Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

The Super Rich Are Choosing Singapore as the World’s Safest Haven

The Super Rich Are Choosing Singapore as the World’s Safest Haven

When Singaporean car dealer Keith Oh first read the Facebook message, he wasn’t sure it was real. A Chinese client ordered a S$1.1 million ($830,000) Bentley-sight unseen-over the social network.

“They just asked for the price and when we could do the delivery, that’s all,” he said. “It’s a million dollars to us but it’s probably nothing to them.”

The quick sale was the latest sign of a wider trend: Money is sloshing around Singapore like never before. As the coronavirus pandemic hammers Southeast Asia and political turmoil threatens Hong Kong, the city has become a safe harbor for some of the region’s wealthiest tycoons and their families.

For rich people “who can decide where they want to live and settle down, Singapore is a place of choice now,” said Stephan Repkow, who founded Wealth Management Alliance in 2015 after four years at Union Bancaire Privee. He said two of his foreign clients had become residents in the past 12 months and more are on the way.

Singapore has long been a draw for wealthy Chinese, Indonesians and Malaysians who would come for short trips to shop, play baccarat at the casino or get medical check-ups at world-class clinics. Mount Elizabeth Hospital Orchard, just steps from the flagship stores of Gucci and Rolex, features a UOB Privilege Banking Centre in the lobby.

The pandemic has changed all that, prompting many tycoons and their families to stay for months, in some cases seeking residency to ride out the storm. On a per capita basis, the mortality rates in Malaysia and Indonesia are more than 10 and 30 times higher than in Singapore, according to data collected by Johns Hopkins University.

The number of single family offices in the city-state has doubled since the end of 2019 to about 400, including firms recently set up by Google co-founder Sergey Brin and Shu Ping, the billionaire behind Chinese hotpot empire Haidilao International Holding Ltd. Demand for private golf club memberships is soaring, real estate prices have jumped the most since 2018 and until the recent clampdown, Michelin-star restaurants were packed. Global banks like UBS Group AG meanwhile are expanding in the city to manage the massive influx of assets.

A spike in virus cases that’s led to stricter border measures and the cancellation of upcoming events such as the World Economic Forum meeting may pause some of the rich migration to Singapore, but it’s likely to be short-lived.

While cases have jumped to a few dozen a day, it’s a far cry from the several hundred daily infections in New York City alone. Singapore is also charging ahead with vaccines: It’s given enough jabs for 30% of the population, almost twice the rate in China and even further ahead of neighboring Malaysia and Indonesia.

It’s a delicate balance for Singapore, which relies more on trade and open borders than just about any other Asian nation. Locking down and restricting travel for too long would make it unattractive to global investment and talent, while failing to control the virus risks a political backlash and its reputation as a safe regional hub.

“Our recent spike of pandemic is very unfortunate, but we will eventually go through this phase again,” Repkow said. “Singapore is resilient and able to manage crisis in a very pro-active and efficient manner.”

Seletar Aiport, the hub for private jets, has seen demand for hangar space soar during the pandemic, said Alan Chan, head of business development at the 67 Pall Mall wine club, who until November was an executive at Go-Jets.

One private jet pilot who declined to be identified said it’s still extremely difficult to snare a spot. While the recent strict travel rules have extended to people with their own aircraft, he added that most expect them to ease in line with commercial flights after a few weeks.

Singapore doesn’t divulge many details on its super-rich migrant residents, but private bankers, multi-family offices and other service providers say the new arrivals are helping their businesses, in a city famous as the setting for the “Crazy Rich Asians” film.

More Billionaires


One top banker who declined to be identified said Chinese clients ranked first among new account openings, followed by those from India and Indonesia. Another said that client meetings—once a tortuous process of flying to Jakarta and fighting traffic—had become much easier because many of his Indonesian customers were staying in the same luxury condominium in Singapore.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
Russia's Fossil Fuel Revenues Approach €900 Billion Since Ukraine Invasion
Alcohol Industry Faces Increased Scrutiny Amid Health Concerns
U.S. Goods Imports Plunge Nearly 20% Amid Tariff Disruptions
Italy Faces Population Decline Amid Youth Emigration
Trump Accuses China of Violating Trade Agreement
OpenAI Faces Competition from Cheaper AI Rivals
Foreign Tax Provision in U.S. Budget Bill Alarms Investors
Russia Accuses Serbia of Supplying Arms to Ukraine
Gerry Adams Wins Libel Case Against BBC
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
EU Majority Demands Hungary Reverse Anti-LGBTQ+ Laws
Top Hotel Picks for 2025 Stays in Budapest Revealed
Iron Maiden Unveils 2025 Tour Setlist in Budapest
Chinese Film Week Opens in Budapest to Promote Cultural Exchange
Budapest Airport Launches Direct Flights to Shymkent
Von der Leyen Denies Urging EU Officials to Skip Budapest Pride
Alcaraz and Sinner Advance with Convincing Wins at Roland Garros
EU Ministers Lack Consensus on Sanctioning Hungary Over Rule of Law
EU Nations Urge Action Against Hungary's Pride Parade Ban
Putin's Helicopter Reportedly Targeted by Ukrainian Drones
U.S. Considers Withdrawing Troops from Europe
Russia Deploys Motorbike Squads in Ukraine Conflict
Critics Accuse European Court of Human Rights of Overreach
Spain Proposes 100% Tax on Non-EU Holiday Home Purchases
German Intelligence Labels AfD as Far-Right Extremist
Geert Wilders Threatens Dutch Coalition Over Migration Policy
Hungary Faces Multiple Challenges Amid EU Tensions and Political Shifts
Denmark Increases Retirement Age to 70, Setting a European Precedent
Any trade deal with US must be based on respect not threats', says EU commissioner
UK Leads in Remote Work Adoption, Averaging 1.8 Days a Week
Thirteen Killed in Russian Attacks Across Ukraine
High-Profile Incidents and Political Developments Dominate Global News
Netanyahu Accuses Western Leaders of 'Emboldening Hamas'
Ukraine and Russia Conduct Largest Prisoner Exchange of the War
×