Ever wondered where the world’s millionaires and billionaires are calling home?
Look no further than Singapore, the city-state that continues to attract the wealthy from across the world.
Singapore has overtaken London ranking as fourth wealthiest city in the world, according to the 2024 World’s Wealthiest Cities Report by Henley & Partners.
Singapore is reportedly home to 244,800 millionaires, 336 centi-millionaires and 30 billionaires, according to the report.
This means that nearly 4.31% of Singapore’s population is made up of millionaires, with a staggering 64% growth in their numbers between 2013 and 2023.
It is estimated that 3,400 high-net-worth-individuals moved there in 2023 alone.
According to Forbes, the three richest billionaires residing in Singapore are Eduardo Luiz Saverin, co-founder of Facebook; brothers Robert and Philip Ng, who control Far East Organization, one of Singapore’s largest private landlords and property developers; and Li Xiting, co-founder and chairman of Shenzhen Mindray Bio-Medical Electronics, a prominent supplier of medical devices.
The city’s favourable tax policies, strategic location in Asia, and growing economy make it an apparent magnet for business moguls, investors, and entrepreneurs seeking to grow their fortunes.
Singapore’s history traces back to its origins as a fishing village and outpost for the Srīvijayan Empire.
By the 14th century, it was known as Temasek before the name Singapore was adopted, possibly derived from the word « Singapura » meaning « Lion City. »
In 1819, Sir Stamford Raffles established a British trading post, setting the stage for the island’s colonial growth. After a brief period as part of Malaysia, Singapore became an independent nation in 1965.
The country rapidly industrialised and developed a robust economy, becoming a leading global financial hub and continues to grow in both economic and political influence, maintaining strong diplomatic ties in the region.
The city is often praised for its safety, cleanliness, efficient organisation, cultural diversity, and futuristic architecture, such as the iconic Marina Bay Skyline.
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