Around four in every 100 people in Singapore are millionaires, a recent report that compiled data on the proportion of well-to-do people in different countries found out.

In absolute terms, a total of 244,800 millionaires with liquid investable wealth of at least US$1 million (S$1.36 million) each live in Singapore as of December 2023, according to the World’s Wealthiest Cities Report 2024 by British investment migration consultancy Henley and Partners.

Singapore was also labelled the world's fourth wealthiest city, after cities in the U.S and Japan, with a 64 per cent growth in the number of millionaires in the country between 2013 and 2023.

Surpassed London, Los Angeles and Paris

According to the report, Singapore ranked fourth after New York, cities in the San Francisco Bay Area and Tokyo.

The most millionaires were recorded in New York, with a staggering 349,500 millionaires in total.

Singapore also surpassed other notable cities, such as Los Angeles, Paris and London, which used to be the wealthiest city in previous years.

According to the data, Singapore also has its fair share of the uber wealthy.

A total of 336 centi-millionaires, or individuals with a net worth of at least US$100 million (S$135 million) each, and 30 billionaires, with a net worth of US$1 billion (S$1.35 billion) each, are also living in Singapore.

The report also said Singapore is also one of the world's top destinations for migrating millionaires, and 3,400 high-net-worth-individuals (HNWI) had relocated to Singapore in 2023.

The number of millionaires in Singapore is expected to beat Tokyo's, as there has been a 64 per cent increase in millionaires over the past 10 years from 2013 to 2023 in the Southeast Asian country.

Who are some of these HNWIs in Singapore?

Some noteworthy richest of the rich in Singapore include the likes of Singapore's richest man and billionaire Li Xiting, who placed 126th in the Forbes' 2024 World's Billionaire List.

The 73-year-old healthcare tycoon has a net worth of US$15.1 billion (S$20.4 billion).

Other notable billionaires include hotpot chain Haidilao's chairman Zhang Yong and Forrest Li, founder of online game company Garena and e-commerce platform Shopee's parent company Sea Limited.

Their net worth was valued at US$4.9 billion (S$6.6 billion) and US$3.6 billion (S$4.8 billion) respectively.

According to the 2023 Forbes' Singapore's 50 Richest list, top millionaires in Singapore include founder of property group Soildbuild Group Holdings Limited, Lim Chap Huat and Saurabh Mittal, founder of private investment holding company Mission Holdings.

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