Singapore secures 8th place among top cities for billionaires

In 2023, despite global economic challenges such as inflation and rising living costs, Singapore solidified its reputation as a hub for the ultra-wealthy.

The city-state ranked 8th in the world for billionaire population, with 58 billionaires calling it home, according to Altrata’s 2024 Billionaire Census. This achievement places Singapore among the world’s top 15 cities, which collectively host 28% of the global billionaire population.

A Magnet for the World’s Wealthiest

At the heart of Singapore’s appeal lies its political stability, strategic location, and world-class infrastructure. However, one of its most significant advantages is its tax policies, which are designed to attract investment and retain wealth. Unlike many other jurisdictions, Singapore does not impose a capital gains tax, making it particularly attractive to high-net-worth individuals seeking a stable and tax-efficient environment.

Beyond tax policies, Singapore offers a comprehensive legal framework, a robust banking sector, and a vibrant lifestyle scene that appeals to the global elite. These factors have transformed the city-state into a nexus for business and finance, drawing billionaires from across the globe who seek a safe haven for their wealth and families.

Billionaire Class Thrives Despite Economic Headwinds

The global billionaire population grew by 4% in 2023, reaching a record 3,323 individuals. This growth, reversing the previous year’s decline, was fueled by resilient stock markets, a rebound in key sectors such as technology and finance, and burgeoning investor enthusiasm for innovations like artificial intelligence.

Collectively, billionaires now control an unprecedented $12.1 trillion in wealth, an increase of 9% from the previous year. While billionaires account for less than 0.01% of the global population, they hold 8% of the world’s high-net-worth wealth, highlighting their outsized influence on the global economy.

Singapore’s Steady Rise Amid Regional Challenges

While Singapore’s billionaire population rose, the broader Asian region saw a 3.5% decline, largely due to economic and geopolitical headwinds in China and Hong Kong. The slowing Chinese economy, compounded by real estate woes and trade tensions, has impacted billionaire wealth in the region’s largest economies.

Despite this, Singapore’s trajectory remains upward. As a financial hub, the city-state continues to benefit from the flow of wealth seeking stability and growth opportunities. Its role as a bridge between East and West makes it particularly well-positioned to weather regional challenges and attract even more billionaires.

A Growing Share of Global Wealth

Globally, billionaires are concentrated in a few key cities. Singapore’s rise to 8th place highlights its growing importance in this exclusive club. The top-ranked city, New York, is home to 144 billionaires, followed by Hong Kong with 107, and San Francisco with 87. While Beijing and Los Angeles edge out Singapore with 60 and 62 billionaires, respectively, Singapore has leapfrogged traditional centers like Shenzhen and Mumbai.

This shift reflects a broader pattern where cities offering political stability, favorable tax conditions, and robust financial systems are becoming increasingly attractive to the ultra-wealthy.

Ranking of top cities with billionaires

1. New York City, USA – 144 billionaires
2. Hong Kong – 107 billionaires
3. San Francisco, USA – 87 billionaires
4. London, UK – 78 billionaires
5. Moscow, Russia – 77 billionaires
6. Los Angeles, USA – 62 billionaires
7. Beijing, China – 60 billionaires
8. Singapore – 58 billionaires
9. Shenzhen, China – 41 billionaires
10. Mumbai, India – 40 billionaires

Wealth and Gender Dynamics

The billionaire class remains overwhelmingly male, with women comprising only 13% of the global total. However, the number of self-made female billionaires is steadily increasing, reflecting broader societal shifts. In terms of wealth distribution, most billionaires hold fortunes between $1 billion and $2 billion, while an elite 0.5% control over $50 billion each. This top tier alone accounts for 16% of the total wealth of the billionaire class.

Billionaire Industries: A Sectoral Breakdown

The billionaire class worldwide is deeply rooted in key industries, reflecting broader economic trends. Banking and finance dominates as the most common focus for billionaires, particularly for male members of the ultra-wealthy. The financial services sector has historically been the backbone of wealth creation, especially in leading markets like Singapore.

For female billionaires, the non-profit sector ranks just above banking and finance, reflecting their stronger inclination toward philanthropy and societal issues. Interestingly, female billionaires are also more represented than their male peers in industries like food and beverages, textiles, and hospitality, while showing lower representation in sectors such as industrial conglomerates, real estate, and technology. These trends highlight subtle but meaningful gender differences in wealth focus and industry preferences.

In Singapore, industries such as banking and finance, technology, and consumer goods continue to drive billionaire wealth. The city’s thriving tech ecosystem and financial hub status position it at the forefront of global wealth generation.

The Road Ahead for Singapore

As the global economy evolves, Singapore is poised to further cement its position as a billionaire hub. Its investor-friendly policies, coupled with its status as a leading financial center, create an environment ripe for wealth accumulation. Infrastructure investments, a thriving tech scene, and a commitment to economic stability will continue to attract the world’s wealthiest individuals.

The rise of 58 billionaires in Singapore underscores not only its growing appeal but also the broader shifts in global wealth. With the city-state emerging as a beacon for the ultra-wealthy, Singapore’s position on the global stage looks set to strengthen further in the years to come.