Singapore ranks top choice for high net worth individuals: report

Single Family Offices in Singapore have increased to 1,650 from 400 in 2020, as of 2024.

Singapore ranks as the top location for new residencies amongst high-net-worth (HNW) individuals globally, according to HSBC.

In its Global Wealth Hubs Report, HSBC said the robust financial infrastructure, business-friendly regulations, and high quality of life in the city-state continue to attract entrepreneurs and investors looking for stability and growth opportunities.

The firm also noted its favourable wealth management policies, which have led to a surge in Single Family Offices (SFOs).

The number of SFOs in Singapore has increased to 1,650 from 400 in 2020, as of 2024, demonstrating the growing importance of the country as a private wealth hub.

Many HNW entrepreneurs from China (20%) and Hong Kong (24%) have a second residency in Singapore. It also ranks as the top destination globally for HNW individuals aged 35-44 seeking relocation.

Singapore is also a major recipient of wealth inflows, particularly from India, Hong Kong, mainland China, and Taiwan. Around 19% of Indian entrepreneurs and 15% of Taiwanese entrepreneurs surveyed are planning to move assets to Singapore.

In addition, it said that its climate initiatives such as ImpactSG and Temasek’s TT Foundation Advisors are positioning Singapore as a leading hub for philanthropy.

Despite its appeal, residency approvals are becoming more stringent, leading to longer processing times for UHNW applicants. Additionally, rising property prices remain a challenge due to high demand from both local and international investors.

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