SINGAPORE: Amid a tumultuous global landscape, the wealth of billionaires has surged, marking a striking 4 percent increase over the past year. According to Altrata's Billionaire Census 2024, the total wealth of billionaires has reached a staggering US$12.1 trillion (SGD16.17 trillion), bouncing back from the decline seen in 2022.

Notably, Singapore stands as a beacon of wealth in Southeast Asia, now counting 58 billionaires, an increase of four from last year. Collectively, these ultra-wealthy individuals boast a whopping US$108 billion (SGD145.53 billion) in wealth. Singapore ranks eighth among the world's top cities for billionaires, trailing only behind major hubs like New York, which leads with 144 billionaires. The full list of top five billionaire cities is as follows: 1. New York – 144 billionaires (+9 from 2022) 2. Hong Kong – 107 billionaires (-9 from 2022) 3. San Francisco – 87 billionaires (+3 from 2022) 4. London – 78 billionaires (+3 from 2022) 5. Moscow – 77 billionaires (+1 from 2022)

On the national scale, Singapore claims a respectable 13th place among the top 15 billionaire countries. The United States dominates the billionaire landscape with an astonishing 1,050 billionaires, followed by China (304), Germany (170), India (131), and the United Kingdom (122). North America continues to hold a significant share of global billionaire wealth, accounting for one-third (1,111) of all billionaires.

Altrata's report reveals an intriguing statistic: although billionaires constitute less than 1 percent of the global ultra-high net worth population, they control a staggering 25 percent of this group's total wealth. Furthermore, there are currently 18 individuals categorized as "super billionaires," each with fortunes exceeding US$50 billion (SGD67.36 billion). Remarkably, this elite group now commands 16 percent of the total billionaire wealth, a drastic rise from only 4 percent a decade ago; their combined net worth amounts to an impressive US$2 trillion (SGD2.7 trillion).

In stark contrast, more than half of the billionaires globally have net worths ranging from US$1 billion (SGD1.35 billion) to $2 billion (SGD2.7 billion).

Geographic trends reveal that Asia is the only region where billionaire numbers have declined, plummeting by 3.5 percent. Conversely, North America experienced a substantial spike of 33.4 percent in high-net-worth individuals, while Europe witnessed a 29.5 percent rise. Interestingly, India stands out in Asia, showcasing a 16 percent growth in its billionaire population last year. However, China's billionaire count has shrunk by over 14 percent, and Hong Kong has recorded a decrease for the third consecutive year.

Additionally, North America holds the highest concentration of wealth globally, with 41.5 percent of all billionaire assets, followed closely by Europe at 26.3 percent, and Asia at 21.2 percent.

Lastly, it's worth noting that out of the 3,323 billionaires worldwide, only 13 percent – or 431 individuals – are women, highlighting a significant gender disparity in ultra-wealth.

In short, while Singapore continues to thrive amidst global economic challenges, the rise of the ultra-rich prompts reflections on wealth distribution and the changing dynamics of global economies. Stay tuned for more updates on this compelling topic!