Singapore has been declared the fifth-richest city in the world and second-richest in Asia after Japan’s Tokyo, by London-based investment migration consultancy Henley & Partners. The city has around 249,800 millionaires. By Preeti Kulkarni
According to a report by Henley & Partners, there is an expected addition of 2,800 High-Net-Worth (HNW) Individuals in 2022, as Singapore is touted to be one of the most favoured business destinations in the world.
Singapore — the most preferred destination for HNW individuals
Singapore has 8,040 multi-millionaires, 336 centi-millionaires and 26 billionaires. However, the numbers are higher than in Tokyo, which is the wealthiest city in Asia. It has 7,350 multi-millionaires, 263 centi-millionaires and 12 billionaires.
The city is to witness a surge in the migration of HNW individuals as it is one of the most coveted destinations for “Family Office setup as well as Southeast Asian headquarters,” according to the report. The housing market, therefore, is always on the rise. The latest trend is that expats from Hong Kong (SAR China) have been moving to Singapore for better prospects and living.
Henley & Partners have observed that the huge influx of HNW individuals is great for cities because “countries that attract high-net-worth individuals tend to be robust, with low crime rates, competitive tax rates, and excellent business opportunities.”
Singapore ranks third to have the highest influx of HNW persons. The United Arab Emirates (UAE) ranks first with 4,000 individuals followed by Australia with 3500 individuals.
Singapore’s pandemic management attracts more Chinese residents
HNW Chinese and expats from Hong Kong (SAR) are eying Singapore as a preferred destination for business and establishing a living because of their comparatively relaxed COVID-19 restrictions. Another report by the firm states, “International travel from China remains very restricted, with harsh quarantine requirements, and domestic travel was tightened in early September.”
(Main and featured image: Courtesy Unsplash)
This story first appeared on Lifestyle Asia Singapore