Report Ranks Singapore 7th In Number of Centimillionaires
Singapore is ranked seventh in the cities with the most centimillionaires, according to a report by Henley & Partners.
The report states that Singapore has 330 people with a net worth of over US$100 million.
This is a slight decrease from last year’s report, which showed Singapore having 336 centimillionaires.
Asian cities dominate the top 10, although the top three cities with centimillionaires are all in the United States (US).
Report states Singapore has 330 centimillionaires as of 2023
The report, published on Tuesday (10 Oct) shows the top 50 cities in the world with the most centimillionaires.
The top 10 list consists of US cities in the top three — New York City, The Bay Area, and Los Angeles.
Source: Henley & Partners
Singapore, with 27 billionaires and 330 centimillionaires, ranks seventh in the top 10.
The report said this was an “impressive number”, considering the small size of the city-state.
“[Singapore] is packing a mighty punch as one of the world’s leading financial centres and wealth hubs,” it added.
There are only 28,420 centimillionaires in the world, meaning Singapore has 1.1614% of the world’s centimillionaires.
Right above Singapore are two Chinese cities, Beijing and Shanghai.
Beijing holds 365 centimillionaires, while Shanghai holds 332. Below Singapore is Hong Kong, boasting 305 centimillionaires.
All figures are as of June 2023 and only include individuals living in each city.
Definition of being super-rich has changed over the years
Dr Juerg Steffen, CEO of Henley & Partners, noted in the report that in the late 1990s, an individual holding US$30 million in investable assets would be considered ‘super-wealthy’.
However, these days, the new benchmark is US$100 million.
The current figure of 28,240 centimillionaires is 11.5% more than it was 12 years ago, he said.
“One-third of the world’s centimillionaires live in 50 key cities across the globe, and almost two-thirds of these centimillionaire rich cities are in countries with investment migration programs.”
Singapore is one such country, with its Singapore Global Investor Programme.
It is looking for those with at least S$10 million to invest here.
Singapore has also consistently ranked as one of the most wealthy cities in the world, placing fifth in 2022.
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Featured image adapted from Kirill Petropavlov on Unsplash.
