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Number of millionaires in S’pore increase by 10%

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SINGAPORE: The number of millionaires in Singapore increased 10.3 per cent to reach 101,000 last year, revealed a new wealth report by Capgemini and RBC Wealth Management.

The survey tracks high-net-worth individuals with investable assets of US$1 million or more.

The collective wealth of the super-rich in Singapore also expanded by over 11 per cent to US$489 billion in 2012, revealed the survey.

Thanks to the global rebound in equity and property markets, North America reclaimed its top position as the region with the most millionaires while Asia-Pacific led overall wealth growth.

However investors in Asia have proven to more risk-averse, focusing more on wealth preservation than creation and preferring to put their money in real estate, cash and deposits.

Barend Janssens, Head of Wealth Management, Emerging Markets at RBC Wealth Management , said: "Asia Pacific is less... influenced by the equity markets and the fixed income markets. The variety of investments that are made by high net worth individuals in Asia, and also their underpinning wealth in their companies, which are very often first and second generation owned family companies, as well as their real estate portfolios, is making our outlook very much focused on a positive trend for Asia Pacific investors."

- CNA/jc