Singapore to attract 1,600 millionaires in 2025, down from 3,500 the previous year

SINGAPORE: Singapore is projected to attract 1,600 millionaires in 2025, according to the Henley Private Wealth Migration Report 2025 released on 24 June.

This represents a sharp decline from the 3,500 high-net-worth individuals estimated to have moved to Singapore in 2024.

Despite the downturn, Singapore remains one of the world’s leading destinations for relocating millionaires, ranking sixth globally.

Global millionaire migration reaches record levels

Henley & Partners forecasts a record 142,000 millionaires worldwide will relocate in 2025.

The combined wealth accompanying new arrivals to Singapore is estimated at US$8.9 billion.

The top five destinations ahead of Singapore for millionaire inflows are the United Arab Emirates, the United States, Italy, Switzerland, and Saudi Arabia.

The report notes that established destinations like Singapore, Australia, Canada, and New Zealand are seeing reduced appeal, with projected net inflows reaching multi-year lows.

Shifting dynamics in Asia

In Southeast Asia, Thailand is rising as a preferred alternative to Singapore, expecting a net inflow of 450 millionaires in 2025.

Bangkok’s growing financial services sector, international schools, and luxury real estate market are among its key attractions, particularly for wealthy individuals from China, Vietnam, and South Korea.

Conversely, South Korea faces a projected net loss of 2,400 millionaires this year — more than double the previous year’s figure — while Vietnam is expected to lose about 300 high-net-worth individuals.

Analysts: Slower growth in Singapore’s family office sector

Andrew Amoils, Head of Research at New World Wealth, told Lianhe Zaobao that the growth of family offices in Singapore has slowed, with many wealthy individuals now allocating more capital to Hong Kong and the UAE.

He attributed this partly to Singapore’s higher investor visa thresholds and surging property prices.

In March 2023, Singapore tightened its Global Investor Programme requirements. Applicants must now invest at least S$10 million — up from the previous S$2.5 million — to qualify under the scheme.

China’s outflow slows, Hong Kong rebounds

China remains the largest source of outbound millionaires, with 7,800 expected to leave in 2025. However, this marks the first slowdown since Henley began tracking such movements.

Dr Parag Khanna, founder and CEO of AlphaGeo, noted that regulatory clarity and domestic investment incentives in China are gradually restoring confidence among wealthy individuals.

Hong Kong, meanwhile, is forecast to attract 800 millionaires in 2025, ending four consecutive years of net outflows triggered by political unrest.

UAE remains top global magnet for the wealthy

The United Arab Emirates continues to lead globally, with an expected net inflow of 9,800 millionaires this year — the highest in the world.

In contrast, the United Kingdom is projected to lose 16,500 millionaires in 2025, the largest outflow globally, followed by China.

Henley & Partners CEO Juerg Steffen said the shift is not solely due to tax changes but reflects growing perceptions that better opportunities and stability exist outside the UK.

“This marks the first time in a decade that a European country tops the outflow rankings,” Steffen said, adding that the trend could have lasting effects on the UK’s investment appeal.