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Have you ever wondered where the world's millionaires and billionaires are? Well, the answer is Singapore, the city-state that has become a refuge for the super-rich.
According to the World’s Richest Cities Report 2024, published by Henley & Partners, Singapore has overtaken London and is now the fourth richest city on the planet. According to the data, the city is home to 244.800 millionaires, 336 centi-millionaires and 30 billionaires. Impressive, right?
And that number is only growing! In 2023 alone, around 3.400 high net worth individuals decided to move there. In just ten years, between 2013 and 2023, the number of millionaires in the city has jumped 64%. In other words, it is no coincidence that Singapore has become the darling of major investors and businesspeople.
Who are the billionaires living in Singapore?
Singapore isn't just home to millionaires! The city is also home to some of the world's most influential billionaires. Some of the big names include:
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Eduardo Saverin: The co-founder of Facebook, who left the United States for Singapore to take advantage of the tax benefits and highly favorable business environment.
Robert and Philip Ng: These brothers run the Far East Organization, one of the largest private real estate companies in the city, dominating the commercial and residential property sector.
Li Xiting: Co-founder and chairman of Shenzhen Mindray Bio-Medical Electronics, one of the world's largest medical device suppliers, consolidating his fortune in Singapore.
What makes Singapore so attractive to millionaires and entrepreneurs?
Singapore didn't become such a magnet for millionaires by chance. The city has a number of advantages that make big businessmen flock there. Take a look:
Favorable tax policies: One of the lowest corporate taxes in the world and no tax on capital gains or inheritances.
Strategic location: Right in the middle of Asia, facilitating business with emerging and developed markets.
Impeccable infrastructure: State-of-the-art airport, high-speed internet and a transport system that works like a Swiss watch.
Safety and quality of life: One of the safest cities on the planet, with very low crime rates, as well as first-class education and healthcare.
A brief look at the history of Singapore
Singapore wasn’t always the powerhouse and home to millionaires we know it to be. Back then, it was just a fishing village called Temasek. The name “Singapore” came later and means “Lion City”.
In 1819, Sir Stamford Raffles saw the island's potential and established a British trading post there. Over time, Singapore went through several ups and downs until it became independent in 1965. That's when the magic happened: with aggressive industrialization strategies, incentives for businesses and lots of investment in technology and education, the city has become one of the largest centers financial institutions of the world.
What a fight
Less taxes, more investments
Fantastic view, congratulations