According to Singapore’s Lianhe Zaobao report on August 3, ten thousand Chinese “High Net Worth Individuals” want to flee the country. Some 500 Chinese are looking to get away to Singapore. It is estimated that they could take at least $2.4 billion in wealth with them.

According to Forbes, a high-net-worth individual is “a person who owns liquid assets valued at $1 million or more.”

As Fortune News reported, under China’s so-called zero COVID policy, which has dented economic growth, more wealthy Chinese are looking for opportunities to relocate to other countries. According to investment migration consultancy Henley & Partners, 10,000 high-net-worth individuals are seeking to pull about $48 billion from China this year.

According to the Business Times, about 4,200 of these people moved out of China in the first half of the year.

Past data shows that the U.S., followed by Canada, Australia, the UK, and Singapore are the top destinations for these rich Chinese.

Henley & Partners estimates that more than 500 wealthy Chinese people would migrate to Singapore, bringing with them capital inflows of at least $2.4 billion for the city-state.

According to the latest Henley Global Citizens Report, China has a large population of high-net-worth residents. Therefore, even if 10,000 of them migrate, this would only account for about 1% of China’s overall population of high-net-worth individuals.

Radio France Internationale cited real estate brokerage Hedeng Group as reporting that sales of luxury condominiums in Singapore jumped by 64% in the second quarter compared to the first quarter. In addition, queries from foreign purchasers also increased.

As EdgeProp reported, in early June, a Chinese national is said to have purchased 20 units at CanningHill Piers, a luxury condominium along the Singapore River. The transaction is estimated to be worth more than $85 million.

According to Zaobao, the buyer is from Fujian, China. 

According to the Strait Times, he is also reportedly considering buying 10 more units. If he does, the transaction is expected to contribute about $30 million in stamp duties in accordance with the new property cooling measures.

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