The new millionaires migrating to the city-state are expected to own wealth worth US$8.9 billion, according to the Henley Private Wealth Migration Report 2024 by migration data provider Henley and Partners.
Despite the decline in inflow, Singapore remains among the top destinations for millionaire migration, ranking sixth globally in number of migrating millionaires, behind the United Arab Emirates, the U.S., Italy, Switzerland and Saudi Arabia.
Among other Southeast Asian countries, Thailand stands out with an expected net inflow of 450 million this year as it is “rapidly emerging” as the region’s new safe haven and a strong competitor to Singapore, the report said.
Thailand’s capital Bangkok is gaining popularity among high-net-worth individuals from China, Vietnam, and South Korea due to its international schools, expanding financial services sector, and luxury real estate options, the report added.
In Asia, some countries are experiencing a large outflow of millionaires.
The number is set to drop by 2,400 in South Korea this year, more than double last year’s figure, following a period of economic and political turbulence.
Vietnam is also beginning to see an uptick in millionaire departures with an expected outflow of around 300 individuals.
Globally, a record-breaking 142,000 millionaires are projected to relocate internationally this year.
The UAE will likely retain its crown as the world’s leading wealth magnet, with a record net inflow of 9,800 relocating millionaires.
At the other end, the U.K. is forecast to see 16,500 millionaires leaving, highest globally, followed by China with a decline of 7,800 individuals.
“For the first time in a decade of tracking, a European country leads the world in millionaire outflows,” said Henley & Partners CEO Juerg Steffen.
“This is not just about changes to the tax regime. It reflects a deepening perception among the wealthy that greater opportunity, freedom, and stability lie elsewhere. The long-term implications for Europe and the U.K.’s economic competitiveness and investment appeal are significant.”
