Singapore is thriving as the world’s 4th wealthiest city in 2025. The numbers are dazzling: 242,400 millionaires call the city home, along with an impressive mix of 333 centi-millionaires and 30 billionaires. These figures place Singapore well ahead of many global hubs, solidifying its reputation as a powerhouse for high-net-worth individuals and a magnet for global capital. Yet, beneath the glittering surface, there’s a growing tension as the city’s prosperity benefits a select few while leaving much of the local population grappling with financial strain and a sense of disconnection.
As someone who has built businesses across Europe and knows firsthand the struggles of scaling within cities shaped by wealth, I’m fascinated by how Singapore’s ascent in global rankings sparks both admiration and concern. Let’s explore why this dynamic matters and what lessons entrepreneurs can take from this booming metropolis.
Why Singapore Attracts Millionaires Like No Other
1. Tax Policies That Welcome the Ultra-Rich
Singapore’s low-tax environment is unbeatable for high earners, a clear draw for anyone with substantial liquid assets. There’s no capital gains or inheritance tax, while income taxes cap at 24%. These policies not only attract foreign millionaires but also foster an ecosystem that encourages ultra-wealthy families to establish family offices here.
Entrepreneurs tapping into Singapore’s market can leverage this influx by aligning their businesses with the needs of these wealthy newcomers. Companies offering financial advisory services, high-end real estate solutions, or luxury personal amenities are particularly well-positioned to grow alongside Singapore's millionaire demographics.
2. Top-Tier Urban Infrastructure
Singapore’s physical and digital infrastructure is a model many cities aim to replicate. Its efficient transportation systems and the ease of conducting global business from its shores save time and reduce operational friction. For founders, this level of accessibility can be a game-changer, especially in industries requiring constant movement and collaboration across borders.
3. A Strategic Location for Trade
Located at the crossroads of major trade routes, Singapore provides unparalleled access to the Asia-Pacific region. Founders aiming to scale into Asian markets will find Singapore indispensable for connecting with partners and consumers in countries like Japan, China, and Indonesia.
But What About the Rest of the Population?
Singapore’s millionaires enjoy unparalleled opportunities, yet for the broader population, life tells a different story. The growing wealth gap is palpable, and as someone who has seen how such economic divides create challenges for startups and small business owners, it’s clear that this issue needs addressing.
1. Housing Costs Are Spiraling
The price of public housing in Singapore has surged to unsettling levels. In 2024, over 1,000 public housing units sold for more than $1 million each. Younger residents face years-long waits for affordable housing, often turning to expensive private rentals as a last resort. Average rental prices for a one-bedroom condo range from $2,500 to $4,000 per month, well beyond what most middle-income households can manage given a median monthly salary of $4,500. For local startups hiring talent, offering competitive wages to attract employees becomes increasingly difficult.
2. Stagnant Wage Growth vs. Skyrocketing Prices
While the city benefits from booming sectors like tech and finance, much of the local workforce sees minimal to no salary growth. This stagnation contrasts painfully with the rising costs of day-to-day life, from food and transportation to childcare and education.
As entrepreneurs, we should recognize the strains employees face and adapt. Offering practical benefits like subsidized childcare, remote work options, or mental health support could help improve staff retention and morale.
Common Entrepreneurial Mistakes in Wealthy Markets
-
Only Targeting High Net-Worth Clients
While it’s tempting to focus on customers flush with disposable income, don’t ignore the middle class. Businesses addressing the day-to-day challenges faced by the average Singaporean, such as affordable housing, healthcare, or transportation, stand to make as big an impact, if not bigger, than luxury-focused startups. -
Ignoring the Unique Needs of Locals
It’s natural to cater to high-spending foreigners, but failing to address the local market ra
FAQ
1. Why is Singapore ranked as the world’s 4th richest city in 2025?
Singapore earned its rank due to hosting 242,400 millionaires, alongside its strategic tax policies and global connectivity, making it a hotspot for ultra-wealthy individuals. Explore why Singapore thrives as the 4th richest city
2. What makes Singapore so attractive to millionaires?
Singapore’s attraction lies in its low tax policies, absence of capital gains and inheritance taxes, and reputation as a hub for family offices and international schools. Learn more about Singapore's tax policies
3. How has Singapore’s millionaire population grown over time?
Between 2015 and 2025, Singapore saw a 62% increase in its millionaire population, outpacing growth in several major cities globally. See global millionaire migration trends
4. Why is housing affordability a growing problem in Singapore?
Public housing prices in Singapore have surged, with many resale HDB flats exceeding $1 million, while younger residents grapple with long wait times for new builds. Understand Singapore’s housing crisis
5. Are wages in Singapore keeping up with the cost of living?
No, wage growth in Singapore is lagging behind skyrocketing costs for housing, transportation, and basic needs, straining middle-income households. Discover more about Singapore’s cost of living
6. What industries benefit from Singapore’s wealth boom?
Industries like financial services, luxury real estate, and high-end amenities are thriving, catering to the ultra-rich population’s growing needs. Explore how businesses can align with millionaire needs
7. How is Singapore accommodating the influx of wealthy foreigners?
Singapore continues to attract wealthy foreigners through favorable investment options, premium housing opportunities, and reliable financial stability. Learn about how Singapore supports high-net-worth individuals
8. Is the wealth growth benefiting local Singaporeans?
No, the growing wealth gap is leaving locals facing financial stress despite the city’s overall prosperity, especially with housing and wage disparity. Understand Singapore’s economic divide
9. How do entrepreneurs thrive despite Singapore’s wealth inequality?
Entrepreneurs can succeed by serving both high-net-worth customers and addressing critical local needs like affordable housing, childcare, and healthcare.
10. Will Singapore remain an inclusive society?
Whether Singapore maintains its inclusivity will depend on balancing wealth influx with policies that address local socioeconomic inequalities. Explore Singapore’s social contract challenges
About the Author
Violetta Bonenkamp, also known as MeanCEO, is an experienced startup founder with an impressive educational background including an MBA and four other higher education degrees. She has over 20 years of work experience across multiple countries, including 5 years as a solopreneur and serial entrepreneur. Throughout her startup experience she has applied for multiple startup grants at the EU level, in the Netherlands and Malta, and her startups received quite a few of those. She’s been living, studying and working in many countries around the globe and her extensive multicultural experience has influenced her immensely.
Violetta Bonenkamp's expertise in CAD sector, IP protection and blockchain
Violetta Bonenkamp is recognized as a multidisciplinary expert with significant achievements in the CAD sector, intellectual property (IP) protection, and blockchain technology.
CAD Sector:
- Violetta is the CEO and co-founder of CADChain, a deep tech startup focused on developing IP management software specifically for CAD (Computer-Aided Design) data. CADChain addresses the lack of industry standards for CAD data protection and sharing, using innovative technology to secure and manage design data.
- She has led the company since its inception in 2018, overseeing R&D, PR, and business development, and driving the creation of products for platforms such as Autodesk Inventor, Blender, and SolidWorks.
- Her leadership has been instrumental in scaling CADChain from a small team to a significant player in the deeptech space, with a diverse, international team.
IP Protection:
- Violetta has built deep expertise in intellectual property, combining academic training with practical startup experience. She has taken specialized courses in IP from institutions like WIPO and the EU IPO.
- She is known for sharing actionable strategies for startup IP protection, leveraging both legal and technological approaches, and has published guides and content on this topic for the entrepreneurial community.
- Her work at CADChain directly addresses the need for robust IP protection in the engineering and design industries, integrating cybersecurity and compliance measures to safeguard digital assets.
Blockchain:
- Violetta’s entry into the blockchain sector began with the founding of CADChain, which uses blockchain as a core technology for securing and managing CAD data.
- She holds several certifications in blockchain and has participated in major hackathons and policy forums, such as the OECD Global Blockchain Policy Forum.
- Her expertise extends to applying blockchain for IP management, ensuring data integrity, traceability, and secure sharing in the CAD industry.
Violetta is a true multiple specialist who has built expertise in Linguistics, Education, Business Management, Blockchain, Entrepreneurship, Intellectual Property, Game Design, AI, SEO, Digital Marketing, cyber security and zero code automations. Her extensive educational journey includes a Master of Arts in Linguistics and Education, an Advanced Master in Linguistics from Belgium (2006-2007), an MBA from Blekinge Institute of Technology in Sweden (2006-2008), and an Erasmus Mundus joint program European Master of Higher Education from universities in Norway, Finland, and Portugal (2009).
She is the founder of Fe/male Switch, a startup game that encourages women to enter STEM fields, and also leads CADChain, and multiple other projects like the Directory of 1,000 Startup Cities with a proprietary MeanCEO Index that ranks cities for female entrepreneurs. Violetta created the "gamepreneurship" methodology, which forms the scientific basis of her startup game. She also builds a lot of SEO tools for startups. Her achievements include being named one of the top 100 women in Europe by EU Startups in 2022 and being nominated for Impact Person of the year at the Dutch Blockchain Week. She is an author with Sifted and a speaker at different Universities. Recently she published a book on Startup Idea Validation the right way: from zero to first customers and beyond, launched a Directory of 1,500+ websites for startups to list themselves in order to gain traction and build backlinks and is building MELA AI to help local restaurants in Malta get more visibility online.
For the past several years Violetta has been living between the Netherlands and Malta, while also regularly traveling to different destinations around the globe, usually due to her entrepreneurial activities. This has led her to start writing about different locations and amenities from the POV of an entrepreneur. Here’s her recent article about the best hotels in Italy to work from.
About the Publication
Fe/male Switch is an innovative startup platform designed to empower women entrepreneurs through an immersive, game-like experience. Founded in 2020 during the pandemic "without any funding and without any code," this non-profit initiative has evolved into a comprehensive educational tool for aspiring female entrepreneurs.The platform was co-founded by Violetta Shishkina-Bonenkamp, who serves as CEO and one of the lead authors of the Startup News branch.
Mission and Purpose
Fe/male Switch Foundation was created to address the gender gap in the tech and entrepreneurship space. The platform aims to skill-up future female tech leaders and empower them to create resilient and innovative tech startups through what they call "gamepreneurship". By putting players in a virtual startup village where they must survive and thrive, the startup game allows women to test their entrepreneurial abilities without financial risk.
Key Features
The platform offers a unique blend of news, resources,learning, networking, and practical application within a supportive, female-focused environment:
- Skill Lab: Micro-modules covering essential startup skills
- Virtual Startup Building: Create or join startups and tackle real-world challenges
- AI Co-founder (PlayPal): Guides users through the startup process
- SANDBOX: A testing environment for idea validation before launch
- Wellness Integration: Virtual activities to balance work and self-care
- Marketplace: Buy or sell expert sessions and tutorials
Impact and Growth
Since its inception, Fe/male Switch has shown impressive growth:
- 5,000+ female entrepreneurs in the community
- 100+ startup tools built
- 5,000+ pieces of articles and news written
- 1,000 unique business ideas for women created
Partnerships
Fe/male Switch has formed strategic partnerships to enhance its offerings. In January 2022, it teamed up with global website builder Tilda to provide free access to website building tools and mentorship services for Fe/male Switch participants.
Recognition
Fe/male Switch has received media attention for its innovative approach to closing the gender gap in tech entrepreneurship. The platform has been featured in various publications highlighting its unique "play to learn and earn" model.