Singapore has become one of the world’s top cities for wealthy individuals, attracting business leaders, investors, and entrepreneurs. According to the 2024 World’s Wealthiest Cities Report by Henley & Partners, the city-state is now home to 244,800 millionaires, 336 centi-millionaires, and 30 billionaires.
Singapore has surpassed London to rank as the fourth wealthiest city globally. Nearly 4.31% of its population consists of millionaires, with a 64% increase in their numbers between 2013 and 2023. In 2023 alone, 3,400 high-net-worth individuals relocated to Singapore.
Forbes identifies some of the wealthiest individuals in the city, including Eduardo Luiz Saverin, co-founder of Facebook; Robert and Philip Ng, who control Far East Organization, a major property development firm; and Li Xiting, chairman of Shenzhen Mindray Bio-Medical Electronics, a leading medical device company.
Several factors contribute to Singapore’s appeal. Its tax policies, strong financial sector, and business-friendly environment provide opportunities for growth. Its strategic location in Asia and stable economy further strengthen its position as a financial hub.
Singapore’s history dates back to its origins as a fishing village and part of the Srīvijayan Empire. By the 14th century, it was known as Temasek before adopting the name Singapore, derived from “Singapura,” meaning “Lion City.” In 1819, Sir Stamford Raffles established a British trading post, laying the foundation for its development. After briefly being part of Malaysia, Singapore became independent in 1965.
Since then, the city has industrialised rapidly, emerging as a leading financial centre. Its strong economic policies and diplomatic relationships continue to enhance its global influence.
Singapore is recognised for its efficient infrastructure and diverse culture. Landmarks such as the Marina Bay Skyline highlight its modern urban development. As it continues to attract high-net-worth individuals, the city’s status as a financial and business hub is expected to grow further.
Chisom Michael is a data analyst (audience engagement) and writer at BusinessDay, with diverse experience in the media industry. He holds a BSc in Industrial Physics from Imo State University and an MEng in Computer Science and Technology from Liaoning Univerisity of Technology China. He specialises in listicle writing, profiles and leveraging his skills in audience engagement analysis and data-driven insights to create compelling content that resonates with readers.(BusinessDay $
