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  • Zen Chong

The number of millionaires in Singapore has surged by 64% over the past 10 years.

According to the latest "2024 Emerging Trends: Real Estate in the Asia-Pacific Region" report released by the London-based investment migration consultancy Cushman & Wakefield, Singapore has seen a significant increase in the number of millionaires over the past 10 years, with an increase of 64%, climbing two places in the ranking of millionaire cities in the Asia-Pacific region, now at third place.

The report indicates that there are currently approximately 244,800 millionaires in Singapore, an increase of about 95,000 people over the past 10 years, a jump of 64%. In addition to the surge in the number of millionaires, Singapore has 336 billionaires with a net worth of over 100 million Singapore dollars and 30 ultra-high-net-worth individuals with a net worth exceeding 1 billion Singapore dollars.

The cities with the highest concentration of millionaires in the Asia-Pacific region are Tokyo, Sydney, and Singapore in that order. Tokyo is in the lead with approximately 298,300 millionaires, although its numbers have fallen by 5% over the past decade; Sydney is second with about 187,500 millionaires.

It is noteworthy that the report pointed out that among the top ten wealthiest cities globally, seven have implemented investment migration programs, which allow for residency or citizenship through direct investment to attract wealthy foreign investors.

Additionally, the report also ranked major cities in the Asia-Pacific region by the number of millionaires, with Singapore in third place, followed by the Bay Area of Northern California (including San Francisco and Silicon Valley), Sydney, Tokyo, London, Los Angeles, Paris and the Île-de-France region, Hong Kong, and Beijing, among other cities.

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