Latest news with #ParagKhanna
Business Times
10 hours ago
- Business
- Business Times
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. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up '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.
Business Recorder
2 days ago
- Business
- Business Recorder
UAE set to welcome 9,800 millionaires in 2025, solidifying position as wealth hub
UAE is set to see the largest millionaire inflow in 2025 - about 9800 individuals - including from Pakistan, as it continues to remain the most favored Asian economy the world's wealthiest see as a save haven, according to The Henley Private Wealth Migration Report 2025, published on Tuesday. UAE's tax-friendly policies, strategic location, ease of doing business and visa access are facilitating this move, as the expanding wealth hubs of Dubai, Florida, Milan, St. Julian's, Lisbon, remain favored among the wealthy. UAE is also set to welcome millionaires from Lebanon and Iran following Middle East tensions. UAE is also part of the 'Safe Haven 8' – safe haven markets of the world, namely, Switzerland, Singapore, the UAE, Malta, Monaco, New Zealand, Australia, and Mauritius, which have all positively transformed their economies by encouraging wealthy people to move there. It was also marked as the world's second fastest growing wealth market achieving 98% growth over the past decade following Montenegro (124%). Europe London is expected to the largest outflow with a projected 16,500 millionaires set to migrate in 2025, mainly driven by poor economic performance over the last decade. This is followed by China (-7800), India (–3,500) and Russia (–1,500). For the first time, EU nations France, Spain, and Germany are expected to see net High Net Worth Individuals (HNWI) losses in 2025 — with projected net outflows of –800, –500, and –400 millionaires, respectively. Ireland (–100), Norway (–150), and Sweden (–50) are also beginning to see significant wealth losses, with many affluent Europeans relocating to more investor-friendly hubs on the continent, added the report. Key beneficiaries of this trend are USA (7500), Italy (3600) and Switzerland, set to attract a net gain of +3,000 migrating millionaires this year, while Italy, Portugal, and Greece are also forecast to see record inflows. Asia Dr. Parag Khanna, best-selling author and founder and CEO at AlphaGeo, said, 'As 2025 unfolds, Asia is set to remain at the center of global wealth trends, shaped by economic dynamism, policy innovation, and the ever-present search for security and growth,' as noted in the press release issued by Henley. Traditional destinations such as Singapore (+1,600), Australia (+1,000), Canada (+1,000), and New Zealand (+150) appear to be losing their appeal for wealthy entrepreneurs, with their lowest net inflows on record provisionally expected in 2025. Thailand (+450) is rapidly emerging as Southeast Asia's new safe haven, with Bangkok positioning itself as a key rival to Singapore. Why millionaire migration matters Wealthy migrants will notably add foreign exchange, new business, jobs, a well as encourage more wealth migration by driving up asset prices and investing in the stock exchange. Many relocating high-net-worth individuals (around 15%) are entrepreneurs and company founders, who often start businesses in their new country, thereby creating local jobs, especially in high-value sectors such as luxury hotels, fine dining, luxury retail, high-end fashion, prime property.
