China’s mega-rich moving wealth to Singapore
SINGAPORE: Singapore is seeing an influx of ultra-wealthy families from China looking to protect their wealth from a Communist Party that increasingly views them with suspicion.
Beijing’s recent crackdowns on tech billionaires and tax-shy celebrities, as well as three years of zero-covid, have led many rich Chinese to look for a safe haven.
Nervous over the fate of their fortunes, some of the country’s mega-rich have since booked tickets to Singapore, insiders told reporter.
The key Asian financial hub ticks all the boxes for relocating tycoons.
Singapore has been ruled by one party for the past six decades, and labour strikes and street protests are banned. Taxes are comparatively low and the population is predominantly ethnic Chinese.
The presence of recent Chinese arrivals is keenly felt in Singapore, with some relocating to luxury homes with waterfront views on Sentosa Island, which also houses a theme park, a casino and a prestigious golf club.
“You cannot imagine the way they spend money. It’s crazy,” said Pearce Cheng, CEO of AIMS, a firm providing immigration and relocation services.
He recalled atending a client’s party where a rare Japanese “Yamazaki 55” whisky, worth around $800,000 a botle, was served.
Cheng’s firm also helps find luxury condos, hire chauffeurs and enrol kids in private schools. It once even bought $61,000 worth of cigars.
The new arrivals drive Rolls Royces and Bentleys, and are often spotted at top-tier golf clubs such as the exclusive Sentosa Golf Club, where foreign members pay $670,000 a year.
“Many of them are younger Chinese, in fashionable designer clothes, and they usually keep to themselves and dine amongst themselves, which is not surprising,” said Benny Teo, managing director of Blazon, a consultancy specialising in golf.
Relocating to Singapore puts the wealth of China’s richest beyond the reach of Beijing, whose recent high-profile crackdowns have ratled billionaires.
Jack Ma, one of the most recognisable faces in Asian business, lost an estimated $25 billion when Chinese regulators pulled the plug on a blockbuster IPO in 2020.
Other Chinese tycoons fear the Communist Party could apply similar pressure or even take over their businesses at low prices, an accountant familiar with the situation told reporter.
“Moving to Singapore is about making sure the family wealth is kept safe and can last for several generations,” the accountant said.