SG ranked 3rd “wealth magnet” in the world but one Singaporean notes “most citizens are not wealthy”

SINGAPORE: Singapore has clinched the third spot as a “wealth magnet” globally, according to the latest Henley Private Wealth Migration Report 2024.

The report, released on June 18, highlights Singapore’s projected net inflow of 3,500 millionaires by the end of 2024.

This places the city-state behind only the United Arab Emirates (UAE) and the United States in attracting high-net-worth individuals, CNBC reports.

The UAE continues to dominate as the top destination for millionaires, expecting an influx of 6,700 individuals by year-end. This marks the third consecutive year the Gulf nation has topped the rankings.

Following closely behind the UAE, the United States anticipates welcoming 3,800 new millionaires. Singapore, renowned for its strong economy and strategic location in Asia, ranks third in attracting high-net-worth individuals looking to relocate.

The Henley report attributes Singapore’s attractiveness to its stable political environment, favourable tax policies, and world-class infrastructure.

These factors bolster its appeal as a financial hub and make it an ideal residence for affluent individuals seeking security and opportunity in the region.

Dominic Volek, Group Head of Private Clients at Henley & Partners, noted that geopolitical tensions and economic uncertainties worldwide are prompting affluent individuals to seek stability and growth prospects elsewhere.

While the influx of wealth into Singapore signals economic prosperity, it also sparked online discourse among Singaporeans.

Singaporeans online reacted, stating, “Yet most of the citizens are not wealthy.” Another noted, “It would be nice if they could use more of their wealth to help people in need.”

According to Henley and Partners, here are the top ten countries expected to experience the highest net inflows of millionaires in 2024:

1. United Arab Emirates: +6,700
2. United States of America: +3,800
3. Singapore: +3,500
4. Canada: +3,200
5. Australia: +2,500
6. Italy: +2,200
7. Switzerland: +1,500
8. Greece: +1,200
9. Portugal: +800
10. Japan: +400

/TISG

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