000, the world's most expensive shirt ever made. Although the shirt has not yet been sold, it puts paid to the idea of the wealthy having to reign in their spending as a result of the recession.

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