Singapore continues to cement its position as a premier global wealth destination, with the Henley private wealth migration report 2025 projecting 1,600 new millionaires relocated to the city-state last year. The influx comes as geopolitical uncertainty drives ultra-high net worth individuals to seek safe haven jurisdictions, with Oliver Wyman forecasting that Singapore, Switzerland, and Hong Kong will capture nearly two-thirds of cross-border wealth inflows through 2029.
Cross-border wealth advisors are adapting strategies for two distinct client segments. Hyper-sophisticated millionaires arrive with established family office structures leveraging Singapore’s tax incentives under sections 13U and 130, often securing residency or citizenship. These clients benefit from Singapore’s zero income tax on foreign-sourced income, prompting many to maintain offshore structures while remitting only necessary funds.
A new generation of wealth holders is driving evolution in the multi-family office model, demanding global investment access and connections beyond traditional offerings. Service providers are responding by deploying experienced principals who co-invest alongside clients using fee structures independent of asset turnover.
FXnCO Insight
Wealth managers and fintech platforms targeting Asian markets should prioritize global connectivity features and transparent fee structures to capture the next wave of millionaire migration to Singapore.
Source: Finance Magnates