The number of millionaires in Singapore increases by more than 60%, making SG the fourth richest country in the world

SINGAPORE: Singapore has seen an unprecedented rise in the number of millionaires over the past decade, with a new report showing a dramatic 64% increase between 2013 and 2023.

This remarkable growth has propelled Singapore to the fourth richest city in the world, according to the “2024 World’s Richest Cities Report” by Henley & Partners, a leading investment and immigration consultancy based in London.

The report highlights that Singapore is now home to 244,800 millionaires, of which 336 are billionaires, and 30 individuals classified as ultra-rich with a net worth of more than $1 billion.

The country’s meteoric rise has pushed it up two places in the global rankings, putting it within striking distance of Tokyo, Japan, which occupies the third position.

The report attributes this growth to Singapore’s robust business environment and status as one of the most attractive destinations for wealthy individuals seeking residency or citizenship.

Last year alone, 3,400 millionaires immigrated to Singapore, a testament to Singapore’s appeal as a global financial center and as a city known for its stability, security and high quality of life.

Singapore’s friendly business environment, favorable tax policies and strategic location in Asia have made Singapore a preferred choice for multinational companies and high-net-worth individuals.

The government has implemented several initiatives to attract foreign investment and talent, contributing to the growing population of millionaires.

In addition to its business-friendly policies, Singapore’s high living standards, excellent healthcare and education systems, and well-maintained infrastructure make it an attractive destination for wealthy individuals and their families.

The city’s multicultural environment and cosmopolitan lifestyle contribute to the city’s appeal.

With its growing status as a global financial center, Singapore is poised to continue rising in the rankings of the world’s richest cities.

Analysts suggest that if the trend continues, Singapore could soon overtake Tokyo and become Asia’s richest city. /TISG