AS MYRIADS of China’s high-net-worth (HNW) individuals look to relocate, over 500 of them are expected to come to Singapore — bringing with them at least US$2.4 billion worth of capital inflows for the city-state.
In an interview with Lianhe Zaobao on Wednesday (Aug 3), London-based investment migration consultancy Henley & Partners said it expects more than 10,000 HNW individuals to be on the lookout for opportunities to move out of China this year. It estimates that approximately 4,200 of these individuals have already moved out of China in the first half of the year.
These individuals carry with them an average of US$4.8 million worth of capital assets, bringing China’s total estimated outflow to around US$48 billion, they added.
According to past data, the top destinations these Chinese HNW individuals tend to migrate to include the US, Canada, Australia, UK and Singapore.
Henley & Partners told Lianhe Zaobao that although it is not absolutely sure of the exact number of Chinese HNW individuals looking to move to Singapore, the full-year estimates stand roughly above 500.
That said, the number of HNW individuals in China are so great that even if 10,000 of them left, this would only represent around 1 per cent of its total population of HNW individuals in China, the firm wrote in its latest Henley Global Citizens Report.