The Super-Rich Are Choosing Singapore as the World’s Safest Haven

[reader]

From Bloomberg News

When Singaporean car dealer Keith Oh first read the Facebook message, he wasn’t sure it was real. A Chinese client ordered a S$1.1 million ($830,000) Bentley—sight unseen—over the social network.

“They just asked for the price and when we could do the delivery, that’s all,” he said. “It’s a million dollars to us but it’s probably nothing to them.”

The quick sale was the latest sign of a wider trend: Money is sloshing around Singapore like never before. As the coronavirus pandemic hammers Southeast Asia and political turmoil threatens Hong Kong, the city has become a safe harbor for some of the region’s wealthiest tycoons and their families.

For rich people “who can decide where they want to live and settle down, Singapore is a place of choice now,” said Stephan Repkow, who founded Wealth Management Alliance in 2015 after four years at Union Bancaire Privee. He said two of his foreign clients had become residents in the past 12 months and more are on the way.

Singapore has long been a draw for wealthy Chinese, Indonesians and Malaysians who would come for short trips to shop, play baccarat at the casino or get medical check-ups at world-class clinics. Mount Elizabeth Hospital Orchard, just steps from the flagship stores of Gucci and Rolex, features a UOB Privilege Banking Centre in the lobby.

The pandemic has changed all that, prompting many tycoons and their families to stay for months, in some cases seeking residency to ride out the storm. On a per capita basis, the mortality rates in Malaysia and Indonesia are more than 10 and 30 times higher than in Singapore, according to data collected by Johns Hopkins University.

The number of single family offices in the city-state has doubled since the end of 2019 to about 400, including firms recently set up by Google co-founder Sergey Brin and Shu Ping, the billionaire behind Chinese hotpot empire Haidilao International Holding Ltd. Demand for private golf club memberships is soaring, real estate prices have jumped the most since 2018 and until the recent clampdown, Michelin-star restaurants were packed. Global banks like UBS Group AG meanwhile are expanding in the city to manage the massive influx of assets.

A spike in virus cases that’s led to stricter border measures and the cancellation of upcoming events such as the World Economic Forum meeting may pause some of the rich migration to Singapore, but it’s likely to be short-lived.

While cases have jumped to a few dozen a day, it’s a far cry from the several hundred daily infections in New York City alone. Singapore is also charging ahead with vaccines: It’s given enough jabs for 30% of the population, almost twice the rate in China and even further ahead of neighboring Malaysia and Indonesia.

It's a delicate balance for Singapore, which relies more on trade and open borders than just about any other Asian nation. Locking down and restricting travel for too long would make it unattractive to global investment and talent, while failing to control the virus risks a political backlash and its reputation as a safe regional hub. 

“Our recent spike of pandemic is very unfortunate, but we will eventually go through this phase again,” Repkow said. “Singapore is resilient and able to manage crisis in a very pro-active and efficient manner.”

Continues with video and photos

https://www.bloomberg.com/news/features/2021-05-26/singapore-during-covid-is-city-of-choice-for-billionaires-and-their-families?srnd=premium

[BiBottomBoy]

Thing is Singapore's government can clamp down at any time and seize all your money. I'd be wary of staying there.

[bucky13]

9 hours ago, BiBottomBoy said:

Thing is Singapore's government can clamp down at any time and seize all your money. I'd be wary of staying there.

Yeah, that's exactly why so many smart, successful, wealthy people are choosing to live there.  

[PeterRS]

Singapore has always been a virtual dictatorship - a hugely successful one (unless you are gay and want greater LGBT rights like many other countries). It depends on its economy being successful and its taxes being low. Other things like high-end apartments, all types of car and driving around may be expensive. But no way is the government going to start seizing money from mega-rich overseas tycoons. The only reason would be proven cases of money laundering, in my view. Singapore is probably the safest place for parking cash and assets, certainly in Asia.

[BiBottomBoy]

I'd still be worried.

"he's gay. take all his money" doesn't sound inplausible.

[bucky13]

There has however been a major crackdown on Feline Facebook pages so I'd stay away if I were you too.  

[TMax]

I love Singapore and if I could afford it I would love to live there, I have friends working for big multi national companies there and they love it. 

[PeterRS]

I'm with TMax. But there is no way I could afford it. It is a very expensive  place to live. If your company is providing your accommodation, you have few financial worries. If you have to pay for your own accommodation, you have to be rich. I would not even mind the notorious Section A377 anti-gay law. I have known enough gay people who live in or have lived in Singapore and that has had virtually no effect on their lifestyles.