(April 25): Singapore refuted reports that it could grant citizenship this year to 3,500 high-net-worth individuals with assets of at least US$6 million (RM26.7 million).

The Ministry of Home Affairs said citizenship applications for the rest of 2023 have not been decided. The government will consider various factors including the benefits to Singapore, the business and jobs created in the city-state in deciding the eligibility of an individual to become a citizen.

“Having high net worth does not guarantee citizenship,” the ministry said in a statement posted on its website.

Singapore’s infrastructure and stability has attracted a growing number of ultra-wealthy individuals. Residence and citizenship planning provider Henley & Partners estimated last year about 250,000 residents in the city-state have a net worth of at least US$1 million, making it the world’s fifth wealthiest city.