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Singapore is world's fastest growing city for ultra-rich

Singapore is the fastest growing city in the world for ultra-high-net-worth individuals (UHNWIs), with an extra 1,752 people predicted to break the US$30 million mark between 2014 to 2024, revealed Knight Frank's 2015 Wealth Report.

Hong Kong, New York, London and Mumbai are the remaining cities on the top five list, in descending order.

Come 2024, Singapore will have 4,979 UHNWIs, up 54.3 percent from last year's tally. This means the city-state, which is currently ranked in 13th position, will move up to 9th spot overtaking France.

On a city level, Singapore is third among global cities where the super wealthy choose to live, just behind London and Tokyo. With a current UHNWI population of 3,227, it beat out Asian rival Hong Kong which has 2,690 UHNWIs.

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Commenting, Alice Tan, Research Head for Knight Frank Singapore said: "Singapore's strengthening position as a regional financial and transportation hub, coupled with stable and pro-business Government have attracted MNCs to relocate their regional operations here.

"These strong attributes have also attracted many UHNWIs to relocate and invest in Singapore, especially in the real estate sector. The cooling measures implemented by the Government have brought stability to both the residential and commercial sectors."

The Wealth Report 2015
The Wealth Report 2015

Source: The Wealth Report 2015

Meanwhile, Asia overtook North America as the region with the second-largest increase in UHNWIs - some 1,419 people moved past the US$30 million mark in Asia in 2014, while Europe held onto the top spot with 1,834 new entrants.

Ultra-wealthy Asians also hold more in total wealth with net assets of US$5.9 trillion - seven percent more than those in North America with US$5.5 trillion.

Knight Frank's report tracked the growing super-rich population in 108 cities across 97 countries.

To download the full report, go to: http://bit.ly/1G0D5HT

Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg

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