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Looks like Singapore is well on its way to becoming the next billionaire playground.
According to the Wealth-X and UBS Billionaire Census 2014, the island nation now has the third highest number of billionaires in Asia, beaten only by Hong Kong and China.
The report highlighted Singapore is home to 32 billionaires, which was a 18.5% increase from 27 billionaires last year.
With a combined wealth of US$65 billion, Singapore was also found to be the country with the sixth highest number of billionaires per capita in the world.
The United States remained the country with the largest population of billionaires, with 571 billionaires in total, owning a combined wealth of US$2.26 trillion.
On a global level, the combined wealth of the world’s billionaires increased by 12% to US$7.3 trillion.
“Singapore’s growing importance as a hotspot for billionaires and hub for foreign capital flows has enabled numerous individuals to seize opportunities in the city-state’s finance, banking and investment industry,” the report stated.
“Like Hong Kong, real estate is also a key industry in Singapore and many new property developments over the potential for further wealth gains.”
The report also delved into the profile of the average billionaire in Singapore.
While 88% of billionaires in the island nation were married, the study highlighted, however, that there were no female billionaires in the country.
Close to two out of 10 (16%) of Singapore’s billionaires also cited they had no formal education beyond high school.