SINGAPORE - Singapore has been ranked the fourth wealthiest city in the world, overtaking London, according to Henley & Partners.
Tokyo, which led the pack as the world’s wealthiest city a decade ago, has suffered a 5 per cent drop in its resident HNWI population over the same 10-year period and now sits in third place with 298,300 millionaires, 267 centi-millionaires and 14 billionaires. China has established a notable presence in the latest ranking, with Beijing and its 125,600 millionaires making it into the top 10 for the first time following a 90 per cent growth in its millionaire population over the past decade.
New York City remained firmly in the top position globally, with wealth held by its residents exceeding US$3 trillion, higher than the total wealth held in most major Group of 20 countries. “The S&P 500’s 24 per cent gain last year, along with the Nasdaq’s 43 per cent surge and Bitcoin’s staggering 155 per cent rally, has buoyed the fortunes of wealthy investors. Additionally, rapid advancements in artificial intelligence, robotics and blockchain technology have provided new opportunities for wealth creation and accumulation,” he said.
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