Singapore's Billionaire Boom

SINGAPORE: In a world grappling with economic hurdles, the elite class is witnessing a financial renaissance. According to Altrata's latest Billionaire Census 2024, the global billionaire population grew by 4% last year, signaling a rebound from the previous year's decline.

Billionaires collectively amassed a staggering wealth of $12.1 trillion USD (approximately SGD 16.17 trillion), marking a 9% increase that sets a new record. Among the Top 15 billionaire cities globally, Singapore stands out at the eighth position, hosting 58 billionaires—up from 54 in 2022. Impressively, the cumulative wealth of Singapore’s billionaires has reached $108 billion USD (about SGD 145.53 billion).

Global Billionaire Rankings

The top five billionaire cities are crowned as follows: 1. New York - 144 billionaires (Gaining 9 from 2022) 2. Hong Kong - 107 billionaires (Declining by 9 from 2022) 3. San Francisco - 87 billionaires (Increasing by 3 from 2022) 4. London - 78 billionaires (Rising by 3 from 2022) 5. Moscow - 77 billionaires (Growing by 1 from 2022)

On a country-wide scale, Singapore proudly ranks 13th in the league of billionaire nations. The United States tops the list with a whopping 1,050 billionaires, followed by China (304), Germany (170), India (131), and the United Kingdom (122).

Wealth Distribution Insights

In a stunning revelation, North America houses one-third of the world’s billionaires, totaling 1,111. The report reveals that billionaires constitute less than 1% of the ultra-high-net-worth individuals globally; however, they command a remarkable 25% of this group's total wealth in 2023.

Delving deeper into wealth distribution, there are currently 18 individuals classified as "super billionaires," each possessing fortunes exceeding $50 billion USD (SGD 67.36 billion). Collectively, these super billionaires control 16% of the global billionaire wealth, a massive jump from 4% just a decade earlier, with their total net worth now touching $2 trillion USD (SGD 2.7 trillion).

Billionaire Demographics and Trends

In stark contrast, more than half of all billionaires are valued between $1 billion (SGD 1.35 billion) and $2 billion (SGD 2.7 billion). However, wealth dynamics vary widely. While Asia saw a 3.5% decrease in its billionaire population, India reported an impressive 16% increase in its wealthy elite within the last year. Conversely, China experienced a steep decline—over 14%—and Hong Kong's billionaire ranks fell for the third consecutive year.

North America leads the charge in wealth concentration, holding 41.5% of the total, followed by Europe at 26.3% and Asia at a modest 21.2%. Additionally, out of the 3,323 billionaires worldwide, only 13% (431) are female, highlighting the gender disparity in billionaire representation.

Future of Wealth Distribution

As the landscape of wealth continues to evolve, the economic resilience shown by billionaires, particularly in locations like Singapore, raises questions about sustainability and the future of wealth distribution in an ever-changing global economy.