In 2023, Singapore may have up to 3,500 wealthy new citizens with a net worth of at least S$1 million, the majority hailing from China.
This is according to the head of research at wealth intelligence firm New World Wealth, Andrew Amoils, who Lianhe Zaobao spoke to in an interview.
Singapore ranks as the fifth wealthiest city in the world as of 2022, with over 240,100 millionaires.
According to Lianhe Zaobao, the new citizens are expected to have an average of at least S$8 million (US$6 million) in investable wealth.
“It’s expected that 3,000 to 3,500 high-net-worth individuals will become Singapore citizens in 2023, with the majority of them from China,” Mr Amoils said.
For context, the projected net outflows of high-net-worth individuals in China were 10,000, and 3,000 in Hong Kong.
Combined, they make up some of the countries with the highest outflows.
Besides mainland China and Hong Kong, Mr Amoils added that individuals also hail from countries such as:
According to a report released by Henley & Partners, around 2,800 high-net-worth individuals moved here in 2022.
Singapore reportedly has 247,300 millionaires, 7,960 multi-millionaires, 333 centi-millionaires, and 26 billionaires.
Source: Swapnil Bapat on Unsplash
This number, however, only puts them as the fifth wealthiest city in the world in 2023, and second in Asia, behind Japan.
New York City ranks first, followed by Tokyo, the Bay Area, London, and finally, Singapore.
Singapore has a Global Investor Programme that allows foreign nationals with high net worth to eventually become citizens.
They’d have to put in a minimum investment of S$10 million to qualify as a permanent resident, a process that takes between nine to 12 months.
Alternatively, they can invest S$25 million into a fund approved by the Economic Development Board that invests Singapore-based companies.
After two years of permanent residency, they can become Singapore citizens.
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Featured image adapted from Kelvin Zyteng on Unsplash.
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