Singapore is 10th city in the world with the most billionaires

Eight Asian cities are in the top 20.

There are 32 billionaires breathing and living in Singapore as of the moment, a small fraction of the world’s 2,325 billionaires.

A recent report by WealthX reveals that New York houses 103 billionaires, making it the city with the most number of billionaires globally. Singapore, meanwhile, is a distant 10th from close economic rival Hong Kong, which garnered 3rd spot with 82 billionaires.

According to WealthX, billionaire hotspots exist in part because billionaires have increasingly internationally diversified business interests. Many billionaires have registered their business in a location that is neither their home country nor where their main business was initially founded.

The report says that here are 5.8 billionaires per million people in Singapore, and that 65.6% of these billionaires are foreign-born. The total wealth of Singapore’s billionaires in 2014 amount to US$65b, up a billion dollars from 2013.