The world's best city for business where most billionaires live
This city is widely seen as the most business friendly city on Earth where many millionaire and billionaire reside
Look no further than Singapore, the city-state that continues to attract the wealthy from across the world.
Singapore has overtaken London ranking as fourth wealthiest city in the world, according to the 2024 World’s Wealthiest Cities Report by Henley & Partners.
Singapore is reportedly home to 244,800 millionaires, 336 centi-millionaires and 30 billionaires, according to the report.
This means that nearly 4.31% of Singapore's population is made up of millionaires, with a staggering 64% growth in their numbers between 2013 and 2023.
Singapore,[f] officially the Republic of Singapore, is an island country and city-state in Southeast Asia. The country's territory comprises one main island, 63 satellite islands and islets, and one outlying islet. It is about one degree of latitude (137 kilometres or 85 miles) north of the equator, off the southern tip of the Malay Peninsula, bordering the Strait of Malacca to the west, the Singapore Strait to the south along with the Riau Islands in Indonesia, the South China Sea to the east, and the Straits of Johor along with the State of Johor in Malaysia to the north.
Singapore has become an important financial hub
It is estimated that 3,400 high-net-worth-individuals moved there in 2023 alone.
According to Forbes, the three richest billionaires residing in Singapore are Eduardo Luiz Saverin, co-founder of Facebook; brothers Robert and Philip Ng, who control Far East Organization, one of Singapore's largest private landlords and property developers; and Li Xiting, co-founder and chairman of Shenzhen Mindray Bio-Medical Electronics, a prominent supplier of medical devices.
The city’s favourable tax policies, strategic location in Asia, and growing economy make it an apparent magnet for business moguls, investors, and entrepreneurs seeking to grow their fortunes.
Singapore's history traces back to its origins as a fishing village and outpost for the Srīvijayan Empire.
By salisu umar manta
