Singapore Has More Millionaires, with 244,800, Surpassing London's 227,000 and Los Angeles's 212,100

Singapore has strengthened its position as a global economic powerhouse, with its millionaire population reaching an impressive 244,800, according to the "World’s Wealthiest Cities Report 2024" by Henley & Partners. This places Singapore ahead of notable cities like London and Los Angeles, which have 227,000 and 212,100 millionaires respectively. The city-state's consistent growth in wealth is a testament to its thriving economy and its appeal to high-net-worth individuals.

Singapore's ranking of 4th in the world in terms of millionaire population further solidifies its status among global financial hubs. It now trails only behind New York City, California's Bay Area, and Tokyo. The rise in affluent residents reflects the country’s economic resilience and its ability to attract wealth from around the world.

Factors Driving Singapore's Growth

A combination of factors has contributed to Singapore’s rise in millionaire population. The city-state's robust financial services sector, which includes banking, asset management, and fintech, plays a central role in its economic success. Additionally, Singapore’s strategic location in Southeast Asia makes it an ideal gateway for businesses looking to access both Asian and global markets.

Moreover, Singapore's high quality of life, political stability, and attractive tax policies have made it a magnet for wealth. As more high-net-worth individuals move to Singapore, its reputation as a leading hub for luxury, innovation, and economic growth continues to flourish. These factors contribute not only to personal wealth accumulation but also to the nation’s broader economic success.