A chart depicting wealth growth percentages and billionaire numbers by region.
In the past year, the total wealth of billionaires in Singapore grew by 14.5%, rising from $135.8 billion in 2023 to $155.5 billion in 2024.
This data was revealed in the 2024 Billionaire Ambitions Report published by UBS on Thursday (December 5). The report highlighted that the number of billionaires in Singapore increased from 41 last year to 47 this year, with 66% being self-made entrepreneurs.
Across the Asia-Pacific region, billionaire wealth saw a slower growth rate of 1.8% over the past year, reaching $3.8 trillion. However, the number of billionaires in the region declined from 1,019 to 981, although it remains the region with the largest number of billionaires globally.
Among these, mainland China recorded the largest decline in billionaire wealth, which dropped by 20% to $1.44 trillion. The number of billionaires also decreased from 520 to 427, reflecting the economic slowdown and real estate challenges in the country.
In contrast, billionaire wealth in Hong Kong saw a modest increase of 1.6% to $326 billion, with the number of billionaires rising from 68 to 74.
The fastest-growing billionaire wealth in the Asia-Pacific region came from Indonesia and India:
• Indonesia: Billionaire wealth surged by 47.1%, reaching $182.3 billion, with the number of billionaires increasing from 24 to 28.
• India: Billionaire wealth rose by 42.1% to $905.6 billion, with the number of billionaires climbing from 153 to 185.
On a global scale, billionaires in the United States experienced the most significant growth, with total wealth increasing by 27.6% to $5.8 trillion, accounting for over 40% of the global billionaire wealth. The number of billionaires in the U.S. rose by 11.2% to 835.
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