Up to 3,500 high-net-worth individuals to become Singapore citizens in 2023, most from China: report

UP TO 3,500 high-net-worth individuals (HNWIs) are expected to become Singapore citizens in 2023, with most of them from China, said Andrew Amoils, head of research at wealth intelligence firm New World Wealth, in an interview with Chinese daily Lianhe Zaobao on Thursday (Apr 20).

A report jointly produced by New World Wealth and Henley & Partners published earlier this week named Singapore as the fifth-wealthiest city in the world in 2023, with 240,100 resident millionaires – 2,800 more than the year before.

New York again held its top spot as the wealthiest city in the world. It was followed by Tokyo, in second spot as the most highly ranked among Asian cities. The San Francisco Bay Area took third place.

While it is not known how much wealth the new citizens will bring to Singapore, the report stated that each HNWI has at least US$6 million in investable wealth.

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, said Amoils.

Other Asian cities among the world’s top 10 wealthiest were Hong Kong, Beijing and Shanghai, which took the seventh, eighth and ninth spots.

The annual report jointly published by Henley & Partners and New World Wealth includes HNWI population data for 97 cities across the world, as well as HNWI growth statistics for the past decade.



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