7-5-2024 (SINGAPORE) In a remarkable testament to its economic prowess and allure for high-net-worth individuals (HNWIs), Singapore has surpassed London to secure the fourth position among the world’s wealthiest cities, according to the latest report by investment migration consultancy Henley & Partners.
The 2024 World’s Wealthiest Cities Report revealed that a staggering 3,400 HNWIs relocated to Singapore in 2023 alone, solidifying the city-state’s status as a premier destination for the ultra-wealthy. This influx of affluence has propelled Singapore’s resident millionaire population to an impressive 244,800, accompanied by 336 centi-millionaires (individuals with investable wealth of US$100 million or more) and 30 billionaires.
Widely acclaimed as the most business-friendly city globally, Singapore’s wealth surge over the past decade has been nothing short of remarkable. The report highlights a 64 percent increase in the number of millionaires residing in the city-state between 2013 and 2023, positioning Singapore to potentially unseat Tokyo as Asia’s wealthiest city in the near future.
Tokyo, which led the pack as the world’s wealthiest city a decade ago, has witnessed a 5 percent decline in its resident HNWI population over the same period, now ranking third with 298,300 millionaires, 267 centi-millionaires, and 14 billionaires.
London, long considered the wealthiest city globally, has continued its downward trajectory, slipping to fifth place with 227,000 millionaires, 370 centi-millionaires, and 35 billionaires, representing a 10 percent decline over the past decade.
Meanwhile, Hong Kong has fallen four places to ninth globally, boasting 143,400 millionaires, 320 centi-millionaires, and 35 billionaires.
China’s prominence in the latest ranking is noteworthy, with Beijing making its debut in the top 10 cities for the wealthy, thanks to a remarkable 90 percent growth in its millionaire population over the past decade, now home to 125,600 millionaires.
Other Chinese cities, including Shanghai, Shenzhen, Guangzhou, and Hangzhou, have also witnessed significant increases in their millionaire populations, reflecting the nation’s burgeoning wealth.
Andrew Amoils, head of research at global data intelligence firm New World Wealth, which collaborated with Henley on the report, highlighted Shenzhen as the world’s fastest-growing city for the wealthy, with its millionaire population exploding by an astonishing 140 percent in the last 10 years. Hangzhou and Guangzhou also experienced substantial growth in their wealthy residents, with increases of 125 percent and 110 percent, respectively, over the past decade.
Retaining its top position globally is New York City, where wealth held by its residents exceeds US$3 trillion, surpassing the total wealth held in most major Group of 20 countries. The Big Apple boasts 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 witnessed an 82 percent surge in its millionaire population over the past decade, now home to 305,700 millionaires, 675 centi-millionaires, and 68 billionaires.
Dr. Juerg Steffen, Chief Executive Officer of Henley & Partners, attributed the growth in the world’s wealthiest cities to the strong performance of financial markets in recent years, citing the S&P 500’s 24 percent gain last year, the Nasdaq’s 43 percent surge, and Bitcoin’s staggering 155 percent rally as key drivers buoying the fortunes of wealthy investors. Additionally, rapid advancements in artificial intelligence, robotics, and blockchain technology have provided new opportunities for wealth creation and accumulation.
When it comes to the most expensive cities for prime real estate, Monaco topped the list, with the average square meter price of a prime 200 to 400 square meter apartment costing a staggering US$35,500. New York City followed closely in second place at US$28,400 per square meter, while London ranked third at US$26,500 per square meter, and Hong Kong fourth at US$25,800 per square meter.
Singapore, while ranking 11th in terms of prime real estate prices, boasted significantly lower average prices at US$16,300 per square meter, reflecting the city-state’s continued efforts to maintain housing affordability amidst its burgeoning wealth.
