Singapore’s Millionaires Are Set to Surpass the U.S. and China in 2030
HSBC’s latest study reveals that within the next eight years, Singapore will have a higher proportion of millionaires than any other Asia‑Pacific economy—think U.S., China, and even Australia.
What the Numbers Look Like
- In 2021, 7.5% of Singapore’s adult population owned at least $1 million (or roughly S$1.38 million).
- Fast‑forward to 2025, that figure is projected to climb to 9.8%.
- By 2030, the share of millionaires in Singapore is expected to leap to a staggering 13.4%.
The data covers citizens and permanent residents. HSBC measured wealth by looking at bank balances, investments in stocks and bonds, plus real‑estate holdings (after subtracting any mortgages).
Where Does Singapore Stand?
In the Asia‑Pacific region, Singapore ranks second—just behind Australia, whose millionaire share was 8% in 2021. By 2030, Australia will drop to second place with 12.5% of its population holding one million dollars or more.
That year, the figures will be: Hong Kong at 11.1%, the U.S. at 9%, Japan at 7.2%, and China at 4.4%.
More Than Just Millionaires
By 2030, 67% of Singapore’s residents will possess at least $250,000—only behind Australia at 70.8%. HSBC’s report, titled The Rise Of Asian Wealth, forecasts that the share of millionaires in Asia will keep growing through 2035. Singapore will hit 17%, outpacing Australia (15.1%) and Hong Kong (14.6%).
Absolute Numbers: China Still Leads
While Singapore’s millionaire proportion is climbing, China’s sheer numbers keep it ahead:
- In 2021, China had 17.1 million adults with wealth of at least $1 million.
- By 2030, that number is expected to swell to 50.4 million.
For Singapore, the count will rise from 400,000 to roughly 700,000 over the same period.
Bottom Line
So, while China will still dominate by headcount, Singapore is set to become the most concentrated hub of wealth in the region—an exciting and slightly ironic future for the Lion City.
Asia’s Wealth Surge: A Bright Spot in a World Full of Uncertainty
HSBC’s chief Asia economist, Frederic Neumann, points out that the growing stash of local savings across the continent is acting like a financial safety net when global markets get wobbly and inflation starts dancing. “It’s like putting your savings in a sturdy umbrella – no matter how stormy the weather outside, you’re still protected.”
Why Asia’s Money Matters
Neumann stresses that the region’s wealth growth isn’t just a numbers game; it’s a promise that more people can climb out of poverty. “When we see all that capital coming together—even if it’s spread unevenly—things start moving in the right direction,” he says.
From Crisis to Comeback: 2008 and Beyond
- After the 2008 global financial crisis, a storm that shook America harder than the Great Depression, Asia’s financial pie grew larger than the US’s.
- By 2021, total wealth in Asia hovered around $140 trillion, outpacing the US’s $120 trillion.
The Shift in Power: Japan vs. China
- Right after the crisis, Japan was the heavyweight champ, holding more than half the region’s wealth.
- In 2021, China took the lead with 46% of Asia’s total, while Japan’s share dropped to roughly a quarter.
- Exclude Japan, and Asia still trails the US by about $100 trillion.
Future Outlook: 2025 and Beyond
Neumann predicts that per‑capita income growth will sweep Asia up past the US by 2025 if trends continue. The number of millionaires (excluding Japan) is set to leap from about 30 million to over 76 million by the decade’s end. “It’s going to be a money party,” he adds with a wink.
For those who like to keep an eye on the numbers—billionaires, millionaires, and the financial vibe of Asia—HSBC provides the play-by-play.
