Thursday, 24th July 2008

 

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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