Millionaires are picking Singapore over Hong Kong

Hong Kong's social unrest may be prompting globe-trotting millionaires to locate to Singapore instead, according to a wealth-tracking report out on Tuesday.

Research company WealthInsight found 1 in 35 Singaporeans are currently millionaires. The city's count of high-net-worth individuals is expected to grow by 18.3 percent by 2020, making 1 in 30 Singaporeans millionaires.

Comparatively, Hong Kong's millionaire rate is expected to grow by 15.6 percent over the next five years.

Currently, Hong Kong has 193,000 millionaires, above Singapore's 154,000.

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