SG ranked 3rd “wealth magnet” in the world but one Singaporean notes “most citizens are not wealthy”
SINGAPORE: Singapore has clinched the third spot as a “wealth magnet” globally, according to the latest Henley Private Wealth Migration Report 2024.
The report, released on June 18, highlights Singapore’s projected net inflow of 3,500 millionaires by the end of 2024.
This places the city-state behind only the United Arab Emirates (UAE) and the United States in attracting high-net-worth individuals, CNBC reports.
The UAE continues to dominate as the top destination for millionaires, expecting an influx of 6,700 individuals by year-end. This marks the third consecutive year the Gulf nation has topped the rankings.
Following closely behind the UAE, the United States anticipates welcoming 3,800 new millionaires. Singapore, renowned for its strong economy and strategic location in Asia, ranks third in attractinghigh-net-worth individuals looking to relocate.
The Henley report attributes Singapore’s attractiveness to its stable political environment, favourable tax policies, and world-class infrastructure.
These factors bolster its appeal as a financial hub and make it an ideal residence for affluent individuals seeking security and opportunity in the region.
Dominic Volek, Group Head of Private Clients at Henley & Partners, noted that geopolitical tensions and economic uncertainties worldwide are prompting affluent individuals to seek stability and growth prospects elsewhere.
While the influx of wealth into Singapore signals economic prosperity, it also sparked online discourse among Singaporeans.
Singaporeans online reacted, stating, “Yet most of the citizens are not wealthy.” Another noted, “It would be nice if they could use more of their wealth to help people in need.”
According to Henley and Partners, here are the top ten countries expected to experience the highest net inflows of millionaires in 2024:
- United Arab Emirates: +6,700
- United States of America: +3,800
- Singapore: +3,500
- Canada: +3,200
- Australia: +2,500
- Italy: +2,200
- Switzerland: +1,500
- Greece: +1,200
- Portugal: +800
- Japan: +400
/TISG
Read also: Singapore as ‘centre of gravity for M&A in SEA’ sees surge in deals from global investors
Featured image by Depositphotos
The post SG ranked 3rd “wealth magnet” in the world but one Singaporean notes “most citizens are not wealthy” appeared first on The Independent Singapore News - Latest Breaking News
- https://www.msn.com/en-sg/news/singapore/sg-ranked-3rd-wealth-magnet-in-the-world-but-one-singaporean-notes-most-citizens-are-not-wealthy/ar-BB1oY46Z?ocid=00000000
Related
Six-year-old girl is aging backward due to rare disease
Khloe Garcia, 6, was recently diagnosed with Metachromatic leukodystrophy (MLD), a rare genetic disease that will leave her unable to walk, talk, see, or feed herself.
NewsBorn on June 26: Chris Isaak, the romantic rocker with the velvet voice
Chris Isaak, born in 1956 in Stockton, California, led several lives before recording his first album "Silvertone" in 1985, on the eve of his 30th birthday. This first effort was a masterstroke, with several songs that have become classics for the handsome man with the broken nose (he was a boxer before he became a singer), such as "Dancin'", the emblematic "Voodoo", "Tears" and "Gone Ridin'". From the start, Chris Isaak laid the foundations for...
NewsKane speaks on England's underperformance and fitness issues
England captain Harry Kane speaks on underperformance in the early group games and fitness issues the Three Lions have faced in Euro 2024
NewsObsessed with the Roman Empire? Archaeologists just made a major discovery
Contrary to expectations, the peer-reviewed research demonstrates that Interamna Lirenas thrived well into the 3rd century AD, resisting decline for an impressive 900 years.
NewsReading 'request to withdraw from Women's Championship and aim to play in fifth tier' after bid to takeover women's arm of the club fell through
As reported by The Guardian , Reading made the request after a late bid to take over the women' arm of the club fell through.
NewsFormer Liverpool star Martin Skrtel claims that Slovakia are playing England at the RIGHT time to beat them - and reveals why he has been 'disappointed' with the Three Lions at Euro 2024
Skrtel, who was at Anfield between 2008 and 2016, has been unimpressed by what he has seen from England so far at Euro 2024.
NewsBest cars with gullwing doors
Take a look at our list of best cars ever to feature fantastic gullwing doors...
NewsEmbracing identity: The empowering essence of the Star of David necklace in today's world
In the intricate tapestry of today's global society, individuals of the Jewish faith find themselves navigating a landscape fraught with challenges and complexities when it comes to openly expressing their identity. In many public spaces, the display of Jewish symbols can elicit discomfort, unease, or even outright hostility. Despite these formidab...
News