Singapore becomes world's 4th richest city

By Minh Hieu   May 8, 2024 | 04:42 pm PT
Singapore becomes world's 4th richest city
Orchard Spring Lane, Merlion, Singapore, September 2020. Photo by Unsplash/Jisun Han
Singapore saw an increase of 3,400 individuals possessing over US$1 million last year, making it the 4th wealthiest city in the world, according to a new report.

The city state now hosts 244,800 millionaires, 336 centi-millionaires, and 30 billionaires, The Straits Times reported, citing investment migration consultant Henley & Partners’ 2024 Wealthiest Cities Report.

Singapore has seen its number of millionaires surge by 64% from 2013 to 2023, the report noted. Japan’s Tokyo ranked third with 298,300 millionaires, down 5% over the past decade.

However, its centi-millionaire and billionaire populations, at 267 and 14 respectively, trail behind Singapore's.

This year, the title of the world’s richest city belongs to the U.S.'s New York City, whose high-net-worth population rose 48% in the last decade to 349,500 in 2023, according to CNBC.

The U.S.'s Bay Area, encompassing the city of San Francisco and Silicon Valley, holds the second spot with 305,700 HNWIs, up 82% during 2013-23.

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