Singapore has been named the fifth richest city worldwide, and the second richest city in Asia according to the World’s Wealthiest Cities Report 2023.
The 2023 report, by London-based Henley & Partners, was based on data from people with a high net worth (those with more than $1 million) in 97 cities globally. The report measured the movement and spending habits of millionaires, while considering the price real estate, as well as highlighting other wealth factors in these cities.
New York took first place with more than 340,000 resident millionaires, 724 centi-millionaires, and 58 billionaires. Tokyo comes second and is home to 14 billionaires, 290,300 resident millionaires and 250 centi-millionaires. This is followed by The Bay Area in California, which is home to 285,000 millionaires and 63 billionaires, while London, which was the top wealthiest city in 2000, jumped ahead of Singapore at fourth place boasting some of the most exclusive residential neighbourhoods globally, as well as 258,000 millionaires, 384 centi-millionaires and 36 billionaires.
Singapore came fifth due to it being a business-friendly destination, with 240,100 millionaires, 329 centi-millionaires, and 27 billionaires. This means, we jumped ahead of Hong Kong, for the first time. Plus, there was an influx of HNW individuals moving to Singapore in 2022.
Here are the top 10 Wealthiest Cities Worldwide for 2023:
1. New York
3. The Bay Area (San Francisco)
6. Los Angeles
7. Hong Kong
Notably, many cities in Africa ranked as the least wealthiest city on the list. Plus, London was the only European city to make the top 10. However, we must remember there are 195 countries worldwide with millions of unique cities.
Certainly, we all know Singapore is one of the wealthiest cities – so this comes as no surprise to us. Luckily, we’ve got you covered with the greatest free things to do, the best cheap eats around, the cheapest holidays from Singapore, and a couple of cheap bars for a refreshing beverages.