Singapore ranks seventh globally and third in Asia for centi-millionaires with 330 residing in the city

SINGAPORE: According to the 2023 Centi-Millionaire report published by Henley & Partners, Singapore is one of the top ten cities in the world with the highest number of centi-millionaires, with 330 centi-millionaires residing there.

It ranks seventh globally and third among Asian cities.

On Tuesday (10 Oct), wealth and investment migration advisors Henley & Partners issued the aforementioned report, revealing that there are 28,420 individuals globally belonging to the super-wealthy elite with investable assets of at least US$100 million, and their numbers are rapidly increasing.

This figure is more than twice the number from 20 years ago and increased by 12% in just the last year.

New York City leads with 775 centi-millionaires in this report, followed by the San Francisco Bay Area with 692, ranking second, and Los Angeles with 504, ranking third. Chicago, with 286 centi-millionaires, is ranked ninth.

Four cities and regions in Asia have made it to the top ten. Beijing is fifth globally with 365 centi-millionaires, making it the top city in Asia.

Shanghai has 332 centi-millionaires, ranking sixth globally and second in Asia.

Singapore is ranked seventh globally and third in Asia.

However, the number of centi-millionaires in Singapore has decreased from 336 the previous year to 330 in this report. Hong Kong has 305 centi-millionaires, ranking eighth globally and fourth in Asia.

Dr Juerg Steffen, the CEO of Henley & Partners, stated that the USD 100 million plus band represents the best definition in today’s world of what it means to be ‘super-wealthy’.

“Not long ago, in the late 1990s, USD 30 million was considered by most banks as the fortune that was needed to meet this status. However, asset prices have risen significantly since then, making USD 100 million the new benchmark.”

The report indicates that one-third of the world’s centi-millionaires reside in 50 major cities.

At a country level, most centi-millionaires (or ‘centis’) are concentrated in the USA (38%), followed by the large emerging markets of China and India.

As of June 2023, 12 American cities are among the top 50, with a total of 3,311 centi-millionaires, accounting for 11.7% of the global centi-millionaire population. The United Kingdom has only one city in the top 50, London, with 388 centi-millionaires, ranking fourth.

Among the top 50 cities, the number of centi-millionaires in Hangzhou, the Chinese e-commerce hub, is projected to grow by 95% in the next ten years, expected to be the highest increase globally.

Following closely is Shenzhen, the Chinese tech hub, with an expected growth rate of 88%. Shanghai, Beijing, and Singapore are expected to see growth rates of 63%, 60%, and 55%, respectively, far exceeding the global average forecast increase of 38%.

Centi-millionaires seeking global citizenship

Interestingly, the report highlights that two-thirds of the top 50 cities with the most centi-millionaires are located in countries with investment migration programs.

For centi-millionaires in less developed countries, having a portfolio of residence and citizenship options offers them improved global mobility and visa-free access to a larger share of the global GDP.

It also provides better healthcare and education systems for their families and enhances their safety and security.

Director of Tax Services at Henley & Partners, Peter Ferrigno, says “increased interest in residence and citizenship by investment programs means that many more centi-millionaires are spreading their economic footprint across the globe.”

“Countries are using these programs to bring investment into their economies to finance new industries, and that investment has given significant input into their growth.”

Philippe Amarante, the Head of Henley & Partners Dubai, concurs that attracting and retaining centi-millionaires can have a substantial impact on a country’s economic growth, innovation, and investment landscape.

He said the global competition to entice and retain centi-millionaires is heating up. Although countries such as Singapore have already established a high standard, the UAE and Saudi Arabia are close competitors.

“Their strategic initiatives, coupled with their unique cultural and economic propositions, make them formidable contenders in the race.”

“To truly captivate the centi-millionaire, mere financial incentives and compelling investment opportunities are insufficient. ”

“Governments need to pair these with comprehensive retention tactics. Creating an all-encompassing environment that addresses the business, lifestyle, immigration concerns, and even philanthropic aspirations of these super-wealthy individuals is pivotal, ” he added.