Singapore has recently climbed the ranks to become the fourth wealthiest city in the world. This remarkable achievement highlights the city-state’s robust economic growth, strategic financial planning, and vibrant business environment. As a leading global hub, Singapore continues to attract international investments and talents, solidifying its position as a powerhouse in the global economy. Read on to discover how this dynamic metropolis reached this prestigious status and what it means for its future.
Read More:
The Finest Free Things to do in Singapore
The Finest Things to do Near Botanic Gardens
The Finest Things to do in Orchard Road
Remember when Singapore was the fifth wealthiest city in the world? Well, we’ve climbed the ranks, surpassing London to become the fourth wealthiest city according to Henley and Partners’ World’s Wealthiest Cities Report 2024. This annual report analyzes the spending habits of over 150,000 high net worth (HNW) individuals worldwide, defined as those with a wealth of 1 million USD or more.
In 2023 alone, Singapore saw the arrival of 3,400 HNW individuals, contributing to a remarkable 64 percent increase in millionaires over the past decade. Currently, Singapore is home to 244,800 wealthy individuals, including 226 centi-millionaires (100 million USD or more) and 30 billionaires (1 billion USD or more). This surge can be attributed to Singapore’s business-friendly policies and strategic location, which continue to attract the affluent from around the globe.
The only other Asian city ranking above us is Tokyo, Japan, which boasts 298,300 high net worth (HNW) individuals. Interestingly, Tokyo has fewer billionaires than Singapore, with only 14 compared to our 30, indicating that wealth in Tokyo is more evenly distributed among its “lower-tier” millionaires.
At the top of the list is New York City. The Big Apple’s residents hold an astonishing 3 trillion USD in total wealth, with a population of 349,500 HNW individuals. New York also excels in other metrics, featuring some of the world’s most expensive residential streets and hosting two of the largest stock exchanges by market cap.
News like this can be a bitter pill to swallow, especially when everything in Singapore seems to be getting pricier—from housing and groceries to entertainment. Most of us will never see wealth like that in our own bank accounts. On the bright side, Singapore’s GINI coefficient is at its lowest in two decades, indicating a narrowing gap between the richest and poorest, thanks to various government initiatives like utility bill rebates and CDC vouchers. And as a small consolation, there are still fantastic free things to do in Singapore.
Here are the top 10 wealthiest cities in the world according to Henley and Partners:
- New York
- San Francisco
- Tokyo
- Singapore
- London
- Los Angeles
- Paris
- Sydney
- Hong Kong
- Beijing
