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While Singapore scrutinises, Hong Kong wins back wealthy Chinese
- It’s a shift from the pandemic years when Hong Kong’s strict quarantine and political upheaval led many to flock to Singapore
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Hong Kong is winning back wealthy Chinese by rolling out the red carpet for the rich while rival Singapore scrutinises foreign money.
Hong Kong is expected to welcome about 200 high-net worth individuals this year after five years of millionaires skipping town, according to data provided by intelligence firm New World Wealth and immigration consultancy Henley & Partners, thanks to initiatives including family office tax concessions and visa and residency programmes.
At the same time, fallout from a blockbuster S$3 billion (US$2.2 billion) money laundering case has put Singapore’s family offices and wealthy immigrants under the microscope.
It’s a shift from the pandemic years when Hong Kong’s strict quarantine and political upheaval led to mainland Chinese flocking to Singapore. Now, private bankers, service providers and insurers are saying Hong Kong business is picking up, while Singapore’s stepped-up money laundering rules are putting some customers off.
Hong Kong’s assets under management grew 2.1 per cent to HK$31 trillion (US$4 trillion) last year. Driven by a strong performance of private banking and wealth management, net fund inflows jumped more than 3 times to nearly HK$390 billion last year, Financial Secretary Paul Chan wrote in his blog this month. In 2022, private banking and wealth fund inflows slumped about 80 per cent.
Private bankers and service providers who were interviewed for this article requested not to be named because the information discussed was private.
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