Singapore has been named the fourth richest city worldwide, and the second richest city in Asia, according to Henley & Partners’ World’s Wealthiest Cities Report 2024. Shockingly, Singapore knocked the United Kingdom’s London to fifth place on this year’s report which highlights the Top 50 wealthiest cities in the world.
World’s Wealthiest Cities Report
The 2024 report was based on data from people with a high net worth (those with more than $1 million) in many 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. Singapore’s surpassing of London is highlighted by the migration of 3,400 high-net-worth individuals to Singapore in 2023 and a 64% increase in millionaires moving to the city-state the past decade.
Today, Singapore boasts 244,800 resident millionaires, 336 centi-millionaires, and 30 billionaires. Plus, it is noted that Singapore has a good reputation as the No.1 business-friendly destination, with advancements in technology, as well as a strong financial market, and an attractive place for luxury living.
On the other hand, London dropped 10% in millionaire growth the past decade. Although, London is still home to 227,000 millionaires, 370 centi-millionaires, and 35 billionaires.
New York took first place yet again with more than 349,000 resident millionaires, 744 centi-millionaires, and 60 billionaires. The Bay Area knocked Tokyo to third on this year’s list with more than 305,000 millionaires, 675 centi-millionaires, and 68 billionaires. Meanwhile, Tokyo is home to 298,300 millionaires, 267 centi-millionaires, and 14 billionaires.
Top 10 Richest Cities 2024
Here are the Top 10 Wealthiest Cities Worldwide for 2024:
1. New York
2. The Bay Area (San Francisco)
3. Tokyo
4. Singapore
5. London
6. Los Angeles
7. Paris
8. Sydney
9. Hong Kong
10. Beijing, China
New York in the United States remains the wealthiest city in the world. In fact, the city’s total wealth held by its super-rich residents totals $3 trillion. Notably, Beijing entered the Top 10 for the first time. While London and Paris are the only European cities to make the Top 10 for 2024. Differently, many cities in Africa ranked as the least wealthiest cities in the world.
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.