Singapore ranks high among cities in terms of the cost of living—and it’s also very popular with rich people.
A report by Henley & Partners, using data from New World Wealth, released Tuesday ranked the city-state 6th in a list of top 50 cities for ‘centi-millionaires,’ a term used to describe individuals with liquid investable assets of $100 million or more. Henley & Partners says there are 29,350 of such individuals globally, and Singapore is home to 336 of them.
Henley & Partners—which offers investment management services for wealthy people, especially to help individuals gain permanent residence or citizenship—points out nearly two-thirds of the top 50 cities offer investment-migration programs.
Having a bigger pool of centi-millionaires could potentially be a good thing. The report, quoting New World Wealth’s head of research Andrew Amoils, said business started by centi-millionaires have “significant spillover effect on the middle-class” because of the creation of large numbers of well-paying jobs in their base country. It added that most companies on the Fortune 500 or on major stock indexes were started by individuals who subsequently became centi-millionaires.
Singapore is the only Southeast Asian city on the list that’s dominated by American and Chinese cities.
A third of the world’s centi-millionaires live in the top 50 cities. New York City is currently the top home for those people with 744 resident centi-millionaires, followed by the Bay Area (675) and Los Angeles (496) super rich residents. In total, there are 15 American cities on the list.
Asia’s centi-millionaire growth
China, excluding Hong Kong and Taiwan, has five cities ranked in the top 50. Beijing and Shanghai rank 5th and 7th with 347 and 322 centi-millionaires, respectively. The report notes China’s ascent has been the “most dramatic” with its centi-millionaire population expanding by 108% over the last decade, outpacing the U.S.’s 81% growth rate.
Asian cities are also projected to see more growth in the number of super-rich residents. Singapore and Hong Kong (ranked 8th) are forecast to have high growth rates of over 100% over the next 16 years to 2040. Hangzhou, Shenzhen, and Taipei, cities also in the top 50, are projected to see increases of over 150% in their centi-millionaire communities over the same timeline. All three cities are home to major tech companies like Alibaba, Tencent, and Taiwan Semiconductor Manufacturing Company. Emerging markets like Riyadh in Saudi Arabia and Bengaluru in India are also poised to see similar growth.
The optimistic forecast for Asian cities contrasts against that of European cities. The centi-millionaire population in London, once considered a financial capital of the world, is forecast to have a growth rate of less than 50% over a 16-year period. Moscow, Zurich, and Madrid are forecast to have similar lackluster growth rates as well. The top 10 centi-millionaire cities only have two European cities: London and Paris.
Henley & Partners also warn the upcoming U.S. presidential election could affect America’s future standing on the list as drastic shifts in monetary, economic, and social policies could drive centi-millionaires to look for countries with “greater economic and political security.” The report added that wealthy Americans have become its “single largest client cohort” for investment migration enquiries this year.
