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Foreign financial website Insider Monkey released a ranking of the world's 20 richest countries, with Singapore topping the list with US$157,354 (approximately S$215,512).
1
Ranked as the richest country in the world
Insider Monkey's ranking of the world's richest countries is based on each country's gross domestic product (GDP) per capita in 2023, taking into account purchasing power parity (PPP), a method that eliminates price differences between different economies. .
In this ranking, Singapore was selected as the richest country in the world, ranking first with a per capita GDP of US$157,354 (approximately S$215,512).
Followed by Luxembourg, with a per capita GDP of US$142,490 (approximately S$195,142), and Qatar ranked third, with a per capita GDP of US$124,834 (approximately S$170,963).
2
Ranked fourth in the world in net financial assets per capita
Singapore performs well in terms of per capita net financial assets, reaching 151,200 euros (approximately S$220,000), not only ranking first in Asia, but also ranking fourth in the world, behind the United States, Switzerland and Denmark.
These statistics take into account a variety of financial assets, including cash, bank deposits, insurance, pensions and securities. Debt has been deducted when calculating net worth, further underscoring Singapore's excellence in the financial sector.
Such a high level of net financial assets reflects Singapore's economic strength and the health of its financial system, and also provides solid economic security for the country's residents.
3
The fifth most millionaires in the world
Singapore has a huge wealthy community. According to data released by Henley & Partners, a London-based investment consulting firm, the number of millionaires in Singapore reached 249,800, ranking fifth in the world.
This means that Singapore is almost full of rich people, with an average of 1 millionaire in every 22 people, highlighting Singapore's attractiveness as a wealth center.
This phenomenon is not accidental. The reason why Singapore has so many wealthy people is due to the country's multiple comprehensive advantages, including a low tax system, excellent business environment, advanced educational resources, livable environment, and a complete legal system.
These factors have attracted high-net-worth individuals from all over the world to turn their attention to Singapore and set up family offices to achieve financial planning, wealth appreciation, inheritance, and improve the quality of life.
Advantages of Singapore Family Office
?Achieve inter-generational inheritance and maintain and increase the value of wealth
Family offices provide long-term and stable management of family wealth, help preserve and increase value, and ensure that wealth can continue to the next generation and into the future.
?Coordinated management by multiple professional organizations
Family offices usually bring together various professional institutions, such as financial advisors, investment managers, legal experts and tax advisors, to ensure efficient wealth management and diversified investments.
?Tailor-made and offspring planning
Based on different family situations, family offices can develop tailor-made financial planning plans to meet the individual needs of family members and ensure that wealth planning is consistent with family goals.
?Privacy and Financial Information Planning
Singapore’s legal system protects family financial privacy while providing regulations for the exchange of financial information to comply with the international Tax Transparency Standard (CRS).
As an important center in the global wealth management field, Singapore is attracting more and more high-net-worth individuals to set up family offices to achieve long-term wealth appreciation and inheritance.
If you are interested in Singapore family offices or want to know more related information, please contact Xingyunhai International!
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