Singapore leads APAC as top destination for the ultra-wealthy

Singapore had the lowest corruption perception in the world, said Savills.

Singapore ranked sixth globally and first in the Asia Pacific in Savills Next Generation Wealth Hubs Index.

The index identified the locations best placed to attract and retain the next generation of high-net-worth individuals, Savills said.

Singapore had the lowest corruption perception in the world, according to Savills, who also hailed the city’s tax-friendly policies that make it one of the most efficient places to do business globally.

Singapore’s appeal extends beyond wealth creation to wealth preservation and intergenerational planning, with its concentration of wealth, strong business networks, and position as a regional hub for technology and private capital, Savills said in the report.

Singapore ranked ahead of Hong Kong (7th), Tokyo (12th), Shanghai (18th), Bangkok (25th) and Kuala Lumpur (29th).

Savills noted APAC’s growing role as a centre of wealth creation and wealth management, alongside a growing focus on family-led capital planning.

Singapore and Hong Kong have a greater emphasis on wealth structuring, private banking, family offices, and regional connectivity, Savills said.

Meanwhile, India and Vietnam continue to generate wealth through entrepreneurship, technology, manufacturing, financial services and real estate development.

“As wealth moves across borders and generations, capital is likely to become more
selective. Scarce, turnkey, and highly serviced assets in markets that combine legal stability, lifestyle quality, privacy and long-term liquidity are likely to remain most resilient,” said Kelcie Sellers, associate director at Savills World Research.