Why Singapore attracts so many wealthy immigrants?

Singapore is becoming increasingly popular with global high net worth individuals, with a new survey predicting that 2,800 millionaires will relocate to Singapore from around the world this year. The number up more than 70% from about 400 at the end of 2020.

According to Henley & Partners Report, a large number of rich people will move to other regions due to reasons such as war or policy changes, with 2,800 millionaires expected to move to Singapore this year.

In recent years, many wealth individuals such as Dyson of the UK, Google co-founder Sergey Brin, hedge fund billionaire Ray Dalio and Shu Ping, co-founder of Seabed restaurant, have set up home offices in the region.

Singapore's political stability, open and transparent legal system and thriving financial sector are the main reasons for attracting the world's wealthy to the city.

These wealthy individuals often have extensive corporate experience and business contacts that can bring new projects and financing opportunities to the local business community.
Howover, the surge in the number of wealthy individuals may in turn lead to more intense competition for talent and resources, which in turn will cause short-term labour costs and asset values to soar.