SINGAPORE:Â Singapore has cemented its position as a leading destination for wealthy entrepreneurs seeking to expand their business operations or relocate, according to a recent report by HSBC.
The report highlights the nation’s growing appeal, particularly among entrepreneurs from mainland China, India, and Taiwan.
The HSBC study revealed that nearly 10% of affluent business owners worldwide plan to conduct business in Singapore within the next year. This percentage rises significantly among entrepreneurs from specific regions, with 18% of those from mainland China, 17% from India, and 17% from Taiwan expressing interest in establishing operations in the country.
Singapore’s strategic location, robust infrastructure, and business-friendly policies make it an attractive hub for global trade and investment. The city’s appeal is further reinforced by its stable political environment, world-class financial services, and access to key Asian markets.
The report also highlighted Singapore’s popularity as a relocation destination. Globally, 9% of entrepreneurs expressed interest in moving to Singapore, with the country ranking as the top choice for personal relocation.
Entrepreneurs from Hong Kong led the charge, with 19% eyeing Singapore, followed by 16% from Taiwan and 15% from India.
Among Singapore-based entrepreneurs, the report highlighted a strong sense of stability and long-term commitment. An impressive 60% of local business owners who have owned their enterprises for an average of eight years expressed no intention of exiting their businesses, far exceeding the global average of 49%.
Additionally, 62% of respondents identified Singapore as their primary residence.
When it comes to international business expansion, 35% of Singaporean entrepreneurs indicated no plans to conduct business abroad in the next 12 months—a figure notably higher than the global average.