Millionaires are picking Singapore over Hong Kong

Posted online November 25, 2015 | 12:45 pm

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.

Read more from CNBC.

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