The city-state trailed only Dubai (1st) and New York (2nd) on property consultancy Savills’ inaugural HNW Individuals Hotspot Index, released on Monday as part of its Spotlight on Wealth Trends report. High-net-worth individuals typically refer to those with at least US$1 million in investable assets.
The study assessed nearly 100 global destinations across five factors: business environment and wealth clustering, family infrastructure and cost, legacy planning, lifestyle, and privacy.
Singapore scored particularly well for its economic competitiveness and global connectivity, both components of the business environment metric. It also ranked 7th worldwide for lifestyle, as reported by Singapore Business Review.
It also stood out as one of the most favorable locations for legacy and tax planning thanks to its lack of inheritance, capital gains, and wealth taxes. Its top marginal personal income tax rate, at 24%, is below that of many other advanced economies.
The city-state’s high placement on the index underscores its enduring appeal to wealthy individuals drawn by both stability and long-term value, according to Yap Hui Yee, executive director of investment sales and capital markets at Savills Singapore.
“Its position as a global wealth hub is further reinforced by the strength of its real estate fundamentals,” she said, as quoted by EdgeProp.
Singapore led Asia-Pacific on the ranking, ahead of regional peers like Hong Kong (4th), Shanghai (16th), Bangkok (17th) and Tokyo (24th).
Globally, Abu Dhabi rounded out the top five, with Monaco, Los Angeles, Aspen, London and Geneva making the top ten.
While established cities remain key hubs for the wealthy, the global landscape of wealth is changing, according to Savills.
The firm said Millennials and Gen Z generations will inherit more than $18 trillion over the next decade, marking the largest intergenerational wealth transfer in history.
This redistribution of wealth is expected to spur a shift in preferred destinations, favoring those that reflect their values, such as sustainability, digital infrastructure and quality of life.
“We are witnessing a clear pivot away from traditional financial centres towards dynamic, tech-enabled cities and lifestyle driven locations,” the report said. “In this new era, the next hotspot may be less about legacy and more about agility, vision and the ability to attract the globally mobile.”
