But the immigration consultancy firm also notes a decline in Hong Kong's millionaire ranks as wealthy expats leave for Singapore.

For more on this, let's bring in our wealth reporter Claire Valentine in Hong Kong.

Claire, Hong Kong's loss, Singapore's gain.

Yes, we've seen the millionaires move away from Hong Kong and to Singapore.

So that's affected the rankings in this latest while survey.

So that's kind of been the trend.

In the past ten years, Hong Kong, number of millionaires has decreased 4% while at the same time, we've seen Singapore's a number of millionaires really increase.

That sort of speaks to this trend and this rivalry between the two cities and seeing how people are departing Hong Kong.

And can Singapore sustain its position, you think?

We'll see. We'll have to see.

A lot of the wealth gains over the past ten years in this ranking have been driven by global equity market gains.

We've seen, you know, financial markets around the world really increase in the past decade.

But again, you have sort of these geopolitical issues and these other reasons that people move and change locations.

So right now, we're still seeing New York as the city with the most millionaires.

One in 24 people in that city are millionaires, which is pretty striking.

But we're also seeing increases in in Singapore, Tokyo.

So doing really well in terms of millionaires and so is the Bay Area.

So we'll sort of have to see, you know, where people want to move and what becomes more attractive in terms of location.

But at least for right now, we're seeing Hong Kong on the on the decline and Singapore rising.

Claire, how about China?

Because we know the economy has been under a lot of pressure.

Yeah. So in terms of China, cities on the rise. Actually include China's Shenzen.

The number of millionaires there has surged over 140% in the past decade.

Now, this report, at least what I heard from it, hasn't really delved too deeply into the different cities in China.

But in terms of Shenzen, really on the increase.