Henley & Partners has ranked Singapore as the world’s fourth wealthiest city, surpassing even London.
3,400 high-net-worth individuals (HNWIs) relocated to Singapore in 2023 alone, according to the investment migration consultant’s 2024 World’s Wealthiest Cities Report.
Considered the world’s most business-friendly city, the Republic is currently home to 244,800 millionaires, or people with liquid wealth that can be invested, with an estimated value of US$1 million (S$1.35 million), 336 centi-millionaires, or people with investable wealth of US$100 million, and 30 billionaires, or people with investable wealth of US$1 billion or more.
Singapore is expected to overtake Tokyo as Asia’s wealthiest city very soon, following an amazing 64% increase in millionaires over the previous ten years, from 2013 to 2023.
Tokyo, the richest city in the world a decade ago, is now in third place with 298,300 millionaires, 267 centi-millionaires, and 14 billionaires. However, during the same 10-year period, Tokyo’s resident HNWI population decreased by 5%.
Having lost 10% of its value over the last ten years, London, which was once the richest city in the world, is now in fifth place with 227,000 millionaires, 370 centi-millionaires, and 35 billionaires.
Over ten years, Hong Kong has dropped four spots to rank ninth globally, with 143,400 millionaires, 320 centimillionaires, and 35 billionaires.
China has made a noticeable appearance in the most recent ranking, with Beijing and its 125,600 millionaires entering the top 10 for the first time after the country’s millionaire population increased by 90% in the previous ten years.
The number of millionaires in Shanghai, Shenzhen, Guangzhou, and Hangzhou has also increased significantly.
According to Mr. Andrew Amoils, head of research at international data intelligence firm New World Wealth, which collaborated with Henley on the report, Shenzhen is the wealthy city with the fastest rate of growth in the world, with a 140% increase in the number of millionaires living there in the past ten years. Over the previous ten years, Guangzhou has seen a 110 percent increase in the number of millionaires, while Hangzhou saw a staggering 125 percent increase in its affluent population.
With wealth held by its citizens surpassing US$3 trillion, New York City continues to hold its dominant position in the world, surpassing the combined wealth of most major Group of 20 countries.
A remarkable 349,500 millionaires, 744 centi-millionaires, and 60 billionaires call the Big Apple home.
The Bay Area of Northern California, which includes Silicon Valley and the city of San Francisco, is in second place, right behind it. Over the last ten years, the number of millionaires in the Bay Area has increased by an astounding 82%, with 305,700 millionaires, 675 centi-millionaires, and 68 billionaires currently residing there.
The robust performance of financial markets in recent years, according to Dr. Juerg Steffen, CEO of Henley & Partners, has been a major driver of growth in the world’s wealthiest cities.
“The S&P 500’s 24 percent gain last year, along with the Nasdaq’s 43 percent surge and Bitcoin’s staggering 155 percent 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.
New York City ranked second among the world’s most expensive cities, behind Monaco. A luxury apartment ranging from 200 to 400 square meters costs, on average, US$35,500 in Monaco and US$28,400 in New York.
Hong Kong ranked fourth at US$25,800 per sq m, while London ranked third with prime real estate averaging US$26,500 per sq m.
Singapore came in at number 11, with prime real estate on average costing much less there—US$16,300 per square meter.
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