Ultra-rich population set to grow 9.7% by 2028: report

Luxury home prices are expected to see positive growth in 2025, supported by limited supply and strong foreign demand.

Singapore’s ultra-high-net-worth individual (UHNWI) population is projected to grow by 9.7% between 2024 and 2028, according to Knight Frank.

In its report, Knight Frank noted with a steady influx of high-net-worth individuals, Singapore’s prime residential market remains resilient, despite global economic uncertainties.

Luxury home prices are expected to see positive growth in 2025, supported by limited supply, strong foreign demand, and Singapore’s reputation as a safe investment destination.

Singapore’s financial ecosystem remains a magnet for global investors, with the number of registered family offices surpassing 1,500 in 2024.

Additionally, private banking and wealth management sectors continue to expand, with major global financial institutions setting up offices in Singapore.

The city-state’s low-tax environment, strong regulatory framework, and political stability make it a preferred destination for managing global assets.

Beyond real estate and traditional equities, Singapore’s wealthy investors are diversifying into private equity, digital assets, and sustainable investments.

The report noted an increasing trend towards impact investing, with green technology and ESG-aligned assets gaining traction among UHNWIs.

Whilst rival wealth hubs such as Dubai and Hong Kong are stepping up efforts to attract global investors, Singapore remains a preferred choice due to its governance, transparency, and strategic connectivity in Asia.

With a rapidly growing ultra-rich population, a thriving financial ecosystem, and sustained real estate demand, Singapore is set to solidify its role as a global wealth hub in the coming years.

The 9.7% UHNWI population growth forecast through 2028 signals continued confidence in the city’s investment climate, making it a key destination for high-net-worth individuals and businesses looking for long-term wealth preservation and expansion.

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