The wealthy are making themselves cosy in sunny Singapore.
Singapore is one of the top 10 destinations millionaires migrated to last year, according to the 2019 Global Wealth Migration Review released by data consultancy New World Wealth in April.
The study observed the movements of some of the world’s wealthiest individuals and analysed factors that influenced wealth growth, including economic growth, press freedom, and women’s safety.
In 2018 alone, approximately 108,000 millionaires – also known as high-net-worth individuals (HNWIs) – migrated from their home countries, an increase from 95,000 the previous year.
With a net inflow of 1,000 HNWIs, Singapore was ranked the eighth most popular destination for millionaire migration in 2018.
However, the number is still a far cry from Australia, which took the top spot with about 12,000 HNWIs welcomed in the same period.
Other countries on the list include US, in second place with a net inflow of 10,000 HNWIs, and Canada in third with 4,000.
Singapore was the only Asian country on the list, which also mentioned Switzerland, United Arab Emirates, Caribbean, New Zealand, Israel, Portugal, Greece, and Spain.
Popular with many millionaires, but not billionaires
Unsurprisingly, the study also found that many HNWIs have already made Singapore their home.
Singapore was named the city with the fifth most HNWIs in 2018, with about 222,300 HNWIs residing on the island.
New York City took first place with approximately 377,800 HNWIs.
Despite its popularity with millionaires, Singapore does not have as many billionaires, and did not make the lists of the top 10 countries and cities for billionaires, topped by the US and New York City respectively.
China has the largest outflow of migrant millionaires
According to the report, China has the highest number of HNWIs packing their bags.
In 2018, China experienced an outflow of around 15,000 HNWIs, which represents about 2 per cent of the total population of HNWIs in the country.
Other countries with significant outflows of HNWIs include the Russian Federation (7,000 HNWIs), Turkey and France.
India had the third highest number of leaving HNWIs, with 5,000 migrating out of the nation in 2018.
Singapore is 10th when comparing total wealth held
Singapore also came in 10th place in the list of 20 wealthiest cities worldwide, with a total wealth of US$995 billion (S$1.3 trillion) held privately in the Lion City.
The total private wealth held worldwide amounts to approximately US$204 trillion, the report said.
According to the report, Singapore is known for its low tax rates and for being one of the most business-friendly cities in the world.
The wealthiest city in the world by total wealth held is New York City with US$2.9 trillion. Other Asian cities which ranked higher than Singapore on this list include Tokyo with US$2.5 trillion (2nd place), Beijing with US$2.1 trillion (5th place), Shanghai with US$1.9 trillion (6th place) and Hong Kong with US$1.3 trillion (8th place).
- There are 22 Singaporeans in Forbes’ 2019 Billionaires list – including the founders of Haidilao, Hotel 81 and Osim
- Singapore is now the second most expensive city for Asia’s richest people – this is how the prices of luxury items here compare to other cities
- There are almost 200,000 millionaires in Singapore – around a thousand with over S$60 million