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Singapore Ranks 5th in World's Wealthiest Cities 2022

Singapore, previously excluded from the World's Wealthiest Cities list, ranks 5th in 2022.

According to investment migration consultancy Henley & Partners, Singapore is Asia’s second-biggest millionaire oasis after Tokyo. With 249,800 millionaires, including 336 centi-millionaires and 26 billionaires, the city-state is the 5th wealthiest city in the world for 2022. The little red dot is widely regarded as the world’s most business-friendly city and is one of the top destinations for migrating millionaires.

Meanwhile, the richest city in the world for 2022, New York City, has 345,600 millionaires, including 737 centi-millionaires and 59 billionaires.

Singapore is expected to receive around 2,800 High Net Worth Individuals for 2022. This makes it the country with the third-highest projected influx of High Net Wealth individuals, behind Australia with 3,500 and the United Arab Emirates (UAE) with 4,000.

Henley & Partners noted that the migration of HNW individuals is an "important" gauge of economic health. "For instance, countries that attract high-net-worth individuals tend to be robust, with low crime rates, competitive tax rates, and excellent business opportunities."