Singapore is the most preferred place globally for high net worth individuals to move to, according to an HSBC report, especially among Asian entrepreneurs.
Various global hubs continue to vie for capital and talent. According to an HSBC report titled «Global Wealth Hubs: Drivers of diversification 2025», Singapore was the most popular residency option, ranking first out of 23 countries for relocation by high net worth individuals (HNWI).
This includes a large wealth corridor from India to Singapore with 19 percent of entrepreneurs in the former thinking of moving some or all of their personal wealth to the latter. The city-state also ranks first, alongside the UK, as the place where Indian entrepreneurs have a second residency (12 percent).
Taiwan was also a notable corridor with 15 percent thinking of moving wealth to Singapore. More recently, entrepreneurs from Hong Kong and mainland China have also shown interest with 24 percent and 20 percent of respondents from the two markets, respectively, having a second residency in the Lion City.
Leading Wealth Hub
In terms of the leading hub for moving wealth, Switzerland was the top choice for HNWIs and ultra-HNWIs.
«The country’s private banking sector has been in the ascendant for two centuries. And our research reveals that its appeal as a destination for the world’s wealth remains intact,» HSBC said in the report. «Our research suggests that wealthy individuals from the newest emerging economies, notably the world’s most populous – mainland China and India – find a traditional safe haven like Switzerland as attractive as ever.»
The report was based on research conducted by Ipsos UK on behalf of HSBC Global Private Banking. It involved responses from 1,882 business owners or entrepreneurs from France, Hong Kong, India, mainland China, Singapore, Switzerland, Taiwan, the UAE, the UK and the US who claim to have investable assets of $2 million or 1.5 million British pounds ($1.9 million), or a total net worth of $20 million.
