Singapore’s millionaire density – or percentage of millionaires in the total population – was 5.5% in 2020, the second-highest in Asia after Hong Kong’s 8.3%, the report said. The island nation’s Gini coefficient – a more broad-based measure of wealth inequality – was at 78.3 in 2020, much higher than Japan’s 64.4, South Korea’s 67.6 and Taiwan’s 70.8.
The wealth share of the top 1% in Singapore was almost 34% at the end of 2020, compared with 18% for Japan, 24% for South Korea and 28% for Taiwan. In a small country like Singapore, higher wealth inequality can result from an unrepresentative cluster of very high net-worth individuals, the report said.
Photo: Bloomberg
