COVID-weary Chinese millionaires eye Singapore amid ‘chaos and unpredictability’ at home

But growing interest in Singapore could spell bad news for the world’s No. 2 economy. Wealth emigration is beginning to take a toll, with 10,000 wealthy Chinese packing up and leaving the mainland this year and 3,000 leaving Hong Kong, Henley & Partners estimated.

MAS approved more than 100 applications to set up single-family offices in the first four months of the year. Assets under management in Singapore grew from S$4.7 trillion last year to S$5.4 trillion this year, according to MAS. “Singapore has maintained a good balance between East and West, which makes it outstanding among the list of destinations for wealthy families to move from the mainland.However, the surge in wealthy immigrants and talent may raise discussions domestically about taxation, including on property or inheritance, said Su, especially as the cost of living is soaring.A large number of professionals with experience working for fund management companies in China are moving to Singapore, Su said.

“Locals in Singapore drink whiskey and wine, but the demand for Mao-tai in these clubs and fine restaurants has risen sharply to quench the nostalgia of these wealthy Chinese.” Most Chinese students studying at Singapore universities are looking to stay, drawn by the stable political environment, competitive salaries and reasonable income tax, said Mei Lingchuan, an IT professional with experience in California who is now studying for an MBA in Singapore.

Singapore’s other appeals include the fact that Mandarin is widely spoken, there is a quality education system and easier access for tech sector workers, said Wu.

Welcome welcome ! Red carpet rolled out for you! Always

Money Launderers coming

Basically China millionaires buying up SG...wonder how SG will be in 20-30 years' time? An expensive China outpost in southeast Asia?

A different kind of invasion from China and gradually overthrown the current government.

Jialat... inflation lai liow...

come on down!!! bring your cash please :).

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