Pandemic Increased Singapore’s Appeal To The Affluent
SINGAPORE – The city-state has long attracted the wealthy thanks to its low taxes and stable rule of law, and the COVID-19 pandemic has made it a more sought-after place to live and work in, reported the Financial Times on Monday (18 October, SGT).
Among the factors that made Singapore one of the best places to live in during the virus outbreak is its tropical climate, high vaccination rate, and low COVID-related fatalities.
In fact, Stephan Repkow, Founder of multi-family office Wealth Management Alliance, revealed that several of his affluent customers relocated to the city-state since the onset of the global health crisis.
“COVID-19 has been an opportunity for the wealthy, who have more flexibility and options to reassess how they want to live their lives,” he noted.
Similarly, venture capital firm Insignia Ventures’ Founder Yinglan Tan shared that 5 of his investors have moved to Singapore since the start of the pandemic.
“The attractiveness of investment destinations in the post-pandemic world is not just a factor of where the money can go, but whether it is a safe and stable place,” he noted, adding that in August, Singapore increased its economic growth projection to between 6 percent and 7 percent for the whole of 2021 after it declined to 5.4 percent last year.
Aside from that, many rich foreigners have decided to remain indefinitely in Singapore, said a property agent who looked for homes for several affluent Indian and Chinese families.
“One Chinese millionaire asked me to help find a villa to rent within 24 hours as he did not want to return to China, where the virus was spreading. Now he has moved his life here,” the agent disclosed.
Given Singapore’s increased appeal to the high-net-worth individuals (HNWI), it’s no surprising that more family offices have been established here. According to official statistics, the number of single-family offices in the city-state has surged by about 2-fold since the end of 2019 to roughly 400 at present.