Singapore remains top destination for millionaires in Asia despite drop in inflows

SINGAPORE: A report says that Singapore is Asia’s top wealth magnet. While millionaires in other nations have staged an exodus and moved elsewhere, Singapore is a country where the number of millionaires has grown steadily over the years.

The Henley & Partners Private Wealth Migration Report showed that the number of high-net-worth individuals (HNWIs) who moved to the Little Red Dot actually decreased from 3,500 in 2024 to 1,600 in 2025, though the city-state is still considered to be a desirable home for millionaires.

Over the past decade, Singapore has seen a substantial 62% millionaire growth, and its new millionaires reportedly brought in USD8.9 billion (SGD11.45 billion).

“Among Asian recipients of millionaire inflows, Singapore continues to punch well above its weight… The reasons are clear and compelling: a stable political environment, a sophisticated and well-regulated financial sector, attractive tax policies, and a high standard of living. In a world where uncertainty seems to be the only constant, Singapore’s predictability is gold.

Financial giants like UBS and Standard Chartered have spotlighted Singapore’s relentless push to stay ahead, particularly through fintech innovation and top-tier wealth management services. The city-state’s ability to adapt and upgrade its financial infrastructure keeps it a perennial favourite for those seeking both safety and opportunity,” writes AlphaGeo founder and Chief Executive Officer Parag Khanna for H&P.

He noted that in the region, Hong Kong and Japan remain attractive for the wealthy around the globe. Ultra-rich Asians perceive Japan to be a secure country for their assets, and for the first time, Hong Kong is in the top 10 countries for new millionaires. This is a reversal from 2019 to 2022, when political instability and protests resulted in the ultra-rich leaving the city.

H&P’s top 10

The H&P list was topped by the United Arab Emirates, which saw an influx of 9,800 HNWIs last year. Coming in second was the United States, with 7,500 new millionaires. Given the current conflict in the Middle East, however, which started when the USA and Israel began bombing Iran on Feb 28 and which has affected economies across the globe, it would be interesting to see how the top two will place in this year’s ranking.

Third on H&P’s list is Italy (3,600 new HNWIs), followed by Switzerland (3,000), Saudi Arabia (2,400), Singapore (1,600), Portugal (1,400), and Greece (1,200). Australia and Canada are in ninth place with 1,000 new millionaires each, and Hong Kong (800) rounds out the top 10.

On the other end of the scale are the countries where millionaires are taking flight. The United Kingdom lost the largest number of HNWIs, 16,500, followed by China (7,800), India (3,500), South Korea (2,400), Russia (1,500), Brazil (1,200), France (800), Spain (500), Germany (400), and Israel (350). /TISG

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