Toa Payo: PonteSud – News Desk
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 to the country 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, according to the Henley Private Wealth Migration Report 2025, released this week.
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 in 2025.
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 found.
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. “In a world where uncertainty seems to be the only constant, Singapore’s predictability is gold.”
Mr Dominic Volek, group head of private clients at Henley & Partners, said that 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.
The UK is expected to have the largest net outflow of millionaires among those surveyed 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.
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 greatest wealth haven. The report projected a net inflow of 9,800 millionaires in 2025 due to the country’s attractive “golden visa” options.
