Singapore to Overtake Tokyo as Asia’s Wealthy Hub in 2023

Singapore is poised to surpass Tokyo as the Asian city with the most ultra-high-net-worth individuals within a decade as its stature as a financial center increases with the region’s growth.

Singapore will have 4,878 people with $30 million or more in assets excluding their principal residence by 2023, a 55 percent gain from last year, and trailing only London globally, according to a report from Knight Frank LLP yesterday. The number of these millionaires in Tokyo will climb 8 percent to 3,818, ranking the city fourth worldwide after New York.