The city-state is home to 336 residents who are Senti Millionaires – individuals with liquid investable assets of more than $100 million – The Independent Singapore reported, citing the 2024 Senti Millionaire Report, published last week by British investment relocation consultancy Henley & Partners in partnership with global wealth information firm New World Wealth.
The report predicts that the number of ultra-rich people will increase by 100-150 percent over the next 16 years.
Singapore’s Minister for Transport and Second Finance Minister Chee Hong Tat spoke last week about the growth of family offices, firms that manage the assets of wealthy individuals, saying they choose Singapore because of its strong rule of law and stable regulatory environment, The Straits Times reported.
Asset management firms, professional service providers, a safe and family-friendly environment and world-class education and healthcare systems are also factors attracting high-net-worth individuals, he said.
The ranking of the 10 million wealthiest people was based on data provided by New World Wealth, which uses a database to track the movements of the wealthy and publicly available sources to verify the locations of cities.
According to the report, there are currently 29,350 people in the world with net worth of over $1 million, one-third of whom live in the top 50 cities.
Higher on the list are New York City in the United States with 744 millionaires, the Bay Area with 675 and Los Angeles with 496. Next are London in the UK with 370 and Beijing in China with 347.
Fortune quoted Andrew Amoyles, research director at New World Wealth, as saying that an increase in the number of people making more than $10 million could lead to more high-paying jobs in the countries where cities are located, which could lead to wealth creation.
He noted that more than 60% of the wealthy are entrepreneurs or company founders, and most of the companies listed on major stock indexes such as the Fortune 500 and S&P 500 were founded by people who went on to become billionaires of more than $10 million.
Earlier this year, another report by Henley & Partners ranked Singapore as the fourth-richest city in the world, with 244,800 millionaires and 30 billionaires.
