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

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.

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.