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According to the "Global Wealth Cities 2024 Report" by New World Wealth, published on May 7, 2024, Singapore climbed two places in the global ranking of cities with the most millionaires, now sitting as the second in Asia and fourth globally. Over the past decade, a significant influx of HNWIs has energized Singapore, with a 64% increase in millionaire numbers during this period. Currently, Singapore is home to over 240,000 millionaires, 336 billionaires, and 30 ultra-high-net-worth individuals with assets exceeding $1 billion. This influx has directly contributed to a 17.6% surge in the resale transactions of non-landed luxury homes in the first quarter of 2024, reflecting a robust market trend.

Singapore's stellar business environment, innovation, and open attitude continue to draw global attention. The Economist Intelligence Unit (EIU) ranked Singapore first among 82 countries and regions in its latest business environment rankings, a position it has held for 16 consecutive years with prospects to maintain this lead for the next five years. Renowned multinational corporations from China, India, Southeast Asia, and beyond have chosen Singapore as their Asia-Pacific headquarters, establishing it as a pivotal gateway to international markets.

The Global Financial Centres Index (GFCI) report from March places Singapore as the third largest financial center globally, trailing only New York and London. Located at the southeastern tip of the bustling Malacca Strait, Singapore's prime geographical location has cemented its role as Southeast Asia’s economic center, fostering deep trade connections worldwide and providing an unparalleled platform for international business exchange.

Whether it's Western giants entering the Asian market, Asian companies expanding their global footprint, or exploring the promising Southeast Asian region, Singapore remains an indispensable "strategic hub." Entrepreneurs here gain insights into global trends and realize strategic cross-border expansions.

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To attract worldwide investments, businesses, and elite professionals, the Singaporean government has introduced a range of tax incentives and subsidies. Singapore’s tax system is characterized by its simplicity, few tax categories, and low rates. Unlike many countries that adopt a global taxation principle, Singapore practices a territorial tax system, meaning income is taxed only once. For instance, after a company pays corporate tax, shareholders are exempt from paying additional taxes on dividends received.

Singapore has signed Double Taxation Agreements (DTA) with 97 countries, covering most major global economies. This ensures that multinational companies and individuals doing business in Singapore only pay taxes once, streamlining tax processes and alleviating tax burdens. Singapore also exempts foreign capital gains, dividends, and income from tax. Additionally, the abolition of inheritance tax means assets acquired through inheritance or gifting are not subject to estate taxes.

Currently, the corporate tax rate in Singapore stands at a flat 17%. To support startups, the government offers the Start-Up Tax Exemption Scheme (SUTE), providing tax relief for the first three years of operation. After this period, companies can still benefit from the Partial Tax Exemption Scheme. To attract international firms to set up regional headquarters, Singapore launched the International Headquarters Programme, offering substantial tax incentives.

Known as the "Garden City," Singapore boasts a clean, green environment with meticulously designed urban landscapes, allowing residents to "live in a garden." Beyond its natural beauty, Singapore offers top-notch public services, including an extensive transportation network, advanced healthcare facilities, and high-quality educational resources. These factors collectively create a convenient, efficient, and safe living environment, making it a perfect haven for HNWIs.

In conclusion, Singapore’s blend of a strong business climate, strategic location, favorable tax regime, and exceptional living standards makes it an ideal destination for high net-worth individuals seeking a dynamic, prosperous, and comfortable place to live and invest.