In 2023, there were ***** ultra-high net worth individuals residing in Singapore. This was forecasted to increase to ***** in 2026.

The Singapore Luxury Residential Real Estate Market was valued at USD 15.8 Billion in 2024 is projected to reach USD 22.97 Billion by 2032, growing at a CAGR of 4.8% from 2026 to 2032.

Singapore Luxury Residential Real Estate Market: Definition/ Overview

Luxury residential real estate refers to high-end, premium properties with superior design, high-quality construction, unique facilities, and great locations that cater to wealthy buyers and investors. Luxury residential real estate is typically utilized for private living, holiday residences, and investments. These properties are frequently found in exclusive districts, attracting wealthy individuals, expatriates, and high-net-worth investors.

In 2021, there were around ** thousand millionaires living in Malaysia. This figure is projected to increase to more than *** thousand in five years’ time. Should the Malaysian economy continue its less than robust growth, however, this figure might have to be revised.

A positive outlook for the wealthy in Malaysia
2020 was not a good year for both the high-net worth individuals and ultra-high net worth individuals (UNHWI) in Malaysia. Compared to 2019, most were optimistic that the global economy in that year was more conducive to preserving and growing their clients' wealth as a majority of private bankers and wealth advisers in Malaysia reported increases in client wealth in that year. However, the HNWIs and UNHWIs live a life far removed from the average Malaysian. In 2019, only *** percent of adults in Malaysia have wealth exceeding 100 thousand U.S. dollars. By comparison, this figure was **** percent in neighboring Singapore.

Excesses of the ultra-rich
In the past year, the Malaysian public has been exposed to the excesses of the rich and powerful through the **** scandal. This saw the then Prime Minister Najib Razak being accused of embezzling from state funds. The media widely publicized the seizure of luxury handbags belonging to Najib’s wife, each of which costs was more than the average Malaysian’s monthly salary. The public’s distaste for Najib’s extravagant lifestyle was so apparent that when his election rival, Mahathir Mohd, was photographed wearing four-dollar sandals, his picture went viral on social media.