The number of wealthy individuals in Singapore is set to increase from 410,000 to more than 600,000 by 2011, while their combined assets will increase from $140 billion to $210 billion, according to Datamonitor's Wealth Management in Singapore 2007 report. The researcher defines a wealthy individual as somebody holding $60,000 of liquid investments onshore, which includes cash, bonds, equities and unit trusts. Datamonitor sees Singapore’s economic performance continuing to grow despite a predicted global downturn in 2008-09. The global downturn will particularly hit the US and UK, says the report, but Singapore’s economy will grow at a faster rate than in the first five years of this century. Datamonitor financial services analyst David Lalich, the author of the report, said competition among fund managers in the Asian country will increase as wealth grows. “With more Singaporean individuals poised to join the ranks of the wealthy during the next five years, fund managers will do well if they attract these new clients to their firms,” he said.