Singapore to be Asia’s millionaire capital by 2030

This article was written by Joanna Ossinger. It appeared first on the Bloomberg Terminal.

Singapore will overtake Australia to have Asia’s highest share of millionaires in the adult population by 2030, according to a report by HSBC Holdings Plc.

The financial hub is expected to top the list in Asia-Pacific followed by Australia, Hong Kong and Taiwan, the bank wrote in a report Tuesday. The proportion of millionaires in those four places is also expected to come in higher than the US by the end of the decade, the report said.

Australia ranked highest in the region in 2021, while Singapore was second, according to HSBC, which did not say how the US compared for that year.

Asia’s financial wealth has exceeded that of the US since the aftermath of the Global Financial Crisis, HSBC said, and the region also includes some of the world’s fastest-growing economies. Vietnam, the Philippines and India are likely to see the number of adults holding wealth of at least $250,000 more than double by 2030, according to the report. Still, the region is home to many millions of impoverished people as well.

The household wealth projections in the report used estimates and projections of adult population, per capita mean wealth, and nominal per capita gross domestic product, HSBC said.