Singapore’s millionaire population continues to grow, report says

SINGAPORE: Singapore’s population of high-net-worth individuals (HNWIs) grew by 3 per cent in 2025, reaching 141,000 people compared with 136,900 the year before, according to a new report by Capgemini.

The increase came amid stronger economic growth, rising exports and more accommodative financial conditions, all of which contributed to wealth creation in the country.

Capgemini’s findings showed that Singapore’s real gross domestic product (GDP) expanded by 5 per cent in 2025, up from 4.3 per cent in 2024. The growth was driven largely by the manufacturing sector, wholesale trade, and finance and insurance industries, which helped boost corporate earnings and household incomes.

The report also noted that Singapore’s stock market performance played a significant role in supporting wealth growth. Market capitalisation surged 26.4 per cent during the year to reach S$1.06 trillion (US$823.8 billion), providing a substantial boost to investor portfolios.

At the same time, the property market showed signs of moderation. Residential prices continued to rise, but at a slower pace. Overall residential price growth eased to 3.3 per cent in 2025 from 3.9 per cent the previous year, marking the slowest rate of increase since 2020.

Singapore’s export sector delivered a strong performance, as well. Non-oil domestic exports climbed 13 per cent, supported by demand for integrated circuits, personal computers and specialised machinery. The report linked the growth to expanding activity within the global artificial intelligence supply chain, which has increased demand for technology-related products.

Monetary policy also contributed to a favourable environment for wealth accumulation. The Monetary Authority of Singapore eased financial conditions by cutting rates twice during the year, in January and again in April 2025. The moves came as core inflation averaged just 0.5 per cent, significantly below the central bank’s medium-term target of 2 per cent.

Labour market conditions remained largely unchanged. Unemployment stood at 1.98 per cent in 2025, representing a slight uptick compared to the 1.95 per cent recorded in 2024.