China new rich drawn to Singapore

by Albert02

China new rich drawn to Singapore

China new rich drawn to Singapore. In recent years, Singapore has seen an influx of wealth from Greater China as newly minted millionaires and billionaires seek to diversify their holdings and spread their assets across more markets.

A recent tightening of the requirements for family offices (FOs) to qualify for tax breaks has made Singapore more appealing to some high net worth individuals (HNWIs), and industry observers predict continued strong inflows, such as those in AMO Residence“Having a FO in Singapore is even more coveted among the newly wealthy now that the bar has been raised.” “They can now brag about it to their other wealthy friends,” said Dentons Rodyk’s chief operating officer and senior partner, Loh Kia Meng. The stricter conditions include larger fund sizes, higher AUM growth targets, and greater commitments to business spending.

Applications for funds managed and/or advised directly by a FO, for example, must have a minimum fund size of S$10 million at the time of application and S$20 million within two years.

“No one invests their entire fortune in a FO. So, if a person can save the minimum of S$20 million, their net worth will be much higher,” Loh added.

According to data from analytics platform Handshakes, the number of new FOs establishing themselves here has increased significantly over the last three years, from 27 in 2018 to 453 in 2021.

The proportion of Chinese origin, particularly from Hong Kong and Macau, has recently increased. In 2019, the region supplied roughly 30% of the new FOs here. Approximately 44 percent, or 63 of the 143 new FOs here in April of this year, were from Greater China.

Angie Han, Pictet’s South Asia head of wealth planning, stated that the government’s action is “a reflection of Singapore’s fast-growing and maturing family office landscape.”

“This gives investors who have expressed a strong desire to participate in this growth story confidence,” she says.

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Source:
https://www.businesstimes.com.sg/banking-finance/chinas-new-rich-drawn-to-singapore

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