Singapore’s stepped-up money laundering rules are putting some customers off.
The Chinese territory is expected to welcome about 200 high-net worth individuals in 2024, after five years of millionaires skipping town.- Hong Kong is winning back wealthy Chinese by rolling out the red carpet for the rich, while rival Singapore scrutinises foreign money.
Hong Kong’s assets under management grew 2.1 per cent to HK$31 trillion in 2023. Driven by a strong performance of private banking and wealth management, net fund inflows jumped more than three times to nearly HK$390 billion in 2023, Financial Secretary Paul Chan wrote on his blog in July. In 2022, private banking and wealth fund inflows slumped about 80 per cent.
Hong Kong has benefited from the reopening of its borders in 2023. The city has efficient connections to Shenzhen and the surrounding Greater Bay Area via its high speed rail line. That is attractive for wealthy Chinese who want to be able to closely monitor onshore businesses. Many of his friends were worried about the future direction of Chinese government policy during Covid-19 and sought residence elsewhere, looking for more neutral ground amid rising geopolitical tensions. While there is a narrative that Hong Kong is becoming more like China, he says it remains more open, particularly for capital flows.
But Chinese money that was going to Singapore is now headed to Hong Kong, another senior banker said. That is supported by data including sales of insurance products popular with wealthy Chinese from the mainland, which jumped 63 per cent to HK$15.6 billion in the first quarter compared with the same period in 2023.
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