S'pore is world's 5th wealthiest city in 2022 with nearly 250,000 millionaires

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With 249,800 millionaires, Singapore is the fifth wealthiest city in the world for 2022, according to investment migration consultancy Henley & Partners.

More centi-millionaires and billionaires than the second wealthiest city in the world

This figure includes 336 centi-millionaires (millionaires with a wealth of more than US$100 million) and 26 billionaires.

This also makes Singapore the second-largest "millionaire oasis" in Asia, after Tokyo, which has 304,900 millionaires and is the second wealthiest city worldwide for 2022.

However, the Japanese city only has 263 centi-millionaires and 12 billionaires, in comparison.

Meanwhile, the richest city in the world for 2022, New York City, has 345,600 millionaires, including 737 centi-millionaires and 59 billionaires.

Henley & Partners further noted that Singapore is "widely regarded" as the most business-friendly city worldwide and is one of the "top destinations" for migrating millionaires.

Singapore expected to receive around 2,800 High Net Worth Individuals for 2022

In addition, Singapore is projected to receive a net inflow of about 2,800 High Net Worth (HNW) Individuals for 2022.

This makes it the country with the third-highest projected influx of HNW individuals, behind Australia with 3,500 and the United Arab Emirates (UAE) with 4,000.

Henley & Partners further pointed out that the migration of HNW individuals is an "important" gauge of economic health.

The consultancy added, "For instance, countries that attract high-net-worth individuals tend to be robust, with low crime rates, competitive tax rates, and excellent business opportunities."

Mothership has reached out to the Ministry of Manpower and the National Population and Talent Division under the Prime Minister's Office for more information on the matter.

Why are HNW individuals moving to Singapore?

Top photo by jiachenlin/Unsplash

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