, President Xi Jinping announced further moves toward “common prosperity,” which has sent entrepreneurs looking elsewhere for more welcoming locales, including Singapore.It quoted visiting senior research fellow at NUS Lee Kuan Yew School of Public Policy, Drew Thompson, as saying “It’s really a downward slope for the private sector in China and it’s just a question of how steep. That will accelerate efforts to migrate and shelter wealth abroad.
A family office is a private wealth management firm that caters to ultra-high-net-worth individuals — people who have $1 million or more in liquid financial assets. Such firms manage the investments and finances of well-heeled individuals or families and offer consultancy services on varied aspects of finance including taxes, insurance, donations, and wealth transfer.
Bloomberg also said that the influx of funds has been reflected in data from the Monetary Authority of Singapore, the country’s central bank.
Singapore is gonna be a little China soon.
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