HomeNewsSingapore is one of the top destinations for migrating millionaires
Singapore is one of the top destinations for migrating millionaires

Singapore is one of the top destinations for migrating millionaires

Singapore is the fourth wealthiest city in the world

Some 3,400 high-net-worth individuals moved to Singapore in 2023 and the Republic is now home to 244,800 resident millionaires, 336 centi-millionaires, and 30 billionaires.

According to the 2024 World’s Wealthiest Cities Report by Henley & Partners, Singapore moved up two places to fourth on the global ranking following an “impressive” 64 per cent increase in the number of millionaires over the last decade.

“Widely regarded as the most business-friendly city on earth, Singapore is also one of the world’s top destinations for migrating millionaires,” noted the British investment migration consultancy on Tuesday (May 7).

New York remained home to the world’s largest millionaire population, with wealth held by its residents exceeding US$3 trillion. It is followed by Northern California’s Bay Area, and Tokyo in third place.

Both US cities witnessed growth in their respective millionaire populations over the past 10 years, with New York’s rising 48 per cent and Bay Area millionaires up 82 per cent. 

By contrast, Henley & Partners noted that Tokyo saw a 5 per cent decline in its resident HNWI population despite having “led the pack a decade ago”.

London’s millionaire population, too, has shrunk by 10 per cent over the past decade – placing the city one rank below Singapore at fifth place.

The English capital remains one of the most expensive cities in the world at third place on Henley & Partners’ World’s Most Expensive Cities list, with prime real estate prices averaging US$26,500 per square metre (sq m). Singapore, on the other hand, ranked 11th with its average prime real estate prices significantly lower at US$16,300 per sq m.

Henley & Partners’ chief executive Juerg Steffen said a key factor driving growth in the world’s wealthiest cities was the strong performance of financial markets.

“The S&P 500’s 24 per cent gain last year, along with the Nasdaq’s 43 per cent surge and Bitcoin’s staggering 155 per cent rally, has buoyed the fortunes of wealthy investors.”

Just last year, it was reported that 3,500 high-net-worth individuals (HNWIs) were expected to become Singapore citizens in 2023, with most of them from China, said Andrew Amoils, head of research at wealth intelligence firm New World Wealth, in an interview with Chinese daily Lianhe Zaobao on Thursday (Apr 20 2023).

A report jointly produced by New World Wealth and Henley & Partners published earlier this week named Singapore as the fifth-wealthiest city in the world in 2023, with 240,100 resident millionaires – 2,800 more than the year before.

(Source: The Business Times)

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