Singapore comes in eighth on Spear’s recent list of cities with the highest percentage of millionaires, which it published for the first time.
According to the list, Singapore has a 2.8% millionaire density.
Individuals with “net assets of US$1 million or more, excluding their primary residences” were classified as a millionaire.
Topping the list are Monaco (29.21%), Zurich (27.34%), and Geneva (17.92%) respectively.
“Favourable tax and outstanding location are important criteria for attracting clusters of millionaires, but so too is ready access to wealth managers and private banks,” said WealthInsight analyst Oliver Williams.
