Singapore millionaires grow by 40% over past decade, seals spot as 5th richest country in the world: Bloomberg
PHOTO: PHOTO: Unsplash/Hu Chen
PUBLISHED ONApril 19, 2023 7:00 AMByVenkat Gunasellan Another day, another slay for Singapore.
In the latest World's Wealthiest Cities report, Singapore sealed fifth place on the list by international investment migration firm Henley & Partners and global wealth intelligence firm New World Wealth.
Our city-state was ranked above Hong Kong, which came in seventh on the list.
Accordingly, the number of millionaires, or high-net-worth individuals with investable wealth of US$1 million ($1.3 million) or more, in Singapore grew by 40 per cent to 240,100 between 2012 and 2022.
As for the wealthiest Asian city in the world, Tokyo took home that accolade in second spot, with 290,300 millionaires.
New York City was crowned number one globally, with 340,000 millionaires.
Other notable Asian cities that made the top 10 list include Beijing and Shanghai at eighth and ninth place respectively.
Sydney came in last at 10th position, boasting 126,900 millionaires.
CEO of Henley & Partners, Dr Juerg Steffen, mentioned that seven of the top 10 wealthiest cities in the world are in countries that host formal investment migration programmes and actively encourage foreign direct investment in return for residence or citizenship rights.
"Being able to relocate yourself, your family, or your business to a more favourable city or have the option to choose between multiple different residences across the world is an increasingly important aspect of international wealth and legacy planning for private clients," he added.
Singapore's ultra-rich
Besides millionaires, Singapore is also home to billionaires – and we have 27 of them in our midst.
Who are they, you ask? Forbes published a report last year, highlighting Singapore's 50 richest people.
All the net worths mentioned are as of September 7 2022.
In top spot, Li Xi Ting is the country's richest person with a net worth of $15.6 billion. He is the founder and chairman of Shenzhen Mindray Bio-Medical Electronics, a supplier of medical devices.
Coming in second, brothers Robert and Philip Ng are reportedly worth $15.2 billion. They helm Singapore's largest private landlord and property developer Far East Organization.
Brazilian-native Eduardo Saverin, co-founder of Facebook (now Meta Platforms) and an investor, has been a Singapore resident since renouncing his US citizenship in 2012. Ranking fourth on the list, his net worth is $9.6 billion.
You might not know Zhang Yong and Shu Ping, but you would have heard of their company. This power couple holds the sixth spot, with the HaiDiLao food & beverage business under their names. The duo's net worth adds up to a whopping $7.7 billion.
READ ALSO: Is Singapore too expensive to live in? A look at cost of living in the country in 2023
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