Singapore Ultra-Wealthy Population Set to Surge 46% by 2031 Despite Rising Luxury Home Prices

Singapore is strengthening its position as one of Asia-Pacific’s leading wealth hubs, with the number of ultra-high-net-worth individuals (UHNWIs) expected to grow significantly over the next five years. According to Knight Frank’s latest Wealth Report, the city-state’s population of individuals with net assets exceeding US$30 million is projected to increase by 46%, reaching 10,497 by 2031 from 7,171 in 2026. The growth follows a remarkable 55% increase over the past five years, highlighting Singapore’s continued appeal as a destination for wealth preservation, investment, and business operations. The number of billionaires in Singapore has also risen sharply from 28 in 2021 to 63 in 2026 and is forecast to reach 85 by 2031. Luxury Homes Becoming More Expensive While wealth is growing, purchasing power in the luxury residential market has declined as property prices continue to rise globally. In Singapore, US$1 million could buy approximately 36 sq m (388 sq ft) of prime residential space in late 2020, but by the end of 2025, that figure had fallen to just 28 sq m (301 sq ft), representing a 22% decline in buying power. Despite higher prices and cooling measures such as Additional Buyer’s Stamp Duty (ABSD), demand for prime residential properties remains resilient. Wealthy local buyers, particularly those supported by generational wealth, continue to view prime real estate as a long-term store of value and a source of rental income. The luxury leasing market is also gaining importance as globally mobile wealthy individuals increasingly adopt flexible lifestyles, spending shorter periods in multiple countries throughout the year. Singapore Joins Regional Luxury Property Growth Leaders Across Asia-Pacific, prime residential prices rose by 3.7% in 2025. Singapore recorded a strong 7.9% increase in luxury home prices during the year. Tokyo led the global rankings with luxury home prices soaring 58.5%, driven by limited new supply, low interest rates, and strong regional demand. Other strong-performing Asian cities included Manila, Seoul, Bengaluru, and Mumbai. Meanwhile, some major Chinese cities experienced price corrections, with Shanghai and Guangzhou registering declines in prime residential values. Private Wealth Continues to Drive Commercial Real Estate Private capital remains a dominant force in global commercial real estate investment. In 2025, ultra-wealthy individuals and family offices deployed US$464 billion into commercial property, surpassing institutional investors, who invested US$347 billion. Asia-Pacific has seen a notable increase in cross-border investment activity, with mainland Chinese investors accounting for nearly half of regional buying interest. The region’s deep pool of private capital and willingness to explore diverse investment structures continue to attract global attention. Family Offices Becoming More Sophisticated Family offices around the world are evolving from wealth preservation vehicles into highly professional investment organisations. Many now employ specialists in private equity, venture capital, and real estate while developing in-house operational capabilities. Direct property ownership remains highly attractive because it allows wealthy families to control development strategies, manage risks directly, and capture the full value of investment returns without relying on external fund managers. Their portfolios are increasingly diversified across private equity, infrastructure, venture capital, and direct real estate investments, reflecting a long-term focus on wealth creation and preservation across generations. Emerging Real Estate Sectors Attracting Wealthy Investors Family offices are becoming more selective in their real estate investments, targeting sectors supported by long-term economic and demographic trends. Among the most popular sectors are: Data centres, driven by digitalisation and artificial intelligence growth. Student accommodation, supported by resilient global education demand. Logistics and distribution facilities benefiting from e-commerce expansion. Healthcare-related real estate, supported by ageing populations. Value-add and operational real estate assets with strong income-generating potential. These sectors are increasingly viewed as capable of delivering stable returns through various economic cycles. Southeast Asia’s Wealth Creation Accelerating Southeast Asia is emerging as one of the fastest-growing regions for wealth creation. Economic transformation, entrepreneurial growth, maturing capital markets, and expanding domestic economies are contributing to the rapid expansion of the ultra-wealthy population across the region. Singapore remains strategically positioned at the centre of this growth. Its location provides investors and businesses with access to high-growth markets such as Indonesia, Vietnam, India, China, and Australia while offering a stable, transparent, and internationally trusted business environment. What I Learned Singapore’s wealth ecosystem continues to strengthen, with the number of ultra-wealthy individuals expected to rise sharply over the next five years. Although luxury residential property has become significantly more expensive, demand remains strong due to long-term wealth preservation objectives and rental income opportunities. At the same time, family offices and private investors are becoming increasingly sophisticated, focusing on strategic sectors such as data centres, logistics, healthcare real estate, and student housing. Singapore’s role as a regional financial and investment hub places it in a strong position to benefit from the accelerating wealth creation occurring throughout Southeast Asia.