Around 3500 high-net-worth individuals, most of them from China, are expected to be inducted as New Citizens here this year.
Each of these high-net-worth individuals has at least US$6 mil (S$8 mil) in investable wealth, though it’s uncertain how much they will contribute to wealth creation in Singapore.
This was reported in an annual publication by Henley & Partners and New World Wealth.
Henley& Partners is an investment migration consultancy based in London.
Besides mainland China and Hong Kong, Singapore’s very-well-off new citizens also come from India, Indonesia, Malaysia, Vietnam, the Philippines and the UK.
Singapore has been named as the 5th wealthiest city in the world in 2023, with 240,100 resident millionaires.
This is 2,800 more millionaires than the year before.
New York again held its top spot as the wealthiest city in the world.
This was followed by Tokyo in second spot and the most highly ranked among Asian cities.
The San Francisco Bay Area took third place.
