Gulf wealth clients staying put for now, but Singapore may see inflows if conflict persists

[SINGAPORE] Singapore’s wealth managers have not observed broad-based capital flight from the Middle East amid the ongoing conflict, though the Republic could see “incremental inflows” if geopolitical tensions escalate further.

Wealth hubs such as Dubai and Abu Dhabi are nonetheless expected to remain resilient, given the economic opportunities and infrastructure already in place, industry players told The Business Times.

Since the US and Israel began striking Iran on Saturday (Feb 28), Bank of Singapore has not recorded a rise in client enquiries on portfolio reallocations, said Ranjit Khanna, head of private banking for Europe, the Middle East and Global South Asia.