According to global wealth consultancy WealthInsight, nearly one in every 20 Singaporeans will be a millionaire by 2017. The city-state will have the second highest density of millionaires in the world after Monaco.

A new report by WealthInsight reveals that the number of dollar millionaires in Singapore has practically doubled in size since 2008, giving the city-state a millionaire population of 183,400 in 2012. This segment of the population collectively holds US$857 billion, or 85.7% of the total individual wealth held in the country. Out of these millionaires, there were 3,870 multimillionaires (individuals with a net worth of over $30m) in 2012, with an average wealth of US $86m per person).

With dollar millionaires projected to grow at a rate of 59% between 2012 and 2017, Asia’s Lion City is scheduled for a boom in wealth. This growth rate implies that Singapore’s millionaires will number over 291,000 by 2017, holding a total wealth of US$1.39 trillion. Most of this growth will come from Singapore’s financial services industry, which was the source of wealth for 22% of multimillionaires and 35.3% of millionaires in 2012, a 163% increase from 2008. WealthInsight expects Singapore to overtake Switzerland by 2020 to become the largest global offshore wealth centre ranked by Assets under Management.

"The allure of Singapore to the newly wealthy families of China, India, Malaysia, Philippines and Indonesia is immense", says Oliver Williams, an Analyst at WealthInsight. "As emerging Asia looks at economic uncertainty, the nouveau riche of this region will continue to flock to Singapore".

While Singapore has long been viewed as a financial hub of Asia, it has an additional appeal to wealthy families says Oliver Williams: "Singapore is becoming Asia’s education hub as more and more international students enrol at its five public and more than fifteen private universities". In 2005, Singapore hosted just over 70,000 international students, a figure which is expected to reach 150,000 by 2015.