Friday, May 9, 2025
30.1 C
Singapore

Over half of Singapore’s high-net-worth individuals are considering relocation

- Advertisement -

SINGAPORE: A significant portion of Singapore’s High-Net-Worth Individuals (HNWIs) are contemplating relocating overseas, with younger and wealthier individuals leading this trend, according to a recent report by Agility Research & Strategy.

The study found that more than half of HNWIs in Singapore are exploring the possibility of moving abroad, particularly those under 45 and those classified as Very High-Net-Worth (VHNW) individuals. Their motivations extend beyond financial considerations, with many seeking new cultural experiences, lifestyle changes, and professional opportunities.

The report also highlighted a clear preference for international education among Singapore’s affluent families. While 40% of HNWIs opt to send their children to local universities, the majority—60%—plan for them to study abroad. The United Kingdom emerged as the most preferred destination for overseas education.

Wealth preservation and succession planning remain key priorities for Singapore’s wealthy. According to the findings, 28% of HNWIs have already established legal trusts, primarily to ensure the smooth transfer of wealth after their passing. Over the next decade, a significant shift in financial control is expected, with one in three HNWIs set to inherit substantial assets.

- Advertisement -

Notably, many of these inheritors intend to use their wealth to expand business ventures and further grow their financial portfolios. This suggests a proactive approach to wealth accumulation and economic participation among Singapore’s next generation of affluent individuals.

Beyond wealth accumulation, Singapore’s HNWIs are also focused on social responsibility. The report found that their philanthropic priorities include improving access to quality healthcare for the underprivileged and enhancing education opportunities for future generations.

- Advertisement -

Hot this week

Asia’s rice bowl at risk as India-Pakistan conflict threatens regional food security

INTERNATIONAL: As pressures between nuclear-armed adversaries India and Pakistan...

Asia’s rice bowl at risk as India-Pakistan conflict threatens regional food security

INTERNATIONAL: As pressures between nuclear-armed adversaries India and Pakistan...

Johor businesses urged to tap JS-SEZ for growth and investment opportunities

MALAYSIA: Businesses in Johor have been strongly encouraged to...

Asia’s children starve as planet burns: UNICEF sounds alarm on surging child malnutrition in Asia

SINGAPORE: Children appeared to be the most defenceless victims...

Singapore SMEs eye JS-SEZ for growth amid rising costs and global trade tensions

SINGAPORE: The Johor-Singapore Special Economic Zone (JS-SEZ) is emerging...

Singaporean man charged in Johor with trafficking over 10 kg of drugs

MALAYSIA: A Singaporean man has been charged with trafficking...

Related Articles

Popular Categories