Last year, the number of millionaires (in US dollars) increased by 14%, one of the world’s fastest growth rates. In the previous year – from 2009 to 2010 – it went up by a record one-third.
Their wealth does not include the value of their properties or other fixed assets. If it does, Singaporeans would be even richer.
The question is: how many of the new rich are foreigners who took up permanent residency here? If the number is high, it could distort the picture a little.
Over the past five years, the number of rich mainland Chinese, Indians and Indonesians who took up PR here has risen, pushing up the price of properties. Full story
