Singapore is set to replace Tokyo as Asia’s wealthiest city, new research shows.
Tokyo, the world’s wealthiest city a decade ago, has suffered a 5%
decline in its resident high-net-worth-individual (HNWI) population over
the past 10 years, and now sits in third place among the world’s
wealthiest cities with 298,300 millionaires.
Henley & Partners research, in collaboration with global data
intelligence firm New World Wealth, shows Singapore has climbed two
places to 4th on the 2024 global ranking following an impressive 64%
increase in millionaires over the past 10 years. Henley expects
Singapore to surpass Tokyo in the near future.
Henley noted that Singapore is regarded as the most business-friendly
city on earth, and one of the world’s top destinations for migrating
millionaires - approximately 3,400 HNWIs moved there in 2023 alone and
the city now boasts 244,800 resident millionaires, 336
centi-millionaires, and 30 billionaires.
The United States is still the country of the super-wealthy. New York
City holds firmly onto first place in the 2024 World’s Wealthiest
Cities Report.
The total wealth held by the Big Apple’s residents now exceeds US$3
trillion - higher than the total wealth held in most major G20
countries. A staggering 349,500 millionaires, 744 centi-millionaires
(with investable wealth of over US$ 100 million), and 60 billionaires
live in the city.
The world’s top 10 wealthiest cities, according to Henley & Partners.
Behind New York in second place, Northern California’s Bay Area,
encompassing the city of San Francisco and Silicon Valley, has increased
its millionaire population by 82% over the past decade, and is now home
to 305,700 millionaires, 675 centi-millionaires, and 68 billionaires.
China has climbed in the latest ranking, with five cities in mainland
China making the list. Beijing (125,600 millionaires) makes it into the
Top 10 for the first time following an 90% growth in its millionaire
population over the past decade.
Shanghai (123,400), Shenzhen (50,300), Guangzhou (24,500), and
Hangzhou (31,600) have all recorded significant increases in their
millionaire populations.