CITIBANK Singapore launched a new Ultima card for the wealthy yesterday.

The card is by invitation only and open to people with at least $5 million in assets under management.

It will gradually replace the existing Ultima card, which was launched seven years ago to cater to clients with a minimum annual salary of $350,000.
Singapore is the first Asia-Pacific market to get the new card, said Mr Han Kwee Juan, managing director and head of credit payment products at Citibank Singapore.

The country has one of the fastest growing number of millionaire households in the world, while the number of wealthy people is growing rapidly, Mr Han told reporters at a briefing yesterday.

According to this year's Merrill Lynch and Capgemini World Wealth report, published in June, Singapore millionaire households grew 35 per cent last year to around 122,700.

Multi-millionaire's credit card