Singapore ranks 10th in the world in number of millionaires: report

A new report by London-based research firm WealthInsight ranks Singapore’s inhabitants as some of the world’s wealthiest.

157,000 millionaires resided in Singapore as of last year, making it the tenth-ranked city in the world with the most number of millionaires.

Tokyo topped the list at 461,000 millionaires, with New York City and London in second and third place respectively.

Overall, the United States is the top country in the number of millionaires, with more than 5.2 million millionaires. According to WealthInsight’s projections, China is expected to become the second-largest wealth market in the world by 2020 and India will break into the top five.

In the multi-millionaires category, Singapore scored third place. The city-state has some 3,100 multi-millionaires earning slightly over S$24.3 million (USD$30 million) each.

London topped the multi-millionaire list at slightly over 4,200 such persons, with Tokyo in second place.
In the billionaires category, New York City came in first, with 70 billionaires residing in the city.
Singapore has 13 billionaires, while Tokyo only has 12 of such persons.

Singapore has the highest gross domestic product (GDP) per capita worldwide at US$56,532 in 2010, according to a Knight Frank report last year.

In 2011, a report by the Boston Consulting Group found out that Singapore had 188,000 millionaire households.

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