Number of millionaires in Singapore soars by over 60%, making SG the 4th wealthiest nation in the world

SINGAPORE: Singapore has seen an unprecedented surge in its millionaire population over the past decade, with a new report showing a dramatic 64% increase from 2013 to 2023.

This remarkable growth has propelled Singapore to fourth place among the world’s wealthiest cities, according to the “2024 World’s Richest Cities Report” released by Henley & Partners, a leading investment and immigration consulting firm based in London.

The report highlights that Singapore is now home to 244,800 millionaires, with 336 billionaires, and 30 individuals classified as ultra-rich with a net worth exceeding US$1 billion.

The nation’s meteoric rise has seen it climb two places in the global rankings, putting it within striking distance of Tokyo, Japan, which holds the third position.

The report attributes this growth to Singapore’s robust business environment and status as one of the most attractive destinations for wealthy individuals seeking residency or citizenship.

Last year alone, 3,400 millionaires immigrated to Singapore, a testament to its appeal as a global financial hub and a city renowned for its stability, security, and high quality of life.

Singapore’s friendly business climate, favourable tax policies, and strategic location in Asia have made it a preferred choice for multinational corporations and high-net-worth individuals.

The government has implemented various initiatives to attract foreign investment and talent, contributing to the burgeoning millionaire population.

In addition to its business-friendly policies, Singapore’s high standard of living, excellent healthcare and education systems, and well-maintained infrastructure make it an attractive destination for wealthy individuals and their families.

The city’s multicultural environment and cosmopolitan lifestyle add to its appeal.

With its growing status as a global financial centre, Singapore is poised to continue climbing the rankings of the world’s richest cities.

Analysts suggest that if the trend continues, Singapore may soon overtake Tokyo to become the richest city in Asia. /TISG