SINGAPORE: The 2026 Global Wealth Report from Knight Frank shared a look into the lives of ultra-high-net-worth (UHNW) individuals, those whose net worth is more than US$30 million (S$38.3 million).
From 2021 to 2026, the number of UHNWIs across the globe increased from 551,435 to 713,626. This means there were 162,191 new ultra-wealthy people in the past five years, as 89 people reach UHNWI every day.
Nevertheless, not even the very rich are shielded from today’s considerable challenges, although they are far less likely to feel their effects.
“The year ahead presents complex challenges. The Iran war has unsettled financial markets, feeding through to higher energy prices and renewed inflationary pressures, and complicating the outlook for central bank interest rate setting,” Knight Frank noted.
Singapore’s ultra-wealthy
The United States and China have the highest number of newly minted ultra-rich. Forty-one per cent of new UHNWIs are in the US, while China has 17%. The report also highlighted India as one to watch, saying that it has a “growing role in the global wealth landscape.”
On the list for the fastest forecast five-year growth of UHNW individuals, Singapore ranked 10th. In 2026, there are 7,171 such individuals, and Knight Frank projects that this number will rise to 10,495 by 2031, a 46% increase.
In 2021, Singapore had 4,642 UHNW individuals, which meant that the current growth in number is lower than the 2021 to 2026 increase of 54.5%.
Interestingly, one of Singapore’s closest neighbours, Indonesia, is number one on the list. Indonesia had 3,833 UHNW individuals in 2026, while the report says this figure is expected to grow to 6,966 in the next five years, an astounding 82% growth.
As for billionaire growth, Singapore ranked 16th on the list for the fastest forecast five-year growth in billionaire populations. At present, the city-state has 63 billionaires, a number that is expected to rise to 85 by 2031, for a 35% increase.
This list is topped by Saudi Arabia, which currently has 23 billionaires. In five years, it is predicted that the country will have 65 billionaires, a change of 183%.
The report also underscored how prices of prime property are going up in Singapore. Over the past 12 months, prices have increased by 7.9%. This means Singapore is 13th on the global list, which is topped by Tokyo, where prime residential prices have gone up by 58.5%.
Nevertheless, Knight Frank’s tracker shows that Singapore has seen a 22.5% decrease in buying power for prime property.
“Top-end rents in New York, London and Singapore have risen by 63%, 53% and 48% respectively over the past five years,” the report noted. /TISG
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