Asia’s wealth story was one of both resurgence and recalibration in 2024; and in 2025, while global wealth accumulation will continue its upward trend, it will come with stark contrasts across Asia’s key market, according to a recent report.

In Singapore, wealth growth maintained a solid trajectory, finds UBS’s latest Global Wealth Report 2025, which drew data from over 56 markets. Average wealth per adult in the city-state rose by 4.6% in real terms, with median wealth growing an even stronger 8.7%. This balanced growth across income brackets reinforces Singapore’s status as a stable wealth hub.

Singapore, as of 2024, ranks seventh globally in average wealth per adult at US$441,596, the report notes, and 18th in median wealth. Notably, over 330,000 adults, roughly 7% of the population, are now US dollar millionaires.

Mainland China, meanwhile, showed signs of uneven progress. While the average wealth per adult grew by 5% year-on-year, the report highlights, median wealth fell 6.34%, a notable divergence indicating strain among middle-tier households.

Since 2020, however, average and median wealth have increased by 26.75% and 15% respectively, showcasing the long-term resilience of China’s affluent class.

Wealth concentration remains a key trend. Hong Kong leads Asia in per capita wealth, the report shares, with over US$600,000 in average wealth per adult, third globally.

However, growth in 2024 was more modest, 1.5% in average and 2.1% in median terms. Roughly one in 10 adults in Hong Kong is a US dollar millionaire, compared with about 7% in Singapore.

Taiwan also reported robust gains. In 2024, the average wealth per adult rose by 5.75% ( adjusted for inflation ), with a striking 35% increase since 2020. Median wealth rose over 7% in the past year, underscoring consistent expansion in the middle-income segment.

Taiwan’s wealth profile places it 15th in average wealth and 17th in median wealth globally.

The report also highlights the emergence of the Emilli ( everyday millionaire ) class, that is, individuals with assets between US$1 million and US$5 million. Their global population has quadrupled since 2000 to 52 million, holding a combined US$107 trillion in wealth.

This cohort is expanding steadily across Asia, driven by long-term economic growth and asset appreciation.

The global population of US dollar millionaires, the report projects, will grow by 5.34 million by 2029, with Asia expected to contribute significantly to this rise. Notably, mainland China is second only to the United States in millionaire count, at over 6.3 million individuals.

As Asia navigates a landscape shaped by rising asset values, changing consumption patterns and demographic shifts, the reports states, the region is reaffirming its central role in shaping the future of global wealth.