Singapore will have the second highest number of ultra-high-net-worth individuals among cities in the world over the next 10 years, as Asia's surging economy continues to attract the wealthy to the region.
This also places Singapore as the Asian city with the most people with US$30 million (S$38 million) or more in net assets in 2023, beating Tokyo to the top spot, according to the Wealth Report released by property consultancy Knight Frank on Wednesday.
The report showed that Singapore will have 4,878 of these high-net-worth-individuals in 10 years, jumping 55 per cent from 2013.
New York also toppled Hong Kong to take third place in 2023 on the global rankings, while London kept the top spot.
"The main battleground is Asia, where a handful of locations are slugging it out in the hope of establishing a clear lead as the region's alpha urban hub," said Mr Nicholas Holt, Asia-Pacific research head at Knight Frank.
Separately, Asia was also forecasted to be home to 58,588 people with more than US$30 million in net assets in the next decade, overtaking North America, while the number of billionaires in Asia will also overtake Europe.