Singapore is seeing an influx of ultra-wealthy families from China looking to protect their wealth from a Communist Party that increasingly views them with suspicion. | AFP
Singapore has been ruled by one party for the past six decades, and labour strikes and street protests are banned. Taxes are comparatively low and the population is predominantly ethnic Chinese.
He recalled attending a client’s party where a rare Japanese “Yamazaki 55” whisky, worth around $800,000 a bottle, was served. “Many of them are younger Chinese, in fashionable designer clothes, and they usually keep to themselves and dine amongst themselves, which is not surprising,” said Benny Teo, managing director of Blazon, a consultancy specialising in golf.Relocating to Singapore puts the wealth of China’s richest beyond the reach of Beijing, whose recent high-profile crackdowns have rattled billionaires.
“Moving to Singapore is about making sure the family wealth is kept safe and can last for several generations,” the accountant said. The Monetary Authority of Singapore estimates that the number of family offices — wealth management companies dedicated to individual and group assets — rose from 400 in 2020 to 700 in 2021.
Political tensions between Beijing and Washington are reinforcing the desire of some of China’s richest to move abroad.
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