Singapore Rises as a Global Hub for Millionaires, Henley & Partners Reveals

Despite common perceptions, the world’s leading city for business and wealth is not Dubai. According to the 2024 World’s Wealthiest Cities report by Henley & Partners, Singapore has solidified its position as a top destination for the ultra-rich, ranking as the fourth wealthiest city globally. The city-state is now home to approximately 244,800 millionaires, 336 centi-millionaires, and 30 billionaires.

The report highlighted Singapore’s rapid rise in wealth, noting that over the past decade, the number of millionaires in the city has surged by 64%. This growth has propelled Singapore two places up in the rankings, positioning it on track to surpass Tokyo as Asia’s wealthiest city. Known for its business-friendly environment, Singapore has also become a preferred destination for high-net-worth individuals (HNWIs), with around 3,400 relocating there in 2023 alone.

Some of the most prominent billionaires reside in Singapore, including Eduardo Luiz Saverin, co-founder of Facebook; brothers Robert and Philip Ng, the controlling shareholders of Far East Organization; and Li Xiting, co-founder and chairman of Shenzhen Mindray Bio-Medical Electronics.

With its strategic economic policies and appeal to global investors, Singapore continues to strengthen its status as a premier financial powerhouse.

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