The Business Times
business-time-50
SUBSCRIBERS

The battle of the wealth hubs: Singapore, Dubai and Hong Kong

Asian financial hubs emerge as strong contenders in a global wealth migration wave

google-preferred-sourceAdd BT as a preferred source
Tessa Oh
Tan Nai Lun

Tessa Oh &

Tan Nai Lun

Published Mon, Dec 23, 2024 · 05:00 AM
    • The Business Times lays out the opportunities presented by the three hubs – Singapore, Dubai and Hong Kong – and the type of wealth flows they attract.
    • The Business Times lays out the opportunities presented by the three hubs – Singapore, Dubai and Hong Kong – and the type of wealth flows they attract. PHOTO: BT FILE, AFP

    WEALTH is moving around the world at an unprecedented rate, and three of Asia’s prominent wealth hubs are actively vying for a slice of this pie.

    Migration consultancy Henley & Partners expects 128,000 millionaires to relocate in 2024, eclipsing the previous record of 120,000 in 2023.

    “This year is shaping up to be a watershed moment in the global migration of wealth,” said Dominic Volek, its group head of private clients.

    Wealth managementFamily officesSingaporeHong KongDubaiPrivate wealthTax incentivesOutlook 2025

    TRENDING NOW

    The CSRC is leading the effort, along with the National Financial Regulatory Administration, which handles consumer protection and supervises banks.

    Why China is tightening controls on overseas stock trading

    US President Donald Trump with President Xi Jinping after a visit to Zhongnanhai Garden in Beijing, on May 15.

    Xi Jinping has just rewritten the rules of US-China rivalry

    Always one to walk the talk, DBS CEO Tan Su Shan has her personal AI agent that checks and serves up to her the latest news on banking.

    ‘Even a CEO’s job can be replaced by AI’: DBS CEO Tan Su Shan bets big on agentic AI

    Set up by Nichol Ng and her brother, FoodXervices traces its roots to 1934 with the business their grandfather started.

    ‘Whole deck of cards just toppled’: FoodXervices’ Nichol Ng on how a 92-year-old family business unravelled – and what’s next

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More