The Business Times
business-time-50

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

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

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

    From shy teenager to outspoken philanthropist, Chloe Tong has come a long way.

    Grab CEO’s wife Chloe Tong on life with Anthony Tan and finding her purpose

    HDB said the listed price of S$2.18 million for the flat at 93B Telok Blangah Street 31 was “significantly higher” than comparable transactions in the area.

    HDB reviewing ‘jumbo’ flat scheme after Telok Blangah unit listed for sale at S$2.18m

    From left: Pham Nhat Quan Anh, Pham Nhat Vuong, Pham Thu Huong and Pham Nhat Minh Hoang. The couple (centre) remain senior figures in Vingroup, with their children’s presence in the ecosystem growing.

    He built the Vingroup empire. Now South-east Asia’s richest man is handing some key roles to his sons

    The judge also rejected Radiant World’s argument that a claim against Glencore for about US$2 billion should be regarded as a “realisable asset”.

    Singapore judge raises doubts iron ore trader Radiant World is owed US$1 billion

    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