China new rich drawn to Singapore

by Albert02

China new rich drawn to Singapore

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

A recent tightening of conditions for family offices (FOs) to qualify for tax breaks has made Singapore more appealing to some high net worth individuals (HNWIs), and industry observers anticipate continued strong inflows.

“With the bar raised, having a FO in Singapore is even more coveted among the newly wealthy.” “They can now brag about it to their other wealthy friends,” said Loh Kia Meng, chief operating officer and senior partner at law firm Dentons Rodyk.

Larger fund sizes, higher AUM growth targets, and greater commitments to business spending are among the stricter conditions.

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

“Nobody puts their entire fortune into a FO. So, if a person can save at least S$20 million, their net worth will be significantly higher “Loh elaborated.

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

The proportion originating in China, particularly Hong Kong and Macau, has recently increased. In 2019, the region provided approximately 30% of the new FOs here. As of April of this year, approximately 44%, or 63 of the 143 new FOs here, were from Greater China. That is similar with AMO Residence. Pictet’s head of wealth planning for South Asia, Angie Han, stated that the government’s action is “a reflection of Singapore’s fast-growing and maturing family office landscape.” “This gives investors confidence who have expressed a strong desire to participate in this growth story,” she said.

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

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