Singapore tops Asia in private wealth, ranked 4th globally

SINGAPORE: Singapore has once again cemented its status as a global financial powerhouse, ranking as the fourth wealthiest city in the world and the top city in Asia outside of Japan, according to the 2025 edition of the World’s Wealthiest Cities Report by Henley & Partners and New World Wealth.

The country is home to 242,400 resident millionaires, placing it just behind New York, the Bay Area, and Tokyo in the global rankings of high-net-worth individual (HNWI) populations. It maintains its leading position in the region, outpacing rival Asian financial hubs such as Hong Kong, Beijing, and Shanghai.

New York continues to top the global list with 384,500 millionaires. It is followed by the Bay Area — encompassing San Francisco and Silicon Valley — which boasts 342,400 millionaires. Tokyo remains third with 292,300.

The Bay Area also stands out for its remarkable 98 percent growth in millionaires over the past decade, the fastest among top-ranked cities. Only three cities globally recorded higher percentage increases in HNWIs: Shenzhen (142 percent), Hangzhou (108 percent), and Dubai (102 percent).

Significant changes in the rankings include Los Angeles surpassing London to take fifth place, with 220,600 millionaires. London now ranks sixth with 215,700 — one of only two cities to register a decline in its millionaire population over the last 10 years, dropping 12 percent. Moscow saw an even steeper decline of 25 percent, now sitting in 40th place with 30,000 millionaires.

Paris holds seventh position globally with 160,100 millionaires. Hong Kong follows in eighth with 154,900, maintaining a strong presence in the region despite trailing behind Singapore. Sydney ranks ninth at 152,900, while Chicago rounds out the top 10, entering the elite group for the first time with 127,100 millionaires, edging ahead of both Beijing and Shanghai.

Beijing now ranks 12th with 114,300 millionaires, and Shanghai is 14th with 110,500 — both slipping in the global standings. In contrast, Dubai has climbed from 21st to 18th place with 81,200 millionaires, reflecting the UAE’s appeal as a global business and lifestyle hub.

Meanwhile, China’s emerging wealth centers are showing explosive growth. Shenzhen, ranked 28th with 50,800 millionaires, and Hangzhou, in 35th with 32,200, have rapidly ascended the ranks thanks to surging private wealth over the past decade.

With regional rivals facing economic uncertainties and political shifts, Singapore’s role as Asia’s premier wealth hub appears more entrenched than ever.