SINGAPORE added millionaires at a faster rate than anywhere in
the world last year despite a recession that decimated wealth in
many nations.
The exclusive club grew by 35 per cent here, putting Singapore
just ahead of second-placed Malaysia, with a 33 per cent gain, and
Slovakia on 32 per cent and China on 31.
The study by consultancy firm Boston Consulting Group (BCG) also
showed that Singapore had the highest concentration of
millionaires.
There are 11.4 per cent of households here owning more than US$1
million - defined as those with investable assets of more than US$1
million, exclusive of property and items like art.
Hong Kong was next followed by Switzerland, Kuwait, Qatar,
United Arab Emirates and the United States.
Singaporean TJ Thang, who belongs to the elite group, did not
fare too badly during the downturn. 'Some of my stocks fell in
value during the recession, but I was still getting attractive
property rental yields, and hence my cash grew,' said the 49-year
old businessman.
-- ST