Singapore is known for its rapid economic growth and vibrant urban landscape. It is home to some of the wealthiest cities in the world.
As a global financial hub, it boasts high-income areas where luxury, innovation, and business opportunities converge. From stunning skyscrapers to lavish neighborhoods, these cities within Singapore attract affluent residents and major corporations alike.
In this blog, we’ll explore the richest cities of Singapore. We will also highlight what makes each one a powerhouse of wealth and prosperity.
10 Richest Areas in Singapore
Explore the richest cities in Singapore in this section. Discover their thriving industries, key economic contributions, and innovative sectors.
1. Central Region (includes the Central Business District)
The Central Region of Singapore, particularly the Central Business District (CBD), plays a pivotal role in driving the nation’s economy. It is responsible for a significant portion of Singapore’s GDP, contributing to its reputation as a global financial hub.
As of recent data, Singapore’s financial and insurance sectors, largely concentrated in this region, account for nearly 13.3% of the nation’s GDP. The Central Region is also home to a thriving services sector that contributes to the country’s overall economic health.
The CBD is the heart of Singapore’s financial industry, hosting the headquarters of major multinational corporations, leading banks like DBS and UOB, and numerous investment firms. It is renowned for its towering skyscrapers, including iconic buildings such as Marina Bay Sands, the Singapore Exchange, and the Asia Square Tower.
Moreover, as a gateway to Southeast Asia, Singapore’s Central Region serves as a key transit point for global trade, which naturally attracts significant foreign investment. The region also benefits from excellent connectivity, including Changi Airport, which consistently ranks among the world’s best, facilitating seamless international business operations.
Apart from finance, the Central Region is known for its retail and tourism industries. Orchard Road, one of the world’s most famous shopping streets, is a major retail destination that draws tourists and locals alike. Additionally, Marina Bay Sands and Gardens by the Bay add to the luxury experience.
2. Orchard
Orchard is one of Singapore’s most iconic and affluent districts. It contributes significantly to the country’s economy through its thriving retail and real estate sectors. Known as the heart of Singapore’s shopping scene, Orchard Road is a 2.2-kilometer stretch lined with high-end malls, luxury boutiques, and world-class hotels.
While the retail sector doesn’t directly contribute to Singapore’s GDP as heavily as finance, Orchard’s influence on the tourism and hospitality industries is substantial. In 2022, retail trade in Singapore contributed about 4% to the GDP. A large portion of that stems from the activity centered around Orchard.
Moreover, one of Orchard’s most significant draws is its reputation as a global luxury retail destination. Brands such as Louis Vuitton, Chanel, and Gucci dominate this area, attracting high-net-worth individuals from all over the world.
Tourists, especially from China and Indonesia, flock to Orchard to indulge in luxury shopping, making it a crucial area for Singapore’s tourism sector. Ion Orchard, Ngee Ann City, and Paragon are some of the famous malls that define the Orchard experience.
3. Marina Bay
Marina Bay is a shining example of Singapore’s futuristic vision and economic success. It is one of the most expensive areas in Singapore and a key player in the city’s GDP, especially given the concentration of financial services, real estate, and tourism-related businesses. The surrounding area, part of the Central Region, contributes to Singapore’s financial services sector, which accounts for around 13.3% of the national GDP.
The Marina Bay Sands resort is a cornerstone of this region’s economy. As a luxury hotel, casino, and entertainment complex, Marina Bay Sands attracts millions of tourists each year, making it a major driver of Singapore’s hospitality and entertainment sectors.
In 2023, Singapore saw approximately 14 million visitors, and a large percentage of these tourists frequented the iconic Marina Bay area. Marina Bay is also home to several multinational companies. The area’s appeal to global businesses is amplified by landmark developments like Marina One and the Marina Bay Financial Centre. These house offices of world-renowned firms like HSBC and Mitsubishi UFJ Financial Group.
In addition to finance and tourism, Marina Bay stands out for its cutting-edge urban planning and sustainable architecture. Gardens by the Bay, an award-winning nature park, adds to the area’s richness by attracting both tourists and locals.
4. Sentosa
Sentosa is a luxurious island destination that plays a key role in Singapore’s tourism and hospitality industry. Located just off the southern coast of Singapore, Sentosa is often referred to as the country’s playground for the rich and famous.
Its contribution to Singapore’s GDP is heavily tied to the tourism sector, which accounted for about 4% of the nation’s GDP in 2022. Sentosa alone draws millions of tourists each year, many of whom are attracted to its upscale resorts, entertainment options, and pristine beaches.
Moreover, one of the wealthiest areas in Singapore, Sentosa is home to lavish attractions such as Resorts World Sentosa, which includes a casino, luxury hotels, and Universal Studios Singapore. Resorts World Sentosa is a major economic driver, drawing high-net-worth tourists and international travelers.
The Sentosa Golf Club, one of Asia’s most prestigious golf courses, also enhances the island’s appeal. It hosts international events like the HSBC Women’s World Championship.
Additionally, luxury homes and waterfront villas in Sentosa Cove can command prices upwards of tens of millions of dollars. The area’s appeal is further heightened by its marinas, private yacht clubs, and its close proximity to the central business districts, making it a highly sought-after address.
5. Bukit Timah
Bukit Timah is one of Singapore’s wealthiest residential districts. It is known for its sprawling estates, high-end condominiums, and proximity to some of the country’s top schools and nature reserves. The district’s wealth stems largely from its real estate sector.
In terms of GDP contribution, Bukit Timah’s influence comes from its role in the real estate and education sectors. The education sector in Singapore is a major part of its knowledge economy, and Bukit Timah is home to prestigious schools such as Hwa Chong Institution.
Bukit Timah’s wealth is also linked to its natural surroundings. The Bukit Timah Nature Reserve, one of the largest patches of primary rainforest in Singapore, is a natural gem, attracting eco-conscious residents and tourists. It also houses Bukit Timah Hill, the highest point in Singapore, making the area a desirable location for those seeking tranquility.
The district’s strategic location is another factor contributing to its wealth. Situated near the Central Business District and Orchard Road, Bukit Timah provides residents with both serenity and easy access to the city’s core areas. High-end shopping malls like The Grandstand and beauty spots like Singapore Botanic Gardens, a UNESCO World Heritage Site, add to Bukit Timah’s appeal, making it not just a wealthy residential area but also a hub for leisure and luxury.
6. Novena
Novena is a vibrant and affluent district in central Singapore. It is known for its medical hub, upscale residential developments, and proximity to key commercial areas. Novena’s wealth largely stems from its role as Singapore’s primary medical district, often referred to as the “Health City.” This area contributes to Singapore’s robust healthcare sector, which accounted for about 5.5% of GDP in recent years.
The Novena Health City project is a key development that will cement the district’s status as a medical hub. It encompasses major hospitals such as Tan Tock Seng Hospital, Mount Elizabeth Novena Hospital, and numerous specialty clinics. The cluster of medical facilities draws both local and international patients, making Novena a critical contributor to Singapore’s healthcare economy.
In addition to healthcare, Novena is home to luxury residential properties that appeal to well-heeled locals and expatriates. Developments like Soleil Sinaran and the prestigious Orchard Scotts Residences add to Novena’s appeal.
Moreover, Novena’s wealth is also reflected in its retail and hospitality sectors. The district is home to the popular Velocity Novena Square and Square 2 malls, offering a mix of upscale shopping, dining, and lifestyle services.
7. Newton
Newton is a prestigious and affluent neighborhood located just minutes away from Orchard Road and the Central Business District. This makes Newton one of the richest cities in Singapore.
Its GDP contribution primarily comes from its high-end real estate market, hospitality, and proximity to key economic zones. Real estate in Newton is among the most expensive in Singapore, with luxurious condominiums and landed properties that cater to wealthy individuals and expatriates.
One of the main reasons Newton is so rich is its strategic location. Residents of Newton enjoy easy access to Orchard Road’s shopping district, as well as the Central Business District. The area is dotted with luxury developments such as Newton One and Scotts Square. Here, property prices are consistently high due to demand from affluent buyers.
Newton is also famous for its culinary scene, particularly the Newton Food Centre, a popular hawker center that attracts both locals and tourists. While the hawker center itself is an affordable attraction, the district’s wealth is driven by its proximity to fine dining establishments, luxury hotels, and embassies.
Additionally, Newton is home to several prestigious schools, including Anglo-Chinese School (Barker Road) and St. Joseph’s Institution Junior. These attract wealthy families who value proximity to these top educational institutions.
8. Holland Village
Holland Village is one of Singapore’s most iconic and affluent neighborhoods. It is known for its trendy and bohemian vibe and strong appeal to expatriates and young professionals. While its GDP contribution is mainly linked to the retail, hospitality, and real estate sectors, the neighborhood stands out for its rich culture and lifestyle amenities that attract a high-income demographic.
Moreover, Holland Village has become a hub for dining, entertainment, and boutique shopping. It is famous for its lively food and beverage scene. Here, there are a wide variety of cafés, bars, and restaurants that cater to locals and expatriates alike.
Popular spots like Wala Wala Café Bar, 2am and Chip Bee Gardens draw large crowds, contributing to the local economy. The area’s thriving F&B sector is a major contributor to Singapore’s hospitality industry, which itself makes up around 4% of the country’s GDP.
Holland Village is also known for its close proximity to educational institutions such as the National University of Singapore and Tanglin Trust School, making it an attractive residential area for families. Moreover, its connectivity via Holland Village MRT station provides easy access to the city’s core areas, including the Central Business District and Orchard Road.
9. River Valley
River Valley is one of Singapore’s most affluent residential districts. It is known for its luxury condominiums, upscale lifestyle, and proximity to the city’s central areas. While the area itself is largely residential, it plays an important role in Singapore’s high-end real estate market, which contributes significantly to the country’s GDP.
Singapore’s real estate sector accounted for about 4% of GDP in 2022. Areas like River Valley drive much of that contribution through luxury housing developments. This makes River Valley a highly sought-after area for both wealthy locals and expatriates. Many of these high end people work in finance, tech, or multinational corporations based in the CBD.
On top of that, the district’s wealth is also bolstered by its proximity to the Singapore River, which offers stunning waterfront views and an array of recreational activities. Robertson Quay, a vibrant riverside area, is located in the heart of River Valley and is home to upscale restaurants, bars, and art galleries that attract both locals and tourists.
River Valley’s connectivity is another key factor in its wealth. The area is well-served by public transportation, including the upcoming Great World MRT station. These will provide even easier access to key commercial hubs. With its mix of luxury living, strategic location, and vibrant lifestyle offerings, River Valley stands as one of Singapore’s richest residential districts.
10. Tanjong Pagar
Tanjong Pagar is a historic yet modern district in Singapore. It is known for its rich cultural heritage, skyscrapers, and status as a commercial hub. Located at the edge of the Central Business District (CBD), Tanjong Pagar plays a crucial role in Singapore’s economy. It contributes significantly to the financial services, real estate, and tourism sectors. The area is part of the CBD, which collectively contributes about 13.3% to Singapore’s GDP.
Tanjong Pagar’s wealth is driven by its role as a major business district. It houses multinational corporations, law firms, and financial institutions. Skyscrapers like Guoco Tower, Singapore’s tallest building, and the Tanjong Pagar Centre dominate the skyline. These buildings house global companies, such as Google and PwC, further cementing Tanjong Pagar’s role as a financial powerhouse within Singapore.
In addition to its business credentials, Tanjong Pagar is known for its high-end residential developments. Luxury condominiums such as Altez and Skysuites Anson offer breathtaking views of the city, attracting wealthy residents who seek the convenience of living close to their workplaces in the CBD.
Moreover, Tanjong Pagar stands out for its blend of old and new. The district is home to a number of preserved shophouses that date back to the 19th century. This adds a touch of heritage to the otherwise modern skyline. These historic buildings now house trendy cafés, restaurants, and boutique shops, contributing to the area’s dynamic lifestyle.
Conclusion
Singapore’s richest cities showcase the nation’s impressive economic strength and vibrant lifestyle offerings. From the bustling financial powerhouse of the Central Business District to the luxurious retreats of Sentosa and the trendy streets of Holland Village, each area contributes uniquely to the country’s wealth.
These cities and districts are not only centers of commerce and finance but also hubs of culture, innovation, and luxury living. With their blend of high-end real estate, iconic landmarks, and booming industries, they continue to attract affluent residents, global corporations.
FAQs
What makes Marina Bay one of the richest areas in Singapore?
Marina Bay is rich due to its concentration of financial institutions, luxury hotels, and iconic attractions like Marina Bay Sands and Gardens by the Bay.
Why is Orchard Road considered a luxury shopping destination?
Orchard Road is considered a luxury shopping destination due to its array of high-end malls, designer boutiques, and fine dining options. It attracts affluent locals and tourists. This makes it a vital part of Singapore’s retail and tourism sectors.
How does Sentosa contribute to Singapore’s economy?
Sentosa contributes to Singapore’s economy primarily through its tourism sector. It houses major attractions like Universal Studios Singapore and Resorts World Sentosa.
What factors make Bukit Timah a desirable area for wealthy families?
Bukit Timah is desirable for wealthy families due to its prestigious schools, luxurious residential properties, and proximity to nature reserves.