Singapore's Billionaire Boom

A recent report by UBS, the Switzerland-based investment bank, reveals that 47 billionaires relocated to Singapore in 2024, collectively bringing their wealth to US$155.5 billion, a 14.5% increase. This influx marks a significant shift in the global wealth landscape, with Singapore now home to two-thirds of self-made billionaires.

In comparison, the country-state was home to just 17 billionaires with a total wealth of $44.5 billion in 2015. The report highlights that mainland China still leads in the number of emigrated billionaires, with 427, followed by India (185) and Hong Kong (74).

Benjamin Cavalli, head of strategic clients at UBS Global Wealth Management, identifies three key factors driving billionaires to relocate: a safe environment and political stability, top-notch medical care, and quality education. The Covid-19 pandemic has been a wake-up call for many, prompting a reassessment of lives and businesses spread across different locations.

Globally, the UBS report found that billionaires accounting for more than $400 billion have emigrated in the last four years. Since 2020, 176 billionaires have moved from a total population of 2,682 in April 2024, representing one in 15 shifting their domicile. The world's number of billionaires has surged by more than half since 2015 to 2,682 in 2024, with their wealth increasing by 121% to $14 trillion.