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Singapore expects more US dollar millionaires in 2030

Singapore is expected to top the list of 15 economies in the Asia-Pacific region with US dollar millionaires by 2030, overtaking Australia, while Hong Kong will rank third. According to a report by HSBC Holdings, Singapore millionaires account for 13.4% of its population after 18 years compared to 7.5% in 2021 while Hong Kong will see 11.1% of its population holding more than USD1m in assets. Australia ranked highest in the region in 2021 while Singapore was second. Vietnam, the Philippines, and India are likely to see the number of adults holding wealth of at least USD250,000, more than double by 2030. China is expected to have around 50 million millionaires by 2030 and India more than six million.

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