Singapore has secured the 8th spot among the top 15 cities worldwide with the highest number of billionaires, according to the Altrata 2024 Billionaire Census report.
The report showcases Singapore’s rising prominence as a hub for ultra-high-net-worth individuals, with 58 billionaires now calling the city-state home—four more than in 2022.
With a combined net worth of US$108 billion (S$145.53 billion), Singapore’s billionaire club continues to grow despite global economic challenges.
This mirrors a broader trend, as the global billionaire population expanded by 4% in the past year, reversing a decline in 2022.
Globally, billionaire wealth surged by 9%, reaching a staggering US$12.1 trillion (S$16.17 trillion), highlighting how the ultra-wealthy have not only weathered economic storms but thrived in them.
Singapore’s global standing
On a global level, Singapore ranks 13th among countries with the highest billionaire populations. This is a testament to its robust infrastructure, business-friendly policies, and appeal to entrepreneurs worldwide.
Globally, the United States leads the pack with 1,050 billionaires, followed by China (304) and Germany (170).
In Asia, Singapore trails behind cities like Hong Kong, Beijing, and Shenzhen, which continue to dominate the billionaire rankings.
Why billionaires are flocking to Singapore
Singapore’s appeal isn’t just about numbers—it’s about the environment it offers. A recent HSBC report highlighted the city-state as a prime destination for wealthy entrepreneurs.
Entrepreneurs from mainland China, India, and Taiwan are particularly drawn to Singapore, with its:
- Strategic location for global trade
- Business-friendly regulations that support growth and innovation
- Stable political and economic climate
- Access to key Asian markets
The report also found that 10% of affluent business owners globally plan to establish operations in Singapore, with 18% of those from mainland China and 17% from India and Taiwan expressing interest in establishing operations in the country.
Global billionaire trends
While Singapore’s billionaire population is rising, other parts of Asia are seeing a decline. The overall billionaire population in Asia fell by 3.5% last year, driven by notable drops in China (-14%) and Hong Kong (for the third consecutive year).
In contrast, India experienced a 16% increase in billionaires, the largest growth in Asia. On the other hand, North America and Europe saw dramatic increases in high-net-worth individuals, with billionaire populations growing by 33.4% and 29.5%, respectively.
Here are some other interesting insights:
- Over half of all billionaires have a net worth between US$1 billion (S$1.35 billion) and US$2 billion (S$2.7 billion).
- Only 18 individuals globally hold fortunes exceeding US$50 billion (S$67.36 billion).
These billionaires account for 16% of global billionaire wealth, a sharp rise from 4% a decade ago. Their total net worth is now US$2 trillion (S$2.7 trillion).
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As Singapore continues to attract billionaires and wealthy entrepreneurs alike, it’s clear that its strategic policies and vibrant economy are paying off. It’s not just growing wealth; it’s shaping the future of business in Asia and beyond.
With billionaires holding a quarter of the global ultra-high-net-worth population’s total wealth, Singapore’s rise is a reflection of how the city remains a magnet for global movers and shakers.
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