SINGAPORE - Singapore has been ranked the fourth wealthiest city in the world, overtaking London, according to Henley & Partners.
According to the investment migration consultant’s 2024 World’s Wealthiest Cities Report, 3,400 high-net-worth individuals (HNWIs) moved to Singapore in 2023 alone.
The Republic – which is widely regarded as the most business-friendly city globally – is now home to 244,800 resident millionaires or individuals with liquid investable wealth of US$1 million (S$1.35 million) or more, 336 centi-millionaires with investable wealth of US$100 million or more, and 30 billionaires with investable wealth of US$1 billion or more.
This follows an impressive 64 per cent increase in millionaires over the past 10 years from 2013 to 2023, with Singapore 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 same 10-year period and now sits in third place with 298,300 millionaires, 267 centi-millionaires and 14 billionaires.
London, the wealthiest city in the world for many years, has continued to tumble down the ranking and now sits in fifth place with 227,000 millionaires, 370 centi-millionaires and 35 billionaires, a decline of 10 per cent over the past decade.
https://www.straitstimes.com/busine...-4th-wealthiest-city-overtaking-london-report
