Disillusioned at home, super-rich Chinese set their sights on Singapore
https://www.reuters.com/markets/asi...hinese-set-their-sights-singapore-2023-01-30/Hosting discussions on topics like family wealth and sustainable investing, the forum at Singapore's Shangri-La hotel was attended by hundreds of wealthy people, many bedecked in designer gear from Hermes belt buckles to monogrammed Gucci shawls and the latest Dior bags. Several Chinese attendees said they had recently relocated to Singapore or were thinking of doing so.
Chung Ting Fai, a lawyer who helps set up family offices, said in late 2022, he had one enquiry a week from people who want to move at least $20 million into Singapore. That's up from about an enquiry a month in 2021, while in January this year, he received two enquiries a week.
Many are parents looking to obtain permanent residency for their children, he said, noting enquiries also came from Japanese and Malaysian potential clients in addition to Chinese.
Part of Singapore's attraction for the rich is its government-administered global investor programme under which people who invest at least S$2.5 million in a business, a fund or a family office can apply for permanent residency.
Grace Tang, executive director at Phillip Private Equity which operates one of two global investor programme funds in Singapore, said her new year has been filled with meetings with potential investors, most of them Chinese.
The influx of wealth is part of a wider trend of people returning to Singapore after an exodus of ex-patriates during the pandemic. Last year, the city had 30,000 more permanent residents and 97,000 more foreigners on a work or other long-term visa, boosting its population to 5.64 million.
