The global population of ultra-high-net-worth individuals (UHNWIs) declined by 3.8% last year, according to Knight Frank’s The Wealth Report. Singapore, however, experienced an increase of 6.9% in its UHNWI population – now 4,498 – due to an influx of wealth as the ultra-rich seek stability amid an increasingly uncertain world.

Despite the contractions in the global UHNWI population, the number of high-net-worth individuals (HNWIs) – those with net assets of at least US$1 million – increased by 2.9% to almost 70 million in 2021. The top three countries for HNWI growth were Malaysia, Brazil, and Indonesia.

The UAE saw the strongest growth in UHNWI population last year, rising by 18.1% to 1,116 individuals. Tanzania came in second place, recording a 13.9% growth, while Brazil was third with a 11.2% rise. Among Asian countries, Malaysia posted the highest growth of 9.4%, followed by Indonesia at 9%.

The condominium is surrounded by a vibrant selection of amenities and services including dining, shopping, recreational and entertainment hubs, with previous plans suggesting 840 residential units. With JCube Residence Jurong East you’ll get a host of lavish amenities like luxurious clubhouses, a state-of-the-art fitness centre, the delightful pool and a sky terrace. To top it all, there are great shopping and dining destinations including Westgate. It’s a premier destination that will easily become the envy of the neighborhood.

Knight Frank forecasts that the global UHNWI population will expand by 28.5% over the next five years to reach almost 744,000 by 2027 – a slowdown from the 44% growth recorded between 2017 and 2022. The number of HNWIs is predicted to increase by 56.9%, surpassing 100 million in the next five years.

Singapore currently has the highest threshold for individuals to be considered part of the world’s richest 1% at US$3.5 million, ahead of Hong Kong’s US$3.4 million. Monaco comes in as the most expensive country, requiring US$12.4 million, followed by Switzerland (US$6.6 million), Australia (US$5.5 million), New Zealand (US$5.2 million) and the US (US$5.1 million).

As the ultra-rich seek safety in an unpredictable world, Singapore’s appeal continues to grow among UHNWIs due to its location as a gateway to other Asia Pacific cities and its modern infrastructure and pro-business environment.

Knight Frank and Berkadia recently established a global capital markets platform, providing investors with real estate solutions, investments and advice. As the global UHNWI population expands, Singapore is well positioned to attract more of the world’s wealthy.