Singapore has the world's highest population density of high net worth individuals, those with $1 million of liquid assets and above, says a new report, underlining a rich opportunity for Asia's private banks. 

Approximately one in 30 Singaporean residents is a HNW individual, according to a new survey from intelligence firm WealthInsight, using findings from its HNW Database.

There are just over 150,700 HNW individuals in Singapore, with an average wealth of $4.8 million per person and a combined wealth of $730 billion.

The wealth of Singapore’s HNW individuals increased by 24 per cent (5.5 per cent per annum) over the review period (2007-2011), boosted by particularly strong growth in 2009 and 2010 of a third and nearly a quarter respectively.

This was aided by strong growth in the local stock market in 2009 – the Singapore Exchange went up by 76 per cent – and a rebound in the local property market during 2010, said the report.

And growth is expected to double in coming years. Between now and 2015, total HNW wealth is forecast to grow by 47 per cent (10.1 per cent per annum), reaching $1.1 trillion.

Compiled and curated by a team of expert research specialists, the database comprises up to one hundred data-points on over 100,000 HNW individuals, private banks, wealth managers and family offices around the world.