According to a wealth accumulation league table compiled by Merrill Lynch and the Capgemini Group, the number of new millionaires in Singapore grew by the fastest rate world-wide last year. And that's calculated in US dollars.

A total of 11,660 greenback millionaires made the last, to take to 66,600 Singaporeans whoise individual assets amounted to at least S$1.5 million, not counthing the home they lived in.

Singapore is home to the world’s fastest-growing population of millionaires, according to the annual world wealth report compiled by Merrill Lynch and the Capgemini Group.

The number of high net worth individuals in Singapore grew by 21.2% last year to reach almost 67,000 millionaires.

Singapore’s millionaire boom is part of a global trend that saw the number of high net worth individuals rise 8.3% to reach 9.5 million last year.

Among the super-rich are a group called the ultra-rich, with assets over US$30 million.

The growth of these ultra high net worth individuals grew 11.3%, outpacing that of high net worth individuals and suggesting a growing concentration of wealth.

“The main reasons for the growth in the number of high net worth individuals was GDP growth, which was about 8.2% in Singapore last year, and the strong market capitalisation growth reflected in the stock market. Also, Singapore’s strong savings rate has helped in the creation of wealth,” said Kong Eng Huat, MD of Merrill Lynch, International Bank.

In the past, land owners ranked high in rich lists ranked by business publications. Then came the age of manufacturers and now, digital billionaires.

In Singapore, the property and stockmarket are noteworthy wealth propellants. And the good economy is predicated to continue for more years to come, so more new millionaires will be created.

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