Globally, Taiwan is set to have the highest expected growth rate in US dollar millionaires, growing by almost half (47%) to 788,799 individuals in 2028. Paul Donovan, chief economist at UBS Global Wealth attributes this to the wealth outflow from China into locations such as Taiwan and Singapore.
The number of US dollar millionaires in Singapore is expected to grow by slightly over 10% in the next five years — equivalent to an increase of about 42,000 people — according to the findings of UBS Global Wealth Report 2024.
In 2023, the number of US dollar millionaires in Singapore stood at 333,204. In 2028, this figure is expected to expand to 375,725.
