Singapore Tops Southeast Asia in $10M+ Individuals — A Look at Regional Wealth and Real Estate Trends
According to the Knight Frank Wealth Report 2025, Singapore has emerged as the Southeast Asian country with the highest number of individuals holding a net worth of at least USD 10 million, cementing its status as a magnet for wealth, investment, and family office activity.
The city-state recorded 9,674 high-net-worth individuals (HNWIs) last year, making up 0.4% of the global ultra-rich population. With its pro-business policies, transparent legal framework, and attractive tax regime, Singapore continues to draw wealth from across the globe — with ripple effects seen across the region, particularly in property investment, digital finance, and private banking.
Thailand Comes in Second for $10M+ Wealth Holders
Thailand took the second spot with 9,192 HNWIs, just slightly behind Singapore. The country’s popularity among digital nomads and long-term residents, supported by visa programs like the Long-Term Resident (LTR) Visa, has further enhanced its appeal to global professionals with mobile wealth.
Other countries in the region included:
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Indonesia with a growing class of ultra-wealthy individuals.
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Malaysia, which remains attractive to HNWIs through visa programs like MM2H, despite facing stiffer competition from its neighbours.
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Vietnam and the Philippines, which are catching up as emerging markets driven by rapid economic growth.
Global Perspective: U.S. Still Dominates
On a global scale, the United States remains the undisputed leader with 905,400 HNWIs, accounting for nearly 40% of the world’s wealthy population. Mainland China follows with 471,600 individuals, while Japan takes third with 122,100.
The U.S. continues to be the top destination for wealth accumulation, thanks to its vibrant startup ecosystem, strong financial infrastructure, and reputation for innovation.
How Many Ultra-Wealthy People Are There Worldwide?
In 2024, there were 2.34 million individuals globally with net worths of at least USD 10 million, up 4.4% from 2023. That number is expected to grow to 2.5 million by 2028, signaling a broader global trend of wealth expansion — and corresponding opportunities in sectors like real estate, fintech, and luxury services.
Implications for Southeast Asia’s Property Market
This rising concentration of wealth has direct implications for property markets in Malaysia, Singapore, and the wider ASEAN region:
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Singapore’s prime properties continue to fetch top dollar, with foreign investors confident in its regulatory environment and long-term growth.
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Thailand’s resort cities like Phuket and Chiang Mai are witnessing increased interest in luxury villas and branded residences from both locals and global HNWIs.
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In Malaysia, developers are eyeing Johor Bahru, Penang, and Greater KL as strategic investment zones, particularly with the growing interest from China and the revival of programs like MM2H.
Conclusion: Real Estate to Benefit from the Wealth Wave
The rise in ultra-wealthy individuals across Southeast Asia and beyond presents a strong tailwind for real estate investors and developers. With urbanisation, technology-driven wealth, and international migration patterns on the rise, the region is well-positioned to attract foreign direct investment, high-value buyers, and luxury lifestyle seekers.
For property professionals, this is a clear sign to watch cross-border investment trends, adapt to the evolving expectations of HNWIs, and consider sustainability, digital innovation, and global lifestyle integration as part of new project planning.
