Millionaires in Singapore to grow from 183,000 to 408,000 by 2016

The number of millionaires in Singapore are expected to more than double by 2016, from the current 183,000 to 408,000.

Singaporeans are also the second richest in the Asia Pacific region, and the fifth richest in the world, with an average wealth of US$285,000 (S$359,600).

This is according to Credit Suisse's latest global wealth report, that takes into account the individuals' assets after subtracting debt.

The report also states that most of the increase was due to the saving rate and asset price increases, rather than exchange rate movements.

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