Singapore's millionaire inflow to halve in 2025: report
[SINGAPORE] Singapore will likely see a net inflow of 1,600 millionaires in 2025 – less than half the 3,500 that had been projected to move there in 2024, a report by investment migration consultancy Henley & Partners showed.
This is even as a record 142,000 millionaires worldwide are expected to relocate this year, according to the Henley Private Wealth Migration Report 2025, published on Tuesday (Jun 24).
The report found that traditional destinations for these wealthy individuals – such as Singapore, Australia, Canada and New Zealand – appear to be losing their appeal, with their lowest net inflows provisionally expected this year.
Meanwhile, Thailand – with a projected net inflow of 450 millionaires in 2025 – is 'rapidly emerging' as South-east Asia's new safe haven, the report said. It added that Bangkok is positioning itself as a key rival to Singapore.
Thailand's vibrant capital is increasingly favoured by high-net-worth individuals from China, Vietnam and South Korea, due to its international schools, growing financial services sector, and high-end real estate offerings, the report showed.
' In a world where uncertainty seems to be the only constant, Singapore's predictability is gold. '
—
Dr Parag Khanna, founder and CEO of AlphaGeo
Nevertheless, Singapore still presents a stable political environment, a sophisticated and well-regulated financial sector, attractive tax policies, and a high standard of living, said Dr Parag Khanna, founder and chief executive of AlphaGeo, a geospatial analytics firm.
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'In a world where uncertainty seems to be the only constant, Singapore's predictability is gold,' he said.
Chinese recovery
The report showed that China's pace of millionaire departures is slowing for the first time, with a net outflow of 7,800 millionaires expected this year.
This could be a sign that China's post-pandemic recovery, coupled with regulatory clarity and new incentives for domestic investment, is restoring some confidence among the country's elite, said Dr Khanna.
The booming tech hubs of Shenzhen and Hangzhou, as well as rapid growth in the entertainment and hospitality sectors, are encouraging more affluent Chinese to stay, the report indicated.
'Still, the urge to diversify remains strong, especially given ongoing geopolitical tensions and the desire for global mobility – so don't expect the outflows to stop entirely,' Dr Khanna said.
He also noted that Hong Kong has made a 'dramatic reversal' from the net outflows recorded in 2019 to 2022 due to protests and political uncertainty, with a net inflow of 800 millionaires projected in 2025.
Hong Kong is seeing inflows from the rest of Asia, especially top-earning executives from fast-growing high-tech companies in Shenzhen, the report noted.
' This isn't just about changes to the tax regime. It reflects a deepening perception among the wealthy that greater opportunity, freedom and stability lie elsewhere. '
—
Dr Juerg Steffen, CEO of Henley & Partners
Dominic Volek, group head of private clients at Henley & Partners, said ultra-high-net-worth Asian families are increasingly splitting their operations between Hong Kong and Singapore – to maximise opportunity and minimise risk.
Singapore provides political neutrality, sophisticated private banking and South-east Asian growth exposure, while Hong Kong boasts deep capital markets and North Asian connectivity, he added.
'Wexit'
The UK is expected to have the largest net outflow of millionaires by any country since Henley & Partners began tracking such migrations 10 years ago – 16,500 are projected to leave in 2025, driven in part by sweeping tax reforms.
Dubbed by some as 'Wexit', or wealth exit, affluent individuals in the UK are relocating to tax-friendly jurisdictions such as the United Arab Emirates (UAE), Monaco and Malta, as well as to lifestyle havens including Italy, Greece, Portugal and Switzerland.
For the first time in a decade of tracking these movements, a European country is leading globally in millionaire outflows, noted Dr Juerg Steffen, CEO of Henley & Partners.
'This isn't just about changes to the tax regime,' he said. 'It reflects a deepening perception among the wealthy that greater opportunity, freedom and stability lie elsewhere.'
Also for the first time, European heavyweights France, Spain and Germany are expected to see net millionaire outflows in 2025, with many affluent Europeans relocating to more investor-friendly hubs on the continent.
Overall, the UAE is the world's hottest wealth haven. The report projected a net inflow of 9,800 millionaires in 2025, due to the country's attractive 'Golden visa' options.
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