May 8, 2024
SINGAPORE – Singapore has been ranked the fourth wealthiest city in the world, overtaking London, according to Henley & Partners.
According to the investment migration consultant’s 2024 World’s Wealthiest Cities Report, 3,400 high-net-worth individuals (HNWIs) moved to Singapore in 2023 alone.
The Republic – which is widely regarded as the most business-friendly city globally – is now home to 244,800 resident millionaires or individuals with liquid investable wealth of US$1 million (S$1.35 million) or more, 336 centi-millionaires with investable wealth of US$100 million or more, and 30 billionaires with investable wealth of US$1 billion or more.
This follows an impressive 64 per cent increase in millionaires over the past 10 years from 2013 to 2023, with Singapore looking set to unseat Tokyo as Asia’s wealthiest city very soon.
Tokyo, which led the pack as the world’s wealthiest city a decade ago, has suffered a 5 per cent drop in its resident HNWI population over the same 10-year period and now sits in third place with 298,300 millionaires, 267 centi-millionaires and 14 billionaires.
London, the wealthiest city in the world for many years, has continued to tumble down the ranking and now sits in fifth place with 227,000 millionaires, 370 centi-millionaires and 35 billionaires, a decline of 10 per cent over the past decade.
Meanwhile, Hong Kong has fallen four places over the 10-year period to ninth globally, with 143,400 millionaires, 320 centi-millionaires and 35 billionaires.
China has established a notable presence in the latest ranking, with Beijing and its 125,600 millionaires making it into the top 10 for the first time following a 90 per cent growth in its millionaire population over the past decade.
Shanghai, Shenzhen, Guangzhou and Hangzhou have all recorded significant increases in their millionaire populations too.
Mr Andrew Amoils, head of research at global data intelligence firm New World Wealth which worked with Henley on the report, said Shenzhen is the world’s fastest-growing city for the wealthy, with its millionaire population exploding by 140 per cent in the last 10 years. Hangzhou also experienced a huge 125 per cent increase in its wealthy residents, while Guangzhou’s millionaire numbers have grown by 110 per cent over the past decade.
New York City remained firmly in the top position globally, with wealth held by its residents exceeding US$3 trillion, higher than the total wealth held in most major Group of 20 countries.
The Big Apple is home to a staggering 349,500 millionaires, 744 centi-millionaires and 60 billionaires.
Hot on its heels in second place is Northern California’s Bay Area, encompassing the city of San Francisco and Silicon Valley. The Bay Area saw its millionaire population grow by a whopping 82 per cent over the past decade, and is now home to 305,700 millionaires, 675 centi-millionaires and 68 billionaires.
Dr Juerg Steffen, chief executive officer of Henley & Partners, said a key factor driving growth in the world’s wealthiest cities has been the strong performance of financial markets in recent years.
“The S&P 500’s 24 per cent gain last year, along with the Nasdaq’s 43 per cent surge and Bitcoin’s staggering 155 per cent rally, has buoyed the fortunes of wealthy investors. Additionally, rapid advancements in artificial intelligence, robotics and blockchain technology have provided new opportunities for wealth creation and accumulation,” he said.
When it comes to the most expensive cities in the world, New York City came in second after Monaco. The average sq m price of a prime 200 sq m to 400 sq m apartment was US$35,500 in Monaco and US$28,400 in New York.
London came in third place with prime real estate averaging US$26,500 per sq m, followed by Hong Kong in fourth place at US$25,800 per sq m.
Singapore was ranked 11th, with its average prime real estate prices significantly lower at US$16,300 per sq m.