Now, even more rich people are fleeing China and heading to Singapore

It’s no surprise that Singapore is well-admired as a potential settling-down destination by wealthy expats, and a new report by Financial Times has revealed that – more than ever before – those among the very wealthy in China have been earmarking Singapore as the go-to place for escaping the growing number of “difficulties” in their home nation. Over the past couple of years, the rich in China have been made to face political crackdowns, heightened COVID-19-related restrictions, and global unease surrounding Beijing’s reputation in the international eye. There has also been plenty of talk about sharing common prosperity in the country, with the government also focusing on clamping down on entrepreneurs, which has created some consternation amongst such individuals.

As a result, there have been observations made of cash-rich Chinese nationals arriving in large numbers at hotels and estates in Singapore, and experts now believe that the island nation could very well outdo Hong Kong as the top choice for Asia’s upper class, with many of these incoming visitors also intending on gaining permanent residencies in Singapore. Of course, the reason for the stream of Chinese well-to-dos into Singapore is due to more than a good relationship between both countries (around 75 percent of the country consists of ethnic Chinese, while China has also been Singapore’s largest trading partner since 2013). According to co-head of law firm Rajah & Tan Vikna Rajah, Singapore is also perceived as being safe and secure with strong law enforcement.

“In times of uncertainty, there is always a flood to more stable jurisdictions,” he said. “Singapore is seen as extremely safe, with a strong rule of law. ” He also added that his team has recently been busy handling around one enquiry a week from multimillionaires eager to set up a family office (a type of private investment firm) in Singapore, with about a third of those enquiries coming from China.

This comes in stark contrast against some years ago, when his firm would only receive a handful of enquiries a year. Then there is also the fear among the Chinese wealthy of possible actions taken against them should China ever decide to pursue military action against Taiwan, with possible repercussions coming in the form of sanctions – just like the ones made against the Russian oligarchs following the invasion of Ukraine. One expert said that Chinese billionaires now no longer want to be identified as Chinese, with the concept being akin to money laundering, “except you are laundering your own identity”.

Other factors influencing this trend also include an incoming 45-percent tax on the year-end bonuses of the high-income middle class, which will come into effect in 2023 as part of the push for “common prosperity” in China, while private business owners have become fearful of their long-term security following events such as the crackdown on private tuition centers around the country. Only recently it was reported that there were around 10,000 high-net-worth (HNW) individuals from China seeking to relocate in 2022, with over 500 or so of this total possibly coming to Singapore. Meanwhile, Lianghe Zaobao confirmed a similar figure and indicated that these HNW individuals could possibly bring in up to US$2.

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