Hong Kong has been overtaken by rival city-state Singapore as the wealthiest city in Asia, according to a report by Henley & Partners and New World Wealth. The number of millionaires in Hong Kong fell by 27% to 129,500 between 2012 and 2022, while the number in Singapore grew by 40% to 240,100. Hong Kong has dropped two places to seventh in the ranking, behind Singapore in fifth place. New York City topped the list with 340,000 millionaires. The US had 10 of the 50 wealthiest cities in the world, while China had five, placing it ahead of Australia with four. Juerg Steffen, Henley & Partners' chief executive, said that most of the cities that topped the list have programmes to encourage foreign direct investments.