Reported 11 months ago
Hong Kong and Singapore are competing to attract global wealthy individuals for residency, with a trend emerging of some mainland Chinese affluent families shifting from Singapore to Hong Kong. This shift is attributed to Singapore's stricter scrutiny of mainland wealthy individuals following a series of money laundering cases, prompting some to set up family offices in Hong Kong instead. With geopolitical risks affecting global wealth migration, a record-breaking 128,000 'millionaire' migrants are expected to leave China, the UK, and India for destinations like the United Arab Emirates, the US, and Singapore. However, recent developments have caused a change in the migration pattern as Singapore cracked down on money laundering, leading some Chinese wealthy individuals to question its suitability for investment and opt for Hong Kong instead.
Source: YAHOO