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“… many rich Chinese to look for a safe haven. Nervous over the fate of their fortunes, some of the country’s mega-rich have since booked tickets to Singapore.” — The Japan Times
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SINGAPORE: The Lion City has been gaining attention as a preferred destination for entrepreneurs. Will Singapore be the primary destination for companies in the future? This question gains significance, as noted by Irene Zhao, a Chinese model, influencer, and one of the most powerful women in crypto. In an interview with the YouTube channel “When Shift Happens,” Zhao shared her perspective on the city-state’s growing appeal to entrepreneurs and business magnates.
Zhao pointed out that an increasing number of Chinese billionaires are choosing to relocate to Singapore. She shared, “The Chinese billionaires are moving to Singapore because they know the policies in China is not very friendly to a lot of entrepreneurs. The business probably gonna be ultimately owned by the government instead of individuals that’s why a lot of rich people are trying to move to Singapore.”
Zhao’s insights also extended to Singapore’s real estate market, where she observed a notable increase in rental demand: “And that’s why you see the rentals are crazy.”
According to The Japan Times, “Beijing’s recent crackdowns on tech billionaires and tax-shy celebrities, as well as three years of “zero-COVID,” have led many rich Chinese to look for a safe haven. Nervous over the fate of their fortunes, some of the country’s mega-rich have since booked tickets to Singapore.”
Chinese Billionaire’s Luxury Living in Singapore
The presence of these wealthy Chinese newcomers in Singapore is evident, particularly on Sentosa Island, known for its theme park, casino, and prestigious golf club. Many of them are opting for luxurious residences with waterfront views.
Pearce Cheng, CEO of a company that assists people in relocating to Singapore, shared anecdotes about their extravagant spending habits. He recounted a party where a rare Japanese whisky bottle worth nearly a million dollars was served.
Cheng’s company plays a vital role in helping these newcomers find high-end apartments, hire chauffeurs, and enrol their children in private schools. In one instance, they even bought a client thousands of dollars worth of cigars.
The affluent newcomers are also making their mark with luxury cars like Rolls Royce and Bentleys, frequently seen at elite venues such as the Sentosa Golf Club, where foreign members pay an annual fee of $670,000.
Safeguarding Wealth Beyond China’s Borders
The motivation behind this migration to Singapore is to protect their wealth from potential government intervention in China. Recent actions by the Chinese government, including regulatory crackdowns, have unsettled many billionaires. Jack Ma, a prominent figure in Asian business, notably faced substantial financial losses when a high-profile business deal was halted in 2020.
Other wealthy Chinese individuals are concerned that the government might exert pressure on their businesses or acquire them at undervalued prices. They see Singapore as a secure haven where their wealth can be preserved for future generations.
Increasingly, Singapore is being seen as more than just a contingency plan; it is becoming a permanent home for these wealthy Chinese individuals. They believe that being in Singapore ensures safeguarding their wealth and assets. As this trend continues, Singapore solidifies its reputation as a sanctuary for preserving wealth.