China’s new rich drawn to Singapore

SINGAPORE has seen an influx of wealth from Greater China in recent years, as newly minted millionaires and billionaires seek to spread their assets across more markets and diversify their holdings.

A recent tightening of conditions for family offices (FOs) to qualify for tax incentives has also made Singapore more attractive to some high net worth individuals (HNWIs), and industry watchers expect continued strong inflows.

“The raised bar makes having a FO in Singapore even more coveted among the newly rich. It is something that they can now boast of to their other rich friends,” said Loh Kia Meng, chief operating officer and senior partner at law firm Dentons Rodyk.