Singapore's ultra rich population hits new high

The total number of ultra high net worth population in Singapore rose by 40 to hit the record high of 1,395 this year, according to a wealth report released on Wednesday.

Their combined net worth is 180 billion U.S. dollars, an increase of 12.5 percent over the past year, the Wealth-X and UBS World Ultra Wealth Report said, referring to the ultra high net worth individuals, or those with 30 million U.S. dollars or above in net assets.

They account for 17 percent of Singapore's total wealth of 1.08 trillion U.S. dollars, local broadcaster Channel NewsAsia said.

The size of Singapore's ultra high net worth population ranks the sixth among Asian countries and 19th globally, the report said, adding that about 60 percent of Singapore's ultra high net worth population is fully self-made.

The report said that the fast growth in the wealth of these population is "reflective of the city-state's growing international appeal with regards to the strength of its financial sector, and the ease of both establishing and conducting business in the country, allowing for rapid wealth accumulation."