Singapore is the fourth wealthiest city in the world, according to the 2024 World’s Wealthiest Cities Report.
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This annual report is published by the global investment migration consulting firm Henley & Partners in collaboration with the wealth research firm New World Wealth.
Previously, Singapore held the 6th spot on the list.
Considered the most business-friendly city on earth, Singapore stands as a top choice for migrating millionaires.
In 2023 alone, around 3,400 high-net-worth individuals (HNWIs) relocated to the country.
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Currently, the city boasts 244,800 millionaires, 336 centi-millionaires (with investable wealth of over USD 100 million, or around S$135 million), and 30 billionaire residents.
According to The New Paper, this means four out of 100 Singaporeans are millionaires.
With a remarkable 64% increase in millionaires over the past decade, Singapore is also poised to surpass Tokyo as Asia’s wealthiest city “very soon”, as per the report.
New York secures its spot on top of the list with 349,500 millionaires, 744 centi-millionaires , and 60 billionaires. Its residents’ total wealth is also over USD 3 trillion (~S$4 trillion), which exceeds the total wealth in most major G20 countries.
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Meanwhile, The Bay Area, which includes San Francisco and Silicon Valley, ranks second. It has seen one of the world’s highest wealth growth rates, with its millionaire population increasing by 82%.
In contrast, Tokyo suffered a 5% decline in its resident HNWI population in the past ten years. It now sits in 3rd place from being in the top spot a decade ago.
Finally, London, which held the top spot for many years, has slipped to fifth place in the rankings after a 10% decline in HNWIs.
To come up with the ranking, New World Wealth followed the movements of over 150,000 HNWIs in its in-house database. Specifically, it focused on those with over USD 30 million (~S$40 million) in listed company holdings.
These included company founders and individuals from high-value companies with the following positions: chairperson, CEO, president, director, and managing partner.
To verify city locations, the firm relied on a variety of public sources, including LinkedIn and other business platforms.
Also read: S’pore is Asia’s happiest country due to GDP per capita & low corruption: World Happiness Report
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Featured image adapted from Unsplash.
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