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Singapore Ranks The 5th Wealthiest City With 250,000 Millionaires & 26 Billionaires

As Singapore is a city-state, the number suggests that 4.6% of the country's 5.45 million population are millionaires.

Cover image via Wanderers And Warriors & Reuters via SCMP

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A report has revealed that Singapore is among the top five wealthiest cities in 2022 with about 250,000 millionaires and 26 billionaires

The report was recently published by investment migration consultancy Henley & Partners, which was written by Andrew Amoils, the head of research at wealth intelligence firm New World Wealth.

According to the ranking, New York, Tokyo, San Francisco Bay area, and London took the first four spots, with 345,600, 304,900, 276,400, and 272,400 millionaires in the cities, respectively.

Singapore, one of six Asian cities in the top 20 list, came next with 249,800 millionaires, 336 centi-millionaires, and 26 billionaires.

Centi-millionaires are people with a net worth of over USD100 million.

The city view of Singapore.

Image via World Strides

Because Singapore is a city-state, the figure suggests that 4.6% of the country's 5.45 million population is millionaires

When compared with Malaysia, only 0.2% of adult Malaysians were categorised in the over USD1 million wealth bracket, reported The Malaysian Reserve citing a 2019 Credit Suisse Group AG's report.

Henley & Partners noted that Singapore is one of the top destinations for migrating millionaires and that it is often regarded as the world's most business-friendly city.

"A net inflow of approximately 2,800 high-net-worth individuals is projected for 2022 alone, according to the latest Henley Private Wealth Migration Dashboard," it added.

While the city-state has 55,100 fewer millionaires when compared with Japan, it has 73 centi-millionaires and 14 billionaires more than Japan.

The city view of Singapore.

Image via Nikkei Asia

Other than Japan and Singapore, Beijing, Shanghai, Hong Kong, and Seoul are the other Asian cities in the top spots

Below is the list of the top 20 wealthiest cities, as well as the numbers of millionares and billionaires:

1. New York: 345,600 millionaires, 737 centi-millionaires, and 59 billionaires
2. Tokyo: 304,900 millionaires, 263 centi-millionaires, and 12 billionaires
3. San Francisco Bay area: 276,400 millionaires, 623 centi-millionaires, and 62 billionaires
4. London: 272,400 millionaires, 406 centi-millionaires, and 38 billionaires
5. Singapore: 249,800 millionaires, 336 centi-millionaires, and 26 billionaires
6. Los Angeles: 192,400 resident millionaires, 393 centi-millionaires, and 34 billionaires
7. Chicago: 160,100 millionaires, 340 centi-millionaires, and 28 billionaires
8. Houston: 132,600 millionaires, 314 centi-millionaires, and 25 billionaires
9. Beijing: 131,500 resident millionaires, 363 centi-millionaires, and 44 billionaires
10. Shanghai: 130,100 millionaires, 350 centi-millionaires, and 42 billionaires
11. Sydney: 129,500 millionaires, 188 centi-millionaires, and 16 billionaires
12. Hong Kong: 125,100 millionaires, 280 centi-millionaires, and 28 billionaires
13. Frankfurt: 117,400 millionaires, 161 centi-millionaires, and 14 billionaires
14. Toronto: 116,100 resident millionaires, 187 centi-millionaires, and 17 billionaires
15. Zurich: 105,100 millionaires, 258 centi-millionaires, and 12 billionaires
16. Seoul: 102,100 resident millionaires, 241 centi-millionaires, and 25 billionaires
17. Melbourne: 97,300 millionaires, 149 centi-millionaires, and 12 billionaires
19. Dallas & Fort Worth: 92,300 millionaires, 211 centi-millionaires, and 18 billionaires
20. Geneva: 90,300 millionaires, 345 centi-millionaires, and 16 billionaires

In a 2019 report, 226,000 people in Singapore were said to be among the world's richest 1% individuals:

Recently, a lottery winner from Johor said that he will continue working in Singapore despite becoming a millionaire overnight: