StraitsTimes-Dec 6
Singapore billionaires are relocating more frequently, with many moving to Switzerland, Singapore, the United Arab Emirates and the United States, according to private bankers to the wealthy. In total, billionaires accounting for more than US$400 billion (S$536 billion) have emigrated in the past four years, with the Middle East and Africa region attracting the most billionaire capital. Singapore is host to 47 billionaires with a combined wealth of US$155.5 billion, according to the latest UBS Billionaire Ambitions Report released on Dec 5. This compares with 41 billionaires with a total wealth of US$135.8 billion in 2023, said the report which tracks the wealth of more than 2,500 billionaires globally over the past 10 years. Around two-thirds of the billionaires in Singapore are self-made, almost on a par with Hong Kong, it added. The pace of growth is more significant considering Singapore was home to only 17 billionaires with a total wealth of US$44.5 billion in 2015.
On an average basis, the wealth of billionaires in Singapore rose 27 per cent from US$2.6 billion in 2015 to US$3.3 billion in 2024, UBS said. Mr Benjamin Cavalli, head of strategic clients at UBS Global Wealth Management, said there are three key driving forces that influence billionaires to move from one place to another: a safe environment and political stability; top-notch medical care; and education. The Covid-19 pandemic was a wake-up call for many people, including billionaires, leading them to reassess their lives, with homes, families and businesses spread across different places. “Since 2020, they have relocated more frequently, with 176 billionaires having moved from a total population of 2,682 in April 2024. That’s one in 15 shifting their domicile,” said Mr Cavalli.
Occasionally, changes in a country’s tax legislation come into consideration. Globally, the number of billionaires has risen by more than half since 2015, from 1,757 to 2,682 in 2024, UBS said. Of the 2,682 billionaires, 1,877 were self-made and 805 multi-generational.
Total billionaire wealth grew by 121 per cent from US$6.3 trillion to US$14 trillion over the last decade. Read more at: https://www.straitstimes.com/business/banking/singapore-among-preferred-destination-for-billionaires-with-47-in-the-country?utm_source=emarsys&utm_medium=email&utm_campaign=ST_Newsletter_AM&utm_term=Singapore+among+preferred+destinations+for+billionaires&utm_content=06%2F12%2F2024
