Why China’s ‘crazy’ mega-rich are moving their wealth, and partying, to Singapore
- Beijing’s crackdowns on tech billionaires and tax-shy celebrities, plus three years of zero-Covid, have led many affluent Chinese to relocate to the city state
- Some are shelling out US$800,000 for a bottle of whisky, US$61,000 for cigars and US$670,000 a year for membership to the exclusive Sentosa Golf Club
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 said.
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.