Singapore Leads Southeast Asia in Ultra-Rich Population Growth

Singapore has emerged as the undisputed leader in Southeast Asia when it comes to ultra-high-net-worth (UHNW) individuals. The city-state is home to a remarkable 7,171 UHNW individuals, each possessing a wealth of at least US$30 million, according to The Wealth Report 2026, a publication by property consultancy Knight Frank.

This impressive number marks a significant 54.5% increase over the past five years, and projections suggest that by 2031, Singapore’s UHNW population will grow even further, reaching 10,497 individuals. The report, now in its 20th year, offers a detailed analysis of global trends in wealth, luxury, real estate, and investment.

Southeast Asia’s Emerging Wealth Hub

Among Southeast Asia’s six major economies, Indonesia ranks second in terms of UHNW population, with 3,833 individuals, a rise of 36.6% since 2021. Thailand follows closely with 2,853 UHNW individuals, while the Philippines has 1,910, Malaysia 1,566, and Vietnam 1,233.

Galven Tan, CEO of Knight Frank Singapore, explains that the city-state’s attractive combination of proximity to growth markets like Indonesia, Vietnam, and India, with minimal exposure to jurisdictional risks, positions it as an ideal hub for wealth accumulation. As Tan notes, Singapore allows investment teams to manage assets within a stable, neutral base while tapping into dynamic emerging markets in the region.

Despite the growth, there are challenges. The report highlights limited land availability, high living costs, and increasingly stringent regulations as factors that are dampening Singapore’s pace of growth.

Rising Wealth in the Asia-Pacific Region

The surge in UHNW individuals in Singapore is part of a larger trend across the Asia-Pacific region, which now boasts 219,310 UHNW individuals, making up over 30% of the global total. Southeast Asia, in particular, is quickly becoming a prominent hub for the creation of new wealth.

Indonesia, in particular, is expected to experience the highest growth globally in UHNW population over the next five years, with projections estimating an 81.7% rise to 6,966 UHNW individuals by 2031. Similarly, Singapore, Vietnam, and the Philippines are all expected to feature among the global top 10 for growth rates in UHNW populations during this period.

Singapore’s Continued Wealth Dominance

When compared to its wealth rival, Hong Kong, Singapore remains in a commanding position. Hong Kong is home to 6,788 UHNW individuals, a slight 3.3% decrease from 2021. However, the report suggests that Hong Kong is experiencing a rebound, driven by a healthy IPO market and the influx of mainland Chinese professionals due to a new talent visa program.

Nevertheless, Singapore continues to shine, with the report noting that it is seen as an “essential” hub for wealth creation. As wealth creation accelerates across Asia, more and more family offices are adopting multi-hub strategies, making Singapore and Hong Kong complementary wealth centres rather than direct competitors.

Global Wealth Landscape

On the global stage, the U.S. and China remain the undisputed leaders in terms of UHNW populations. The U.S. is home to a staggering 251,352 UHNW individuals, while China has 121,677. The U.S. also dominates in terms of wealth creation, accounting for around 41% of all newly minted UHNW individuals over the last five years.