Singapore has more millionaires than London: report
(Photo credit: BT File)
Source: The Business Times
Singapore is now home to 244,800 resident millionaires, 336 centi-millionaires, and 30 billionaires.
Based on the 2024 World’s Wealthiest Cities Report by Henley & Partners, the city-state has 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.
This also comes after 3,400 high-net-worth individuals (HNWIs) moved here in 2023 alone.
“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.”
Steffen also observed the emergence of new opportunities for wealth creation and accumulation, such as through “rapid advancements” in artificial intelligence, robotics and blockchain technology.