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.
According to the report, 3,400 high-net-worth individuals moved to Singapore in 2023 alone.SINGAPORE - Singapore has been ranked the fourth wealthiest city in the world, overtaking London, according to Henley & Partners.
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. Meanwhile, Hong Kong has fallen four places over the 10-year period to ninth globally, with 143,400 millionaires, 320 centi-millionaires and 35 billionaires.
Mr Andrew Amoils, head of research at global data intelligence firm New World Wealth which worked with Henley on the report, said Shenzhen is the world's fastest-growing city for the wealthy, with its millionaire population exploding by 140 per cent in the last 10 years. Hangzhou also experienced a huge 125 per cent increase in its wealthy residents, while Guangzhou's millionaire numbers have grown by 110 per cent over the past decade.
Hot on its heels in second place is Northern California's Bay Area, encompassing the city of San Francisco and Silicon Valley. The Bay Area saw its millionaire population grow by a whopping 82 per cent over the past decade, and is now home to 305,700 millionaires, 675 centi-millionaires and 68 billionaires.
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