Singapore only Southeast Asian city among top 50 cities for centi-millionaires

The city-state boasts 336 centi-millionaire residents, which are individuals with over US$100 million in liquid investable assets, The Independent Singapore reported, citing the Centi-Millionaire Report 2024 published last week by British investment migration consultancy Henley & Partners, in partnership with global wealth intelligence firm New World Wealth.

It is forecast to see a 100-150% growth in the number of super-rich residents in the next 16 years, the report said.

In a speech last week about the growth of family offices in Singapore, which are firms that manage rich families' assets, Chee Hong Tat, the city-state's Minister for Transport and Second Minister for Finance, noted that affluent individuals are opting for Singapore because of its strong rule of law and stable regulatory environment, as reported by The Straits Times.

Wealth managers and professional service providers, safe and family-friendly environment, and world-class education and healthcare systems are also factors attracting the rich, he said.

The centi-millionaire ranking list was compiled based on data provided by New World Wealth, which follows the movement of high-net-worth individuals in its database and utilizes public sources to check city locations.

There are currently 29,350 centi-millionaires across the globe, a third of which reside in the top 50 cities, according to the report.

Ahead of Singapore in the ranking are the U.S.'s New York City with 744 centi-millionaires, the Bay Area with 675, and Los Angeles with 496, followed by the U.K.'s London with 370 and China's Beijing with 347.

Having more centi-millionaires could help with wealth creation by creating more well-paying jobs in the country where the cities are based, Fortune magazine quoted Andrew Amoils, head of research at New World Wealth, as saying.

He noted that more than 60% of wealthy individuals are entrepreneurs and company founders, and most firms featured in major stock indices like the Fortune 500 and the S&P 500 were started by people who later became centi-millionaires.

Earlier this year, another report by Henley & Partners ranked Singapore as the fourth wealthiest city globally, being home to 244,800 millionaires and 30 billionaires.