The umbrella revolution in Hong Kong may have caused a significant change of heart in the city’s population of millionaires — and they’re all choosing to relocate to Singapore instead.
“Though Hong Kong has a much higher millionaire population than Singapore (193,000 against Singapore’s 154,000), recent events such as the umbrella revolution may have turned migratory high net worth individuals away from the city,” says WealthInsight head Oliver Williams, as quoted by CNBC.
WealthInsight’s wealth-tracking report also points out that currently, one in 35 Singaporeans are currently millionaires — and with projected growth, there’ll be 1 in 30 Singaporean millionaires by 2020.
The report predicts that Singapore’s high net worth population is seen growing by 18.3 percent over the next five years, while in Hong Kong the figure stands at 15.6 percent.
“Singapore’s burgeoning financial markets, renowned private banking and superior quality of life are continuing to attract HNWIs from neighboring countries,” noted Williams. The large influx of Indian and Chinese millionaires into the country have also driven the growth in population of wealthy folks in the country.
Photo: Sarah_Ackerman via Flickr
