Singapore has jumped two places to fourth on the list of the world’s richest cities after its millionaire population grew by 64 percent over the past decade, in accordance with the Henley & Partners Report.
The city has seen a pointy increase in its high net value individual (HNWI) population: by 2023, 3,400 people will move here in only one yr. It currently has 244,800 millionaires with investable assets >$1 million, in addition to 336 centimillionaires with investable assets >$100 million and 30 billionaires with investable assets >$1 billion.
This achievement puts Singapore near Tokyo, Japan, which ranks third on the planet and has the potential to overtake it “very soon” as Asia’s richest city. As a rapidly growing global financial center, Singapore is anticipated to proceed to climb the list of the world’s richest cities.
Considered one of the crucial business-friendly metropolises on the planet, it serves as a significant magnet for wealthy people in search of everlasting residence or citizenship. Thanks to its favorable business climate, favorable tax policy and strategic location in Asia, Singapore could be very attractive to multinational corporations and wealthy individuals. The government’s commitment to encouraging foreign investment has also contributed to the rapid growth of the millionaire population.
Moreover, a high way of life, health care, education and well-developed infrastructure make it a beautiful destination for wealthy people and their families.
Meanwhile, New York stays home to probably the most millionaires on the planet, with assets value greater than $3 trillion, followed by the Bay Area in Northern California. Over the past decade, each cities have seen significant increases of their millionaire populations, with New York growing by 48 percent and the Northern California Bay Area growing by 82 percent.
Third-place Tokyo has seen a 5% decline in its HNWI population, despite being within the highlight a decade ago.
By comparison, London, once the richest city, has dropped to fifth place, with a ten% decline within the variety of HNWIs over the past decade.
Check out other interesting news on Seasia.co.
