Singapore ranks fourth among the wealthiest countries globally

A new report from Henley & Partners has revealed an unprecedented 64% rise in the number of millionaires in Singapore over the past 10 years. The country took fourth place behind New York City, The Bay Area and Tokyo.

The 2024 World’s Richest Cities Report highlights that Singapore is currently home to 244,800 millionaires, with 336 billionaires and 30 people classified as ultra-rich with a net worth exceeding US$1 billion. In 2023 alone, around 3,400 millionaires moved to Singapore. This allowed Singapore to climb two positions in the world rankings, overtaking London, which for a long time occupied the richest city in the world spot.

This surge is due to Singapore’s strong business environment and status as one of the most attractive destinations for wealthy individuals seeking residency or citizenship.

Favorable tax policies, a strategic location in Asia and a friendly business climate make Singapore a top choice for both multinational companies and high-net-worth individuals. The government’s commitment to attracting foreign investment and talent has also contributed to the city’s prosperity.

This growth is being driven by London, where the number of millionaires has fallen by 10% over the past decade. London is now in fifth place, while Tokyo, the previous leader, has dropped to third place with a 5% decline in the number of rich people.

As Singapore continues to strengthen its position as a global financial center, experts predict it could soon surpass Tokyo to become Asia’s champion in wealth.

Meanwhile, China is making its mark on the wealth map. Beijing entered the top 10 for the first time, showing an impressive 90% increase in millionaires.

Regarding other global cities, New York remains the undisputed champion, holding the top spot and boasting 349,500 millionaires. Following it closely, comes the Bay Area, with a thriving tech industry and a population of millionaires that has grown by 82% over the past decade.

Notably, Singapore takes a backseat when it comes to the most expensive cities in terms of real estate. While New York follows Monaco for the most expensive prices, Singapore has significantly lower luxury property prices, ranking 11th in the world.