Singapore (Commonwealth Union)_ According to Henley & Partners, Singapore has surpassed London to clinch the title of the fourth wealthiest city globally. This assertion stems from the latest findings in the investment migration consultant’s 2024 World’s Wealthiest Cities Report, revealing that 3,400 high-net-worth individuals (HNWIs) relocated to Singapore in 2023 alone. Recognized as one of the most business-friendly cities worldwide, Singapore currently accommodates 244,800 resident millionaires, who own liquid investable wealth of US$1 million or more, along with 336 centi-millionaires who own investable wealth of US$100 million or more, and 30 billionaires who own investable wealth of US$1 billion or more.
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This remarkable statistic marks a 64 percent increase in millionaires over the past decade, from 2013 to 2023, positioning Singapore on the brink of surpassing Tokyo as Asia’s most affluent city. Conversely, Tokyo, which previously held the title of the world’s wealthiest city a decade ago, has experienced a 5 percent decrease in its resident HNWI population over the same timeframe. It now ranks third globally, boasting 298,300 millionaires, 267 centi-millionaires, and 14 billionaires. London, long regarded as the epitome of affluence, has witnessed a decline in its ranking, falling to fifth place with 227,000 millionaires, 370 centi-millionaires, and 35 billionaires, which is a 10 percent decrease over the past decade. Meanwhile, Hong Kong has dropped four places in the global ranking over the same period, now standing in ninth place with 143,400 millionaires, 320 centi-millionaires, and 35 billionaires.
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China has emerged prominently in the latest ranking, with Beijing entering the top 10 for the first time, boasting 125,600 millionaires, which is a 90 percent increase in its millionaire population over the past decade. Further, cities like Shanghai, Shenzhen, Guangzhou, and Hangzhou have also witnessed significant growth in their millionaire populations. According to Andrew Amoils, head of research at New World Wealth, Shenzhen is the world’s fastest-growing city for the wealthy, with a staggering 140 percent increase in its millionaire population over the last decade. Additionally, Hangzhou and Guangzhou have also experienced substantial growth, with increases of 125 percent and 110 percent in their wealthy residents, respectively.
New York City maintains its top position globally, with the combined wealth of its residents higher than US$3 trillion, surpassing the total wealth of most major Group of 20 countries. The city is home to 349,500 millionaires, 744 centi-millionaires, and 60 billionaires. Following closely in second place is Northern California’s Bay Area, encompassing San Francisco and Silicon Valley. With a remarkable 82 percent growth in its millionaire population over the past decade, the Bay Area now houses 305,700 millionaires, 675 centi-millionaires, and 68 billionaires.
Dr. Juerg Steffen, CEO of Henley & Partners, attributes the growth in the world’s wealthiest cities to the robust performance of financial markets in recent years. Additionally, factors such as the S&P 500’s 24 percent gain, Nasdaq’s 43 percent surge, and Bitcoin’s remarkable 155 percent rally have bolstered the fortunes of wealthy investors. Further, advancements in artificial intelligence, robotics, and blockchain technology have also opened new avenues for wealth creation and accumulation. In terms of the most expensive cities globally, Monaco leads the pack, followed by New York City, London, and Hong Kong. Singapore occupies the 11th spot, with significantly lower average prime real estate prices compared to the aforementioned cities.
