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242,400 millionaires in S'pore as of Dec. 2024: Report
Singapore was also home to 333 centi-millionaires and 30 billionaires.
April 15, 2025, 10:50 AM
A total of 242,400 individuals with liquid investable wealth of over US$1 million (S$1.32 million) resided in Singapore as of December 2024.
With Singapore's population reaching 6.04 million in June 2024, this finding translates to around four millionaires in every 100 people in Singapore.
Singapore was also home to 333 centi-millionaires and 30 billionaires, according to the World's Wealthiest Cities Report 2025 published by London-based consultancy Henley and Partners (H&P).
These wealthy individuals made Singapore the fourth wealthiest city globally and the second in Asia, falling only behind Tokyo.
In 2024, Singapore was ranked similarly by H&P as the fourth wealthiest city, with 244,800 millionaires residing in the city-state.
Only 3 Asian cities made to top 10
According to H&P, Tokyo, Singapore, and Hong Kong were the only Asian cities that made it to the top 10 wealthiest cities globally.
Tokyo, which came in third, was home to 292,300 millionaires, 262 centi-millionaires, and 18 billionaires.
H&P attributed part of the city's performance to "a strong recovery" of the Nikkei 225, a stock market index for the Tokyo Stock Exchange, over the last two years.
In 2024, for instance, Nikkei 225 ended the year at "a record high on strong corporate earnings", rising 19 per cent from 2023, reported Kyodo News.
Hong Kong, which ranked four places below Singapore in the eighth, was home to 154,900 millionaires, 346 centi-millionaires, and 40 billionaires.
United States dominates ranking with 4 cities in top 10
Globally, New York City was ranked the wealthiest city, followed by the Bay Area, which includes the city of San Francisco and Silicon Valley.
A total of 384,500 high-net-worth individuals reside in New York City, which included 818 centi-millionaires and 66 billionaires.
Although the Bay Area, a global tech hub, had 16 more resident billionaires than New York City, it fell one place behind because it only had 342,400 resident millionaires.
Concurrently, two other cities in the United States — Los Angeles and Chicago — also made it to the top 10 wealthiest cities worldwide.
The other three cities on the chart were London (#6), Paris (#7), and Sydney (#9).
Top image via Canva
