3,500 high-net-worth individuals expected to get S’pore citizenship in 2023, mostly from China: Analyst

Money.

Belmont Lay | April 24, 2023, 06:17 PM

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The majority of the 3,500 high-net-worth individuals expected to become Singapore citizens in 2023 are from China.

This is according to a Lianhe Zaobao interview with Andrew Amoils, head of research at wealth intelligence firm New World Wealth, on April 20.

The report stated that each of these individuals has at least US$6 million in investable wealth.

Amoils added that Singapore’s very well-off new citizens also hail from India, Indonesia, Malaysia, Vietnam, the Philippines and the UK.

A new report in mid-April 2023 by New World Wealth and Henley & Partners named Singapore as the fifth-wealthiest city in the world in 2023.

The number of resident millionaires in Singapore increased by 2,800 to 240,100 in 2022.

But Singapore is not the top Asian city that is the wealthiest.

New York was ranked the wealthiest city in the world again, followed by Tokyo in second place and the San Francisco Bay Area in third.

Other Asian cities among the world’s top 10 wealthiest were Hong Kong (seventh), Beijing (eighth), and Shanghai (ninth).

The annual report included high-net-worth individuals population data for 97 cities, as well as growth statistics of these individuals for the past decade.

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