Hong Kong Drops Behind Singapore In New Ranking Of World's Richest Cities

Hong Kong fell behind rival Singapore in a ranking of the world's wealthiest cities.

The number of millionaires in Hong Kong dropped 27% to 129,500 between 2012 and 2022, while it grew 40% to 240,100 in the city-state, according to a list published by investment migration company Henley & Partners in partnership with global wealth intelligence firm New World Wealth.

Hong Kong now ranks No. 7, two spots below Singapore. It ranked fourth in 2012, the report said.

Beijing's tightening grip on Hong Kong has driven an exodus of wealth and a boom in family offices to other hubs. While the investment firms for the super-rich have almost doubled between 2021 and 2020 in Singapore, its rival closer to China has been playing catch up and unveiled tax concessions last month.

Most people with investable wealth of at least $1 million live in New York City, with the Bay Area and Los Angeles also among the top spots, the Henley & Partners report shows. London dropped to No. 4, while Tokyo fell to second place.

Juerg Steffen, Henley & Partners' chief executive officer, said most of the cities that topped the list are in countries that have programs in place to help with the migration of funds and encourage foreign direct investments in exchange for residence or citizenship rights.

"Being able to relocate yourself, your family, or your business to a more favorable city or have the option to choose between multiple different residences across the world is an increasingly important aspect of international wealth and legacy planning for private clients,” Steffen said.

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