Nov 3, 2006, 1:45 GMT
Singapore - The ranks of millionaires in Singapore have swelled to a record 1,738 as a result of the roaring stockmarket and buoyant economy, tax data showed Friday.
The number of people who earned more than 1 million Singapore dollars (637,000 US dollars) in 2005 shot up 15 per cent from the 1,481 in 2004, according to an Inland Revenue Authority report.
The stock market was on the rebound last year from both a technology crash the outbreak of severe acute respiratory syndrome (SARS) in the city-state.
Economists predict the number of millionaires is likely to have soared again this year.
'With so many global companies announcing record earnings, future numbers are likely to surpass' 2005's 1,738, The Straits Times quoted Richard Schulte, head of human resources in Asia for PricewaterhouseCoopers, as saying.
The addition of 257 millionaires was the biggest leap since 2000, when the number of seven-figure earners increased by 368 people.
The new rich hail from the financial services sector, which includes investment bankers and traders, as well as professionals such as lawyers, accountants and consultants, Schulte said.
Corporate income taxes continue to be the largest source of tax revenues, contributing 7.3 billion Singapore dollars (4.6 billion US dollars) to the latest financial year's total of 19.9 billion Singapore dollars (12.6 billion US dollars), up 11 per cent from the year before.
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