Singapore is amongst top destinations for wealthy entrepreneurs

Nearly one in ten wealthy entrepreneurs plan business in Singapore next year.

Singapore is one of the top global destinations for wealthy entrepreneurs, who want to do business abroad.

In its report, HSBC said nearly one in ten wealthy business owners globally plan to conduct business in Singapore within the next 12 months, with the number of entrepreneurs from mainland China rising to almost one in five (18%) and around one in six for India and Taiwan (17% each).

The city-state is also the top choice for those considering a personal move abroad, with 9% globally showing interest, led by individuals from Hong Kong (19%), Taiwan (16%), and India (15%).

HSBC also noted that 60% of Singapore entrepreneurs, who have typically owned their businesses for eight years, are not planning to exit, well above the global average of 49%.

Additionally, 62% of respondents live in Singapore as their primary residence, and 35% have no plans to conduct business abroad in the next 12 months, a figure notably higher than the global average.

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