Hong Kong has experienced a decline in its millionaire population, with many wealthy expats moving to Singapore, according to a report from immigration consultancy firm Henley and Partners. The trend of millionaires relocating from Hong Kong to Singapore has been ongoing for the past decade, resulting in a 4% decrease in Hong Kong’s millionaire population. This shift has led to an increase in Singapore’s millionaire population, positioning the city as one of the wealthiest in the world.
While Singapore has seen a rise in its millionaire ranks, maintaining its position as one of the wealthiest cities globally, the city’s wealth gains have been attributed to global equity market growth over the past decade. Other cities that have seen an increase in their millionaire populations include Tokyo, the Bay Area, and Shenzhen, China. As for China, Shenzhen has experienced a significant surge in its millionaire population, with a 140% increase over the past decade.
The geopolitical landscape and economic factors play a significant role in shaping the distribution of wealth among global cities. While cities like New York continue to have a high concentration of millionaires, shifts and trends in wealth distribution, such as those seen in Hong Kong and Singapore, reflect changing economic and political dynamics.
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