World’s second richest country gains more than 5,200 new millionaires in a year

Singapore remained among the world’s wealthiest economies, with average wealth per adult reaching US$527,217, according to the annual UBS Global Wealth Report 2026 released Tuesday.

The Republic ranked sixth globally in average wealth per adult, behind Switzerland, the U.S., Luxembourg, Hong Kong, and Australia. Financial assets made up 63.8% of Singapore’s gross wealth.

Across the Asia-Pacific, personal wealth grew slightly more than 5.9% in 2025, with the region continuing to be a major source of high-net-worth individuals, particularly in Greater China and Southeast Asia, Swiss bank UBS said.

More than 100,000 new millionaires were created across the region, which retained roughly one-third of global wealth, said Young Jin Yee, co-head of UBS Global Wealth Management for Asia-Pacific and UBS country head for Singapore.

Worldwide, personal wealth expanded 10.8% in U.S. dollar terms in 2025, accelerating from 4.6% growth recorded in 2024. There were “more millionaires than ever, everywhere,” the report said.

The strongest gains were concentrated among wealth segments exceeding $5 million, with particularly rapid growth in China, Australia, and the U.S.

UBS economist James Mazeau said the Asia-Pacific region’s relatively slower growth may reflect currency movements and market conditions, although the longer-term outlook remains favorable. He noted that the report’s figures are estimates compiled from multiple statistical sources and datasets.

The global population of U.S.-dollar millionaires grew by nearly 1 million, reaching a record high. The U.S. accounted for nearly half of that increase, producing more than 1,200 new millionaires each day, while Eastern Europe recorded the fastest percentage growth.

Mazeau said the global wealth pyramid continued to move upward, with fewer adults holding less than $10,000 in wealth and more moving into middle- and upper-wealth brackets. He added that 1.5% of adults covered in the report now have more than $1 million in wealth.

“Most [billionaire] wealth is tied to listed companies,” he said, as reported by The Guardian. “So part of the rise is due to equity markets.”

“The AI boom story is fueling equity markets. In countries where there is a lot of participation and equity market, this is leading to an increase in wealth.”