Singapore is a prime business location for the world’s wealthiest entrepreneurs

Singapore is the most popular market for wealthy entrepreneurs who want to do business abroad, alongside France, Germany and the US, research for HSBC Global Private Banking has found. Singapore’s stability, business-friendly regulations, and sophisticated investment ecosystem make it a preferred choice for global HNW and UHNW entrepreneurs.

Nearly one in ten (9%) wealthy business owners from leading global markets say they plan to conduct business in Singapore in the next 12 months, with the number rising to almost one in five for entrepreneurs from mainland China (18%), and around one in six for India and Taiwan (17% each). Singapore is also the most popular destination for those considering a personal move abroad (9% global average) with the strongest interest from entrepreneurs surveyed in Hong Kong (19%), Taiwan (16%) and India (15%).

Singapore is also high on the consideration list for business owners who are considering moving their personal wealth in the next 12 months, selected as a destination by 8% alongside the US and the UK and France, and behind Switzerland (9%).

The findings are based on extensive research carried out by Ipsos UK on behalf of HSBC Global Private Banking amongst 1,798 HNW business owners with at least $2m investable assets and UHNW entrepreneurs with a net worth of more than $100m, conducted across 10 global markets: the UK, US, France, Switzerland, mainland China, Hong Kong, Taiwan, Singapore, India and UAE. Ipsos also conducted in-depth interviews with first generation and multi-generation entrepreneurs across six markets.

The wide-ranging research challenges commonly held stereotypes, painting an intriguing portrait of today’s global HNW and UHNW entrepreneurs: their traits and characteristics; what motivates them; the opportunities they see; challenges they face; and their attitudes to wealth and their role in society.

Nine out of ten (90%) of Singapore’s HNW and UHNW entrepreneurs in the survey believe their personal wealth will grow in the next few years and 87% are positive about their business prospects, slightly below the global average of 93%. Three out of four (76%) agree they supported by their government’s regulatory regime and 80% agree their society values business owners.

Business owners surveyed in Singapore take a notably cautious approach to business risks and financial management. They show a significantly greater concern about access to credit compared to the global average, with nearly one in six selecting this as a worrying issue. Additionally, two-thirds of them prioritise aligning their business with personal values over profits, a figure notably lower than the global average.

Nearly four in ten of Singapore’s HNW and UHNW entrepreneurs who are serial business owners, start multiple businesses as a strategy to diversify against risk, higher than the global average.

The Global Entrepreneurial Wealth Report 2024 provides a detailed insight into the complexities of succession planning across international markets. The research reveals the distinctive traits of Singapore’s business owners, who combine innate caution with a strong family focus in a landscape of economic stability.

More than six out of ten (63%) who have started a succession plan expect to pass their business on to their family and one in three entrepreneurs in Singapore (34%) believe the purpose of wealth is to pass it on to family, but 56% have not yet put succession plans in place for their business, or started to plan how to pass on their wealth (55%).

Key findings about Singapore’s business owners include:

• 60% are not currently thinking about or planning to exit their business, a significantly higher figure than the global average of 49% – the entrepreneurs surveyed in Singapore have typically owned their businesses for eight years.
• 70% operate businesses in a single sector and 65% operate a single business. More than one in two (56%) are first-generation entrepreneurs.
• 62% of respondents from Singapore live there as their main country of residency and more than one in three (35%) have no plans to conduct business abroad in the next 12 months – notably higher than the global average.
• They are most likely to spend their wealth on investments, such as stocks, bond or real estate, (62%) rather than arts and collectibles (28%) or precious metals (20%). Only 23% make charitable donations, the lowest figure amongst all markets surveyed.

“As the business landscape across South and Southeast Asia continues to evolve, Singapore remains a strategic hub for entrepreneurs and high-growth companies looking to access international markets and strengthen their regional presence,” said Priya Kini, Country Head of Commercial Banking, Singapore at HSBC. “We’re seeing growing interest from business owners across the region who are drawn to Singapore’s stability and connectivity as they seek to expand, innovate, and navigate today’s dynamic environment. HSBC is dedicated to supporting these businesses with the financial solutions, insights, and cross-border capabilities they need to achieve sustainable growth and resilience.”

“As global high net worth and ultra-high net worth individuals seek business growth, sophisticated wealth management solutions and strategic legacy planning, we’re seeing Singapore fulfill a unique role in meeting these needs,” said Tommy Leung, Head of Global Private Banking, South Asia at HSBC. “Singapore offers an environment where entrepreneurs can not only grow and safeguard their wealth but also benefit from personalised advisory services and a trusted platform for multi-generational planning.”