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https://www.businesstimes.com.sg/gl...ore-is-a-bulls-eye-for-the-super-rich-chinese
Medium and upper medium income families downgraded to low income group
The number of new family offices setting up shop here has increased significantly in the past few years, with close to 44 per cent or 63 out of 143 new family offices originating from China as at April this year - and the number is set to grow. A further 10,000 HNWIs are expected to join them this year - this number comprises just 1 per cent of HNWIs in China, according to an investment migration consultancy. They carry with them an average of US$4.8 million worth of capital assets, bringing China’s total estimated outflow to around US$48 billion.
The move by the Monetary Authority of Singapore in April to raise the bar for tax perk eligibility is attracting family offices and HNWIs that seek exclusivity. In addition, raising the bar makes having a family office in Singapore even more coveted among the newly rich, as it implies one’s net worth would be at least S$50 million in order to be able to set aside the current minimum fund size of S$10 million. And this would have to be raised to S$20 million in 2 years. (There was no minimum fund size before the recent changes.)
Medium and upper medium income families downgraded to low income group
The number of new family offices setting up shop here has increased significantly in the past few years, with close to 44 per cent or 63 out of 143 new family offices originating from China as at April this year - and the number is set to grow. A further 10,000 HNWIs are expected to join them this year - this number comprises just 1 per cent of HNWIs in China, according to an investment migration consultancy. They carry with them an average of US$4.8 million worth of capital assets, bringing China’s total estimated outflow to around US$48 billion.
The move by the Monetary Authority of Singapore in April to raise the bar for tax perk eligibility is attracting family offices and HNWIs that seek exclusivity. In addition, raising the bar makes having a family office in Singapore even more coveted among the newly rich, as it implies one’s net worth would be at least S$50 million in order to be able to set aside the current minimum fund size of S$10 million. And this would have to be raised to S$20 million in 2 years. (There was no minimum fund size before the recent changes.)
