Singapore’s UHNWI population rose from 4,642 in 2021 to 7,171 in 2026, up 55%. This group is forecast to reach 10,495 in 2031, according to Knight Frank, or a 46% increase between now and then.
The number of billionaires in Singapore rose from 28 in 2021 to 63 in 2026, and Knight Frank forecasts that this elite group will swell further to 85 members in 2031.
Global UHNWI growth over the next five years will “not be led by the usual suspects”, says Knight Frank, but by the “rapidly maturing economies” of Indonesia (whose UHNWI count is projected to grow 82% between 2026 and 2031), Saudi Arabia (63%) and Poland (63%). Placing fourth is Vietnam, whose projected 59% rise in UHNWI numbers over the next five years reflects how new centres of wealth are forming across Southeast Asia, adds Knight Frank.
Tokyo leads prime residential prices
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Now in its 20th year, Knight Frank’s proprietary Prime International Residential Index (Piri) recorded a 3.2% average rise in global luxury residential prices in 2025, slightly below the 3.6% increase recorded in the previous year.
Of the 100 markets tracked by Piri, 73 saw prices increase while 24 experienced declines.
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The Piri 100 tracks movements in luxury prices across the world’s top residential markets. The index, compiled using data from Knight Frank’s research teams around the world, covers major financial centres, gateway cities and second-home hotspots — both coastal and rural — as well as leading luxury alpine resorts.
Tokyo’s new-build apartment market — boosted by scarcity, low interest rates and strong inward demand from the Asia Pacific — posted a 58.5% spike in price changes over 12 months, far outpacing podium finishers Dubai (25.1%) and Manila (17.5%).
Singapore ranked 13th on the Piri 100 in 2025, with a 7.9% rise in prime residential prices.
Conversely, Guangzhou placed last on the Piri 100, posting a 12.2% decline in prime home prices over a 12-month period. Also in the bottom are Toronto (-7.8%), Shenzhen (-7.2%) and Vancouver (-7%).
Beijing (-4.9%) and Hong Kong (-2.1%) also posted 12-month price declines, as “the Greater Chinese mainland regions remain challenging”, says Knight Frank.
Lower spending power
Spending power also fell “sharply” in many prime locations, says Knight Frank, with the steepest contractions in Dubai (-66%), Tokyo (-41%), Miami (-40%) and Los Angeles (-28%), reflecting intense prime market appreciation.
The Piri tracker, which calculates how much prime residential space US$1 million can purchase in major cities around the world, places Singapore’s premier homes as the third-most expensive in the world, tied with Geneva.
According to Knight Frank, US$1 million can purchase an average of 28 sqm of prime residential space in Singapore as at 4Q2025, down from 36 sqm back in 4Q2020.
The only major cities with pricier prime homes are Hong Kong (US$1 million can purchase 23 sqm in 4Q2025) and Monaco (16 sqm).
Galven Tan, CEO of Knight Frank Singapore, says Singapore sits at the crossroads of Southeast Asia, China, India and Australia. “Singapore offers the wealthy proximity to opportunity with mitigated exposure to jurisdictional risk, and investment teams can access the growth markets of Indonesia, Vietnam and India while holding assets, structures and governance in a neutral, internationally trusted base.”
