Singapore to see over 50% drop in millionaire migrants in 2025 but still ranks among top destinations

SINGAPORE: Singapore is expected to see a sharp drop in the number of millionaires moving to the country this year. According to the Henley Private Wealth Migration Report 2024, only up to 1,600 millionaires are forecast to migrate to Singapore in 2025. That’s less than half the number in 2024, when 3,500 millionaires moved to the city-state.

VnExpress International reported, citing data from Henley and Partners, that the new group of millionaire migrants coming to Singapore is expected to bring a total of US$8.9 billion (S$11.34 billion) in wealth.

Despite the decline, Singapore still ranks sixth worldwide in terms of millionaire inflows, just behind the United Arab Emirates (UAE), the United States (US), Italy, Switzerland, and Saudi Arabia.

In Southeast Asia, Thailand is gaining ground as the city-state’s competitor. The country is expected to welcome 450 millionaires in 2025, making it one of the “rapidly emerging” destinations in the region.

The report said high-net-worth individuals (HNWIs) from China, Vietnam, and South Korea have been drawn to Bangkok for its international schools, growing financial services sector, and luxury real estate.

Elsewhere in Asia, some countries are seeing more millionaires leaving. South Korea is expected to lose about 2,400 millionaires this year, more than double the number from last year, amid economic and political uncertainty. Vietnam is also seeing a growing number of millionaires leaving, with a net outflow of around 300 expected in 2025.

Globally, the number of millionaires relocating is expected to hit a record high of 142,000 this year.

The UAE is expected to top the list again, with a record net inflow of 9,800 millionaire migrants. Meanwhile, the UK is forecast to lose the most millionaires globally, with 16,500 set to leave in 2025, followed by China with 7,800.

Henley & Partners CEO Juerg Steffen said this was the first time in ten years of tracking that a European country had the highest number of millionaire outflows. He noted that this is “not just about changes to the tax regime” but also a sign that the wealthy are looking for greater opportunity, freedom, and stability elsewhere. /TISG

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