SG climbs to 7th rank in City Wealth Index

The city also overtook Hong Kong as the second top Asian city.

Singapore climbed one spot to the seventh rank in Knight Frank’s City Wealth Index, overtaking Hong Kong as the second top Asian city in the list.

“This is fairly unusual as Singapore typically occupies third place behind Tokyo and Hong Kong,” Knight Frank said in its The Wealth Report.

Based on the report, the number of rich individuals residing in Singapore grew in 2021, with High-Net-Worth-Individuals rising by 6% from 2020 to 526,370, while Ultra-High-Net-Worth-Individuals increased from 3,874 to 4,206 in the same period.

Knight Frank said Singapore’s “stable political environment fostered by a pro-business government, together with the
modern infrastructure, competitive tax regime, and cosmopolitan lifestyle,” make the city a “magnet for the ultra-rich.”

Over the next four years, the inflow of the ultra-rich in Singapore, which are mainly newly-minted citizens and family offices, is also expected to grow by 43%.

“Singapore continues to be an oasis for investments attributed to its political stability, best-in-class medical infrastructure and many business-friendly incentives. As a result, more family offices are keen to explore this island country as a gateway to access Asian investments. There are abundant opportunities available for capital preservation and appreciation,” Wendy Tang, group managing director of Knight Frank Singapore, said.