S'pore among preferred destinations for billionaires

Billionaires are relocating more frequently, with many moving to Switzerland, Singapore, the United Arab Emirates, and the US, according to private bankers.

- Angela Tan

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.