Singapore tops Asia in private wealth

The city-state ranks just behind New York, the Bay Area, and Tokyo in the global list.

Singapore has retained its position as the fourth wealthiest city in the world, with 242,400 resident millionaires, according to the 2025 edition of the World’s Wealthiest Cities Report published by Henley & Partners and New World Wealth. 

The city-state ranks just behind New York, the Bay Area, and Tokyo in the global list of top 50 cities for high-net-worth individuals (HNWIs).

New York leads the rankings with 384,500 millionaires, followed by the Bay Area, which includes San Francisco and Silicon Valley, with 342,400. 

Tokyo remains in third with 292,300 millionaires. 

Singapore continues to be the top Asian city outside Japan in terms of private wealth, ahead of Hong Kong and Chinese cities such as Beijing and Shanghai.

Amongst major shifts in the rankings, Los Angeles has overtaken London to claim fifth place, with 220,600 millionaires. London now sits at sixth, with 215,700, and is one of only two cities to see a decline in millionaire population over the past decade, down 12%. 

Moscow, which ranks 40th with 30,000 millionaires, recorded a 25% drop.

Paris holds 7th place with 160,100 millionaires, followed by Hong Kong in 8th with 154,900. Sydney is 9th at 152,900, and Chicago enters the top 10 for the first time with 127,100, overtaking both Beijing and Shanghai. 

Beijing now ranks 12th with 114,300 millionaires, whilst Shanghai drops to 14th with 110,500.

The Bay Area recorded 98% millionaire growth from 2014 to 2024, making it the fastest-growing amongst top-ranked cities. 

Only Shenzhen, Hangzhou, and Dubai saw faster growth overall. Shenzhen, now 28th with 50,800 millionaires, grew 142%. 

Hangzhou, ranked 35th with 32,200, grew 108%. Dubai, up from 21st to 18th, grew 102% and now has 81,200 millionaires.