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Singapore is the only Southeast Asian city on a ranking of centi-millionaires—and that could be good for its economy​

Lionel Lim
Wed, 18 September 2024 at 1:19 am SGT3-min read

Ore Huiying—Bloomberg/Getty Images
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.
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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