SINGAPORE: In the recently-published Henley & Partners’ World’s Wealthiest Cities Report 2023, Singapore was again named the fifth richest city in the world, as well as the second-richest in Asia.
“Singapore is widely regarded as the most business-friendly city in the world and is one of the top destinations for migrating millionaires — approximately 2,800 high-net-worth individuals moved there in 2022 according to the latest Henley Wealth Migration Dashboard. Singapore is currently home to 240,100 millionaires, 329 centi-millionaires, and 27 billionaires,” the report reads.
The report is based on data that follows the spending habits of the ultra-wealthy, who are high net worth (HNW) individuals with at least US$1million (S$1.33 million) they can invest, across 97 cities all over the globe.
New York City again takes pole position in this year’s list, followed by Tokyo, The Bay Area, London and Singapore, in second to fifth places, respectively.
Los Angeles is in sixth place and Hong Kong is in seventh. Two Chinese cities—Shanghai and Beijing—come in at eighth and ninth respectively, and Sydney rounds out the top ten.
“Singapore is frequently voted the best Asian city in which to live due to its excellent infrastructure and public services. It has one of the lowest crime rates in the world and offers a high quality of life to its residents. Globally, it is rated one of the wealthiest countries when measured by GDP per capita,” Henley & Partners notes.
The company has said that the more HNW individuals a place has, the better it is because “countries that attract high-net-worth individuals tend to be robust, with low crime rates, competitive tax rates, and excellent business opportunities.”
Singapore, where low taxes and a path to permanent residency remain highly attractive, is also a highly-favoured destination for the wealthy to open offices.
In last year’s report, released in September, the top five were the same—NYC, Tokyo, San Francisco, London, and Singapore.
/TISG