70% of wealth managers say Singapore to benefit most from Middle East war—Bloomberg

SINGAPORE: As the conflict in the Middle East continues to threaten Dubai’s status as a safe haven, more ultra-wealthy individuals are choosing to park their money elsewhere, including Singapore.

A newsletter from Bloomberg published over the weekend said that at the Financial Times’ wealth management conference in Singapore, held on April 15 and 16, around 70% of wealth managers said, “Singapore stands to benefit most from the Middle East disruption.”

As early as the second week of March, just days after the conflict in the Middle East started, it was already reported that high-net-worth individuals were considering moving their money to Singapore or Hong Kong.

The Gulf’s image as a safe haven started unravelling due to the war, the Wall Street Journal reported, as missile and drone attacks were taking place in areas in the United Arab Emirates, including Abu Dhabi and Dubai. This caused real estate deals to get stalled, and ultra-wealthy individuals began actively fleeing the region amid escalating conflict, taking their capital with them.

Why Singapore?

With war bringing volatility, uncertainty, and risk, it should come as no surprise that the ultra-rich look for safer areas. This is what Singapore, in essence, offers.

Decades of low corruption, a strict rule of law, and clear regulations from the city-state’s central bank, the Monetary Authority of Singapore, have helped build its reputation as one of the safest places for the ultra-rich to park their assets.

The increase in the number of family offices, a private wealth management firm catering to people who have $1 million or more in liquid financial assets, attests to this. Between 2024 and 2026, around 1,300 new family offices are expected to be set up.

In February, it was reported that S$77 billion in new money was poured into OCBC, DBS, and UOB in 2025. The growth was attributed to Singapore’s appeal as a financial hub due to its political stability, favourable tax regime, and supportive policies for establishing family offices and trusts. The nation has seen significant wealth inflows, bolstering its status as a safe haven in Asia.

“Singapore, which ranks as the third-least corrupt country after Denmark and Finland, looks to be the Fort Knox of some of the world’s wealthy. So expect to see more Rolls-Royces and Lamborghinis along Orchard Road and in Sentosa Cove,” wrote Bloomberg’s Rthvika Suvarna on April 18. /TISG

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