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Singapore has been ranked the fourth wealthiest city in the world, with 244,800 millionaires, 336 centi-millionaires, and 30 billionaires residing in the city-state.

This means that about four out of 100 people in Singapore is a millionaire, without taking into account the number of centi-millionaires (people with a net worth of at least US$100 million) and billionaires. 

According to the 2024 World’s Wealthiest Cities Report by Henley & Partners, Singapore has seen an “impressive” 64 per cent increase in the number of millionaires over the last decade. In 2023 alone, a staggering 3,400 high-net-worth individuals (HNWI) have migrated to the city-state.

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

Singapore has overtaken London and is set to unseat Tokyo

Image Credit: Henley & Partners

The report listed New York City as the leading wealthy city, with wealth held by its residents exceeding US$3 trillion. It is followed by Northern California’s Bay Area, and Tokyo in third place.

However, Singapore is looking set to unseat Tokyo as Asia’s wealthiest city very soon.

Tokyo, which led the pack as the world’s wealthiest city a decade ago, has suffered a 5 per cent drop in its resident HNWI population over the past decade and now sits in third place with 298,300 millionaires, 267 centi-millionaires and 14 billionaires.

Meanwhile, London, the wealthiest city in the world for many years, has continued to tumble down the rankings. It now sits in fifth place after being overtaken by Singapore this year, with 227,000 millionaires, 370 centi-millionaires and 35 billionaires— a decline of 10 per cent over the past decade.

Featured Image Credit: Adobe Stock

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