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Singapore fourth among cities with most millionaire CEO residents
SINGAPORE is ranked fourth in the world when it comes to cities with the most millionaire chief executive officers (CEOs) while London topped the list, according to a report.
Meanwhile, tech hub San Francisco is in second place, New York is in third and Los Angeles rounded off the top five.
The research, which was conducted by business and lifestyle publication Compelo and Wealth Insight based on 2017 data, showed that Singapore was the only Asian city in the top 10 list, which was dominated by seven American cities. The only two European cities on the list were London and Paris, which was in eighth spot.
By country, the United States unsurprisingly took the lead again, followed by the United Kingdom and France. In fact, 48 per cent of all millionaire CEOs live and work in the US, while 8 per cent are in the UK and 4 per cent in France.
One per cent of millionaire CEOs are based in Singapore, no doubt thanks in part to its standing as a key Asian financial centre. Aside from minting millionaire CEOs, the city-state has also attracted high net worth individuals over the years, such as veteran investor Jim Rogers and Facebook co-founder Eduardo Saverin, who have relocated here.
By country, China was ranked seventh in the report when it comes to millionaire CEOs; however, major cities such as Shanghai and Beijing did not make the top 10 list. This could be because "chairman" is the most popular job title in China, while the report only included millionaires who held the position of CEO. Research shows that one fifth of Chinese millionaires hold the designation "chairman".
The report also showed that the average millionaire CEO globally is typically a 58-year-old male with wealth ranging from US$5 million to US$30 million.
About half of them are self-made, and head up companies that they started themselves. Meanwhile, 38 per cent of millionaire CEOs made their wealth from a salaried role, while just 7 per cent acquired their wealth from family money. The remaining 5 per cent inherited their wealth.
When it comes to segmenting by industry, the tech and telecoms industry had the highest percentage of CEO millionaires with 18 per cent.
"Despite employing the highest volume of millionaire CEOs, tech and telecoms is actually the worst industry for their wealth," Compelo and Wealth Insight said in a joint release. "CEOs working in tech and telecoms have an average wealth between US$1 million and US$5 million, despite the sector seeing explosive growth globally."
The financial services and investments sector was in second place, employing 15 per cent of millionaire CEOs, followed by the retail, fashion and luxury goods industry as well as the healthcare sector, which both had 8 per cent each.
The industry that has the least millionaire CEOs (2 per cent) - but the wealthiest - is the "diversified" category, namely groups with businesses spanning multiple industries. Among them are billionaire Charles Koch of Koch Industries and Virgin's former CEO, billionaire Richard Branson, who is worth a cool US$5.5 billion.