Singapore, which has the world’s highest density of wealthy people, had just over 150,000 high-net-worth individuals (HNWIs), each worth more than $1million (more than £648,000), by the end of last year, according to new figures.

A forecast by financial consultant Wealth Insight predicts that these individuals will prove key in the expansion of Asia’s banking sector.

In the 10 years to 2010, the report found the total assets managed by the Singapore’s wealth management and private banking sector increased 11-fold. HNWIs now make up 2.9 per cent of Singapore’s population.

In the same period, the number of foreign professionals working in Singapore’s finance industry went up by 9,600, according to the minister of state for manpower, Tan Chuan-Jin.

He said that the number of new employment passes given out to foreigners shows Singapore’s growth as a financial hub in the past decade, especially since 2006.

This is an excerpt from The Telegraph as it appeared on April 16, 2012. For updates or to read the current version of this post in its entirety, please click here.

Continue reading this post >