The country now has 63 billionaires, up from 28 in 2021, according to the latest Wealth Report by consultancy Knight Frank.

The rise in Singapore’s wealthy population comes amid a broader surge in wealth across the Asia-Pacific, the report noted.

The region now accounts for the largest share of the world’s billionaires at 35.9%, or 1,116 individuals. Knight Frank expects this share to increase to 37.5% 2031.

Singapore’s number of billionaires is expected to jump 35% to 85 by 2031.

In comparison, the Philippines is expected to have 26 billionaires by then, compared to 16 now. For Indonesia, the tally is forecast to go up from 33 to 49, and Malaysia, from 13 to 18.

Regarding millionaires, Southeast Asia is emerging as one of the fastest-growing sources of new wealth, said Knight Frank Singapore CEO Galven Tan, as quoted by The Business Times.

Singapore’s number of ultra-high-net-worth (UHNW) individuals (defined as those with a net worth of US$30 million or more) expanded by 54.5% to 7,171 individuals in 2026, from 4,642 in 2021.

This cohort is projected to expand further to 10,495 individuals, while the number of billionaires is expected to reach 85 by 2031.

Knight Frank said this trajectory places Singapore among the world’s top 10 markets for projected five-year UHNW growth.

It added: “Being a small nation with a geographical area of a mere 736.3 sq km in 2025, this rate of expansion disproportionately outpaces that in many larger and more mature developed markets.”

Singapore therefore remains “one of the most densely concentrated UHNW markets globally.”