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S'pore among preferred destinations for billionaires
December 06, 2024
|The Straits Times
Billionaires are relocating more frequently, with many moving to Switzerland, Singapore, the United Arab Emirates, and the US, according to private bankers.
In total, billionaires accounting for more than US$400 billion (S$536 billion) have emigrated in the past four years, with the Middle East and Africa region attracting the most billionaire capital.
Singapore is host to 47 billionaires with a combined wealth of US$155.5 billion, according to the latest UBS Billionaire Ambitions Report released on Dec 5.
This compares with 41 billionaires with a total wealth of US$135.8 billion in 2023, said the report, which tracks the wealth of more than 2,500 billionaires globally over the past 10 years.
Around two-thirds of billionaires in Singapore are self-made, almost on a par with Hong Kong, it added.
The pace of growth is more significant considering Singapore was home to only 17 billionaires with a total wealth of US$44.5 billion in 2015.
On an average basis, the wealth of billionaires in Singapore rose 27 per cent from US$2.6 billion in 2015 to US$3.3 billion in 2024, UBS said.
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