Singapore has overtaken Hong Kong in its population of millionaires, according to a new report.
Hong Kong, which previously ranked fourth in the world in 2012, now ranks seventh
amongst the 50 richest cities in the world, according to investment migration company Henley & Partners and global wealth intelligence firm New World Wealth.
The number of high-net-worth individuals (HNWI), or individuals who have an investable wealth of at least $1 million, in Hong Kong dropped by 27% to 129,500 between 2012 and 2022, while the number in Singapore grew by 40% to 240,100.
Beijing’s increasing control and influence over Hong Kong has driven away many residents and companies to cities like Singapore and London.
The U.S. has the most cities on the list, with 10 placing in the top 50.
China follows the U.S. with five cities, putting it ahead of Australia, which has four. Beijing is China’s wealthiest city at No. 8, with 128,200 HNWIs, followed by Shanghai at No. 9, with 127,200 HNWIs.
New York City took first place as the Big Apple’s number of millionaires surged by 40% in the 2012-2022 period.
There are reportedly 340,000 millionaires living in the city.
New York was followed by Tokyo, California’s Bay Area, London and Singapore.
In another elite category, California’s Bay Area had the highest number of billionaires in the world, with 63 such individuals residing in Silicon Valley and San Francisco.
The Bay Area was followed by New York, Beijing, Los Angeles and Shanghai.
Juerg Steffen, Henley & Partners’ chief executive officer, said most of the cities on the list are in countries that have programs to help with the migration of funds. The countries reportedly encourage foreign direct investments in exchange for residence or citizenship rights.
“Being able to relocate yourself, your family, or your business to a more favorable city or have the option to choose between multiple different residences across the world is an increasingly important aspect of international wealth and legacy planning for private clients,” Steffen said.
The annual survey examined 97 cities in nine regions around the world.