Singapore has become an increasingly attractive destination for billionaires, with the number of high-net-worth individuals calling the city-state home rising to 47 in 2024. These billionaires, with a combined wealth of USD 155.5 billion, have made Singapore one of the world’s top wealth hubs. This is a notable jump from 41 billionaires in 2023, who possessed a total wealth of USD 135.8 billion, according to the 2024 UBS Billionaire Ambitions Report.
The city-state’s appeal lies in its political stability, world-class healthcare, and top-tier education systems — key factors that drive billionaires’ relocation choices. Since 2015, the number of billionaires in Singapore has surged from 17, whose combined wealth amounted to USD 44.5 billion. Over the past decade, the average wealth of billionaires residing in Singapore has grown by 27%, from USD 2.6 billion to USD 3.3 billion in 2024.
This growth in billionaire migration is part of a broader global trend, with 176 billionaires having relocated since 2020, driven in part by the Covid-19 pandemic and shifting tax policies. Interestingly, many billionaires now split their lives between multiple jurisdictions, with their children often residing in different locations.
As of 2024, the global billionaire population has surpassed 2,600, with total wealth rising 121% from USD 6.3 trillion to USD 14 trillion over the past decade.
(Source: The Straits Times)
