Potential wealth tax raises concern over Singapore's competitiveness as wealth hub

Singapore

THE imposition of wealth taxes, such as a reinstatement of estate duty and introduction of investment-related taxation such as a capital gains tax, is widely expected to dent Singapore's competitiveness as a wealth management hub.

Consultants and banks contacted by The Business Times believe that the impact - should various forms of wealth taxation be introduced - is likely to be felt more among the high net worth (HNW) cohort of individuals as opposed to the ultra wealthy and family offices. Banks typically classify those with net assets of at least US$1 million as HNW; the ultra HNW net assets threshold may start at US$30 million.