ONE in three millionaires in Singapore is Indonesian in origin, according to a report from Merrill Lynch and consultant Capgemini.
It estimates that at the end of last year, Singapore had 55,000 people with net assets of at least US$1 million (S$1.6 million), excluding their main home.
Of these, 18,000 were Indonesians who have become either Singapore citizens or permanent residents here.
The 18,000 wealthy - called high-net-worth individuals - are worth about US$87 billion, or one-third of the US$260 billion estimated to be held by the rich here.
The report attributed the large number of Indonesian-born wealthy here to Singapore's 'open immigration policy' which has played a key role in attracting skilled and well-heeled people from neighbouring countries.
'We have seen great efforts made by the Singapore Government to attract foreign talent and investment.
'This has also helped enhance Singapore's position as a regional wealth-management hub,' said Ms Tho Gea Hong, Merrill Lynch global private client's market director for Singapore.
LORNA TAN
