CONSUMERS

Nearly One in Every 20 Singaporeans Will Be A Millionaire By 2017

by

Sophie Doran

|

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Credit: This is the featured image credit

Approximately one in every 30 Singaporeans is currently a dollar millionaire. The city-state will have the second highest density of millionaires in the world after Monaco by 2017

Over the last decade, collaborations between luxury brands and contemporary artists have gone beyond mere artistic partnerships towards a new kind of luxury branding.

PARIS – Art and fashion have always developed side by side, for fashion, like art, often gives visual expression to the cultural zeitgeist. During the 1920s, Salvador Dalí created dresses for Coco Chanel and Elsa Schiapparelli. In the 1930s, Ferragamo’s shoes commissioned designs for advertisements from Futurist painter Lucio Venna, while Gianni Versace commissioned works from artists such as Alighiero Boetti and Roy Lichtenstein for the launch of his collections. Yves Saint Laurent’s vast art collection, recently auctioned at Christie’s in Paris, testified to his great love of art and revealed the influence of a variety of artists on his own designs.

In the 1980s, relationships between luxury brands and artists were advanced when Alain Dominique Perrin created the Fondation Cartier. In the Fondation Cartier pour l’Art Contemporain, a book marking the foundation’s 20th anniversary, Perrin says he makes “a connection between all the different sorts of arts, and luxury goods are a kind of art. Luxury goods are handicrafts of art, applied art.”

The Fondation Cartier pour l’Art Contemparain building in Paris

Approximately one in every 30 Singaporeans is currently a dollar millionaire. The city-state will have the second highest density of millionaires in the world after Monaco by 2017

Approximately one in every 30 Singaporeans is currently a dollar millionaire. The city-state will have the second highest density of millionaires in the world after Monaco by 2017

A new report by WealthInsight reveals that the number of dollar millionaires in Singapore has practically doubled in size since 2008, giving the city-state a millionaire population of 183,400 in 2012.

This segment of the population collectively holds US$857 billion, or 85.7% of the total individual wealth held in the country. Out of these millionaires, there were 3,870 multimillionaires (individuals with a net worth of over $30m) in 2012, with an average wealth of US $86m per person).

A Typical Singaporean Millionaire

Age: 66 – Singapore has the third oldest age of millionaires in the world.
Gender: Male – 83.7% of multimillionaires in Singapore.
Nationality: Singaporean
Net Worth: $86 Million
Source of Wealth: Earned – 47.6% of Singaporean multimillionaires earned their wealth, 35.7% are entrepreneurs
Industry: Financial Services – 22.9% of Singaporean multimillionaires made their money from financial services.

“ The number of dollar millionaires in Singapore has practically doubled in size since 2008 ”

Singapore has the second highest millionaire population density in the world, after Monaco. Currently, approximately one in every 30 Singaporeans is a dollar millionaire.

The total number of millionaires in Singapore is forecast to grow by 59% to reach over 291,000 in 2017. By this estimate, and an annual population growth of 5.9%1, by 2017 roughly one in every 20 Singaporeans will be a millionaire.

Singapore is the fastest growing wealth hub in the world with Assets under Management of US$1.29 trillion. WealthInsight expects Singapore to overtake Switzerland by 2020 to become the largest global offshore wealth centre ranked by Assets under Management.

“The rise of Singapore as a wealth centre is a result of the burgeoning Asian wealth surrounding the island city state”, explains Oliver Williams, an Analyst at WealthInsight.

“This is apparent when you look at where the money is held – Singaporean millionaires hold 40.8% of their foreign assets in the Asia-Pacific region”.

To further investigate wealth and affluence on Luxury Society, we invite your to explore the related materials as follows:

Key Insights from the 2013 World Ultra Wealth Report
Understanding Brazil’s Next Generation of Wealth
How Luxury Brands Are Engaging the UHNW Consumer

Sophie Doran
Sophie Doran

Creative Strategist, Digital

Sophie Doran is currently Senior Creative Strategist, Digital at Karla Otto. Prior to this role, she was the Paris-based editor-in-chief of Luxury Society. Prior to joining Luxury Society, Sophie completed her MBA in Melbourne, Australia, with a focus on luxury brand dynamics and leadership, whilst simultaneously working in management roles for several luxury retailers.

CONSUMERS

Nearly One in Every 20 Singaporeans Will Be A Millionaire By 2017

by

Sophie Doran

|

This is the featured image caption
Credit : This is the featured image credit

Approximately one in every 30 Singaporeans is currently a dollar millionaire. The city-state will have the second highest density of millionaires in the world after Monaco by 2017

Over the last decade, collaborations between luxury brands and contemporary artists have gone beyond mere artistic partnerships towards a new kind of luxury branding.

PARIS – Art and fashion have always developed side by side, for fashion, like art, often gives visual expression to the cultural zeitgeist. During the 1920s, Salvador Dalí created dresses for Coco Chanel and Elsa Schiapparelli. In the 1930s, Ferragamo’s shoes commissioned designs for advertisements from Futurist painter Lucio Venna, while Gianni Versace commissioned works from artists such as Alighiero Boetti and Roy Lichtenstein for the launch of his collections. Yves Saint Laurent’s vast art collection, recently auctioned at Christie’s in Paris, testified to his great love of art and revealed the influence of a variety of artists on his own designs.

In the 1980s, relationships between luxury brands and artists were advanced when Alain Dominique Perrin created the Fondation Cartier. In the Fondation Cartier pour l’Art Contemporain, a book marking the foundation’s 20th anniversary, Perrin says he makes “a connection between all the different sorts of arts, and luxury goods are a kind of art. Luxury goods are handicrafts of art, applied art.”

The Fondation Cartier pour l’Art Contemparain building in Paris

Approximately one in every 30 Singaporeans is currently a dollar millionaire. The city-state will have the second highest density of millionaires in the world after Monaco by 2017

Approximately one in every 30 Singaporeans is currently a dollar millionaire. The city-state will have the second highest density of millionaires in the world after Monaco by 2017

A new report by WealthInsight reveals that the number of dollar millionaires in Singapore has practically doubled in size since 2008, giving the city-state a millionaire population of 183,400 in 2012.

This segment of the population collectively holds US$857 billion, or 85.7% of the total individual wealth held in the country. Out of these millionaires, there were 3,870 multimillionaires (individuals with a net worth of over $30m) in 2012, with an average wealth of US $86m per person).

A Typical Singaporean Millionaire

Age: 66 – Singapore has the third oldest age of millionaires in the world.
Gender: Male – 83.7% of multimillionaires in Singapore.
Nationality: Singaporean
Net Worth: $86 Million
Source of Wealth: Earned – 47.6% of Singaporean multimillionaires earned their wealth, 35.7% are entrepreneurs
Industry: Financial Services – 22.9% of Singaporean multimillionaires made their money from financial services.

“ The number of dollar millionaires in Singapore has practically doubled in size since 2008 ”

Singapore has the second highest millionaire population density in the world, after Monaco. Currently, approximately one in every 30 Singaporeans is a dollar millionaire.

The total number of millionaires in Singapore is forecast to grow by 59% to reach over 291,000 in 2017. By this estimate, and an annual population growth of 5.9%1, by 2017 roughly one in every 20 Singaporeans will be a millionaire.

Singapore is the fastest growing wealth hub in the world with Assets under Management of US$1.29 trillion. WealthInsight expects Singapore to overtake Switzerland by 2020 to become the largest global offshore wealth centre ranked by Assets under Management.

“The rise of Singapore as a wealth centre is a result of the burgeoning Asian wealth surrounding the island city state”, explains Oliver Williams, an Analyst at WealthInsight.

“This is apparent when you look at where the money is held – Singaporean millionaires hold 40.8% of their foreign assets in the Asia-Pacific region”.

To further investigate wealth and affluence on Luxury Society, we invite your to explore the related materials as follows:

Key Insights from the 2013 World Ultra Wealth Report
Understanding Brazil’s Next Generation of Wealth
How Luxury Brands Are Engaging the UHNW Consumer

Sophie Doran
Sophie Doran

Creative Strategist, Digital

Sophie Doran is currently Senior Creative Strategist, Digital at Karla Otto. Prior to this role, she was the Paris-based editor-in-chief of Luxury Society. Prior to joining Luxury Society, Sophie completed her MBA in Melbourne, Australia, with a focus on luxury brand dynamics and leadership, whilst simultaneously working in management roles for several luxury retailers.

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