Singapore among world’s top five cities for high-net-worth individuals

SINGAPORE: Singapore has been ranked among the top five cities in the world attracting high-net-worth individuals (HNWIs), according to a new report by property consultancy Savills.

Joining Singapore in the top tier are Dubai, New York, Hong Kong and Abu Dhabi. These cities, Savills said, offer a rare mix of strong business environments, family-friendly living, legal frameworks that support wealth management, and high levels of security and quality of life.

Singapore and Abu Dhabi were highlighted for their economic competitiveness and connectivity. When it came to business performance, Singapore stood alongside Abu Dhabi and Hong Kong as the world’s leading hubs.

The report also pointed out that Singapore is one of the top five countries globally with the largest family-run businesses. It is home to four of the world’s 100 biggest family offices, on par with Denmark and Germany.

Savills’ findings come amid a rebound in global wealth after a slowdown in 2022. Data from UBS showed that the number of US dollar millionaires worldwide rose by more than 680,000 in 2024, up 1.2% from the previous year. That number is expected to climb by another five million by 2029 — an increase of nearly 9%.

The World Economic Forum reported that collective billionaire wealth grew at three times the rate in 2024 than in 2023. Over the past decade, the wealth of the world’s billionaires has risen by 121%, far outpacing the 73% growth of the MSCI World Index.

Savills also observed a trend towards consolidation, as many wealthy individuals streamlined their property holdings amid rising costs, inflation and tightening regulations on second homes. Singapore and Switzerland were among the established destinations which saw renewed interest in 2024.

For this year’s index, Savills analysed nearly 100 global locations based on business conditions, family environment and long-term legacy potential. Each factor was given equal weight.

Dubai, New York, Singapore, Hong Kong, and Abu Dhabi topped the list, while other prominent destinations included Aspen, Monaco, and Miami.

In Europe, Monaco, London and Geneva were the highest-ranked, while Milan, Rome and Lisbon emerged as rising stars. Across the Asia-Pacific, cities such as Beijing, Shanghai, Bangkok, Shenzhen and Tokyo also ranked highly, supported by robust economic growth and expanding pools of private wealth.