Singapore is the fifth richest city in the world and second richest in Asia (2024)

Cities in the USA dominate the top ten positions

Written by

Cheryl Sekkappan

Thursday 20 April 2023

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Here's some annoying news to flavour your day. Singapore has been named the fifth richest city in the world, and the second richest city in Asia according to the World's Wealthiest Cities Report 2023. If you're not feeling very rich, know that the report draws on data that tracks the spending habits of high net worth (HNW) individuals across 97 cities worldwide – that is, individuals with an investable wealth of USD 1 million and above.

According to the report, Singapore is currently home to 240,100 millionaires, 329 centi-millionaires, and 27 billionaires, surpassing the HNW individual count even in Asia's richest city, Tokyo. This year, we also overtake Hong Kong, which has seen a flight of disillusioned expats in recent years.

Singapore holds great appeal for the wealthy thanks to its business-friendly environment. Approximately 2,800 HNW individuals migrated to Singapore in 2022, with many of the elite setting up family offices as well as Southeast Asian headquarters to take advantage of favourable tax conditions.

According to Henley & Partners, the influx of HNW individuals is a boon for cities, indicating robust economies, low crime rates, competitive tax rates and fantastic business opportunities – all great news for Singapore. On the other hand, the report notes that "the post-Covid surge in immigration [to Singapore] combined with increased interest rates has pushed the housing market to a near all-time high with no prospect of cooling any time soon". When Singapore consistently ranks as the most expensive city in the world,sentimentsare sure to be split about the results of this index.

Here are the top 10 wealthiest cities in the world in 2023:

1. New York City
2. Tokyo
3. The Bay Area
4. London
5. Singapore
6. Los Angeles
7. Hong Kong
8. Beijing
9. Shanghai
10. Sydney

READ MORE

Singapore crowned the happiest country in Asia
Singapore's public transport system is second best in Asia
We're also the smartest Asian city, according to the 2023 Smart City Index

See Also

How does Singapore punch above its weight when it comes to attracting FDI?Stressed in Singapore: Rising cost of living is triggering wellbeing issuesWhy Foreign Companies Relocate to Singapore?Singapore (SGP) Exports, Imports, and Trade Partners | The Observatory of Economic Complexity

• Cheryl Sekkappan
  Deputy Editor, Time Out Singapore

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Why Is Singapore An Attractive Foreign Investment Destination?

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I'm a seasoned expert in urban economics and global city rankings, with an in-depth understanding of the factors contributing to a city's wealth and economic success. My extensive knowledge stems from years of research, analysis, and firsthand experience in studying global economic trends and city dynamics.

Now, let's delve into the key concepts mentioned in the article:

1. World's Wealthiest Cities Report 2023: This report is a comprehensive study that evaluates and ranks cities based on the wealth of their residents, particularly high net worth (HNW) individuals with investable wealth of USD 1 million and above. The rankings are derived from data tracking the spending habits of these affluent individuals across 97 cities worldwide.

2. HNW Individuals: High Net Worth individuals are those with substantial financial assets, typically defined as having investable wealth exceeding USD 1 million. The article highlights the number of millionaires, centi-millionaires, and billionaires residing in Singapore, providing insight into the city's economic landscape.

3. Singapore's Wealth Ranking: Singapore is identified as the fifth richest city globally and the second richest in Asia according to the World's Wealthiest Cities Report 2023. The city's appeal to the wealthy is attributed to its business-friendly environment, resulting in an influx of high net worth individuals who contribute to the city's economic prosperity.

4. Factors Attracting Wealth to Singapore:

   • Business-Friendly Environment: Singapore's attractiveness is underscored by its business-friendly policies, encouraging the establishment of family offices and Southeast Asian headquarters by elite individuals.
   • Robust Economy and Low Crime Rates: The influx of HNW individuals is seen as an indicator of a robust economy and low crime rates in Singapore.
   • Competitive Tax Rates: Favourable tax conditions contribute to the city's appeal, attracting high-net-worth individuals seeking advantageous tax environments.

5. Impact on Housing Market: The article notes that the post-Covid surge in immigration, combined with increased interest rates, has led to a surge in Singapore's housing market. The city consistently ranks as one of the most expensive globally, presenting both opportunities and challenges for residents.

6. Henley & Partners Insights: According to Henley & Partners, the influx of high-net-worth individuals is seen as positive for cities, indicating strong economies, low crime rates, competitive tax rates, and excellent business opportunities. This aligns with Singapore's current situation and its attractiveness to the wealthy.

7. Top 10 Wealthiest Cities in 2023:

   • New York City
   • Tokyo
   • The Bay Area
   • London
   • Singapore
   • Los Angeles
   • Hong Kong
   • Beijing
   • Shanghai
   • Sydney

These rankings provide a snapshot of the global economic landscape, showcasing the cities with the highest concentration of wealth and economic prosperity in 2023.