HSBC: Wealthiest investors expand global footprint as Singapore emerges as a top destination

The study, which surveyed high-net-worth (HNW) and ultra-high-net-worth (UHNW) entrepreneurs, highlights how key global wealth hubs—Singapore, Hong Kong, Switzerland, the UK, and the US—continue to attract investment and residence from entrepreneurs worldwide.

Singapore has thrived as an international wealth hub in recent decades, particularly with the region’s entrepreneurs:

• Ranked 1^st among 23 countries as the top destination for HNW individuals considering relocation.
• The Singapore-India wealth corridor is the third largest in our research with 19 per cent Indian entrepreneurs planning to move assets to Singapore in the next 12 months.
• A growing center for family offices & philanthropy: The number of Single Family Offices (SFOs) in Singapore has grown from 400 in 2020 to 1,650 as of September 2024, reinforcing its status as a key destination for global wealth management.

Alongside Singapore, four other wealth hubs continue to play a central role in global asset diversification:

• Hong Kong ranks top for business owners with multi-residency. It also forms part of the biggest wealth corridor in our research, with 49 per cent of Hong Kong entrepreneurs having an additional residency in mainland China, while 37 per cent from mainland China have one in Hong Kong.
• Switzerland retains its broad appeal across all ages and levels of wealth. It ranks first for entrepreneurs seeking to move their personal wealth to a new location over the next 12 months.
• The UK is home to the largest percentage of multi-resident entrepreneurs surveyed in Western markets and is the most popular location for the oldest and the wealthiest surveyed entrepreneurs considering taking up residency.
• The US remains a magnet for the world’s wealthy and business owners, ranking equal first alongside Singapore in the survey of 23 cited markets for HNW entrepreneurs considering it as a location to establish part or all of their business.

Tommy Leung, Head of Global Private Banking, South Asia, HSBC, said: “Singapore has firmly established itself as a wealth hub of choice for entrepreneurs across Asia, attracting global investors who value its financial stability and strong regional connectivity. The increasing wealth flows into Singapore, particularly from India, mainland China, Hong Kong, and Taiwan, highlight its growing role in facilitating cross-border wealth planning and business expansion. As Singapore continues to evolve, we see a growing emphasis on geographical and asset diversifications, alternative investments and philanthropy, reinforcing its appeal to UHNW entrepreneurs looking to leave a lasting legacy.“