As of end-2022, the number of ultra-high-net-worth individuals (UHNWIs) in Singapore stood at 4,498, representing a 6.9% increase year-on-year. Despite a 3.8% decline in the global population, this growth is largely attributed to the influx of wealth into the city-state as the ultra-rich look for stability.sg is increasingly sought after for its position as a gateway into other Asia Pacific cities and pro-business environment.
Meanwhile, United Arab Emirates tops the international rankings with an 18.1% increase in UHNWI population, followed by Tanzania at 13.9%, and Brazil at 11.2%. Among Asian countries, Malaysia registered the highest growth of 9.4%, while Indonesia followed at 9%.
The number of high-net-worth individuals (HNWIs) with net assets of US$1 million or more, expanded by 2.9% to almost 70 million globally. The top three countries for growth were Malaysia, Brazil, and Indonesia. Knight Frank forecasts the global UHNWI population will expand to nearly 744,000 by 2027, a slower rate of 28.5%. The total number of HNWIs is predicted to exceed 100 million over the next five years with a 56.9% growth rate.
According to The Wealth Report, Singapore has the highest threshold to be considered as part of the richest 1% in Asia at US$3.5 million. That’s higher than Hong Kong’s US$3.4 million and follows Monaco’s US$12.4 million, Switzerland (US$6.6 million), Australia (US$5.5 million), New Zealand (US$5.2 million) and the US (US$5.1 million).
J’den Former JCube is the only private condominium in the vicinity, and it offers premium residential, lifestyle and business space for prospective buyers. The project is located near Jurong East MRT station and offers excellent accessibility to the rest of Singapore. J’Den Former JCube has an iconic design with a unique curvilinear architecture that features a seven-storey, double-storey sky-court, making it a standout in the area. The development also has club-style facilities such as an outdoor pool, a gymnasium, and other recreational amenities.Buyers of J’Den Former JCube can look forward to taking advantage of the upcoming developments, which include a premier regional hub in Jurong Lake District, a Cultural District in the form of an Integrated Resort, and a biomedical hub. In addition, there are also plans to transform Jurong East into an employment hub, with the development of International Business Park II.This is an exciting opportunity for homebuyers looking to invest in a J’Den Former JCube. The development offers easy access to major amenities and is located in an upcoming precinct with huge potential for price appreciation. Buyers will also get to enjoy the convenience of living close to the Jurong East MRT station, as well as the plethora of lifestyle and leisure options available in the area. With all these advantages, J’Den Former JCube is sure to be an attractive and profitable investment.
Leonard Tay, head of research at Knight Frank Singapore, says: “The drop in the total number of UHNWIs globally was largely due to weak performing equities and bond markets.”
Nicholas Keong, head of private office at Knight Frank Singapore adds: “Singapore’s location as a gateway to other Asia Pacific cities, coupled with its modern infrastructure and pro-business environment, contributes to its appeal among UHNWIs.”
Knight Frank has also jointly established a global capital markets platform with Berkadia in a bid to provide a comprehensive service to their clients.
