The number of millionaires rose by a staggering 22.4 per cent last year in Singapore to 48,500, the fastest growth rate in the world, a new survey of 68 countries said on Saturday. There were 8,800 new millionaires in U.S. dollars among the population of 4 million, with the bucks in assets excluding homes, DPA reported. The World Wealth Report, compiled by Merrill Lynch and research firm Capgemini, attributed the city-state's strong economic growth in 2004 along with spin-offs from trade links with China to boosting the number of millionaires here. The largest number of foreigners who made their fortunes overseas, but moved to Singapore, came from Indonesia and Taiwan, in addition to a handful of Europeans. "If you have noticed a lot more posh cars from Porsches to Bentleys to Lamborghinis cruising around Singapore, it's because of these newly rich folks," The Straits Times quoted Andrew Chan, managing director for Merrill Lynch's private client division, as saying. The number of millionaires in the United States grew 10 per cent to 2.5 million. The number rose 18.8 per cent to 67,500 in Hong Kong. The number of wealthy individuals worldwide rose by 600,000, the data showed. They collectively owned 30.8 trillion U.S. dollars. Europeans keen on moving their money to Asia do so to dodge the withholding tax on the incomes of leading industrialized countries' residents, Merrill Lynch said. Foreigners have been snapping up real estate projects, particularly luxurious ones, Chan said. Banks have also been tripping over each other to hire bankers to serve the growing number of well-heeled customers. -- SP 2357 Local Time 2057 GMT
