Where do all the rich people live? In Singapore, apparently. According to a Boston Consulting Group report released Tuesday, the island city-state has the highest concentration of millionaire households in the world, with 16% of all households boasting at least $1 million in assets under management. The figure is far higher than second-ranked Switzerland, where 9.9% of its households are in the millionaire category. Hong Kong came in fourth place, with 8.7%, while the U.S. came in seventh, with 4.5%.
The consulting firm defines “assets under management” as cash deposits, money market funds, listed securities (held directly or indirectly through managed funds), and onshore and offshore assets. It excludes wealth attributed to investors’ own business, residences or luxury goods. BCG’s global wealth study, now in its 11th year, also showed that China’s millionaire ranks are swelling: The country boasts 1.1 million households in that wealth bracket, up 31% from the previous year. In terms of number of millionaire households, China is in third place, behind the U.S. and Japan, which have 5.22 million and 1.53 million respectively. (In terms of percentage of overall population, however, China’s millionaires don’t crack the top 15 countries.)
China also saw a big jump in the category of ultra-high-net-worth households — those with more than $100 million in assets under management. China is now home to 393 households in this category, which places the country eighth overall in the world. The U.S. has the most ultra-high-net-worth people, with 2,692 households in this sector. Hong Kong ranked 15th with 223 of these households.