Singapore is the most desired place for internationally-mobile wealthy individuals (IMWI) to reside, due to the country’s high quality of life, political stability, modern infrastructure and education system, found a joint research by The Economist Intelligence Unit (EIU) and Royal Bank of Canada (RBC).
The RBC Wealth Management survey found that almost a third of Asia’s millionaires, who live, work or spend more than half their time outside their home counties, prefers Singapore as a country to live and invest. Hong Kong was picked at the second most popular choice in the region.
The survey investigated the investment, wealth transfer and charitable giving behaviours of IMWIs with investible assets of at least $1 million.
Real estate led the list of preferred assets for investment, with 51% of Singapore’s IMWIs reporting a "high propensity" for property investment. This is followed by investments in cash (49%), domestic equities (46%) and mutual/pooled funds (26%).
"High net worth individuals with global outlooks for their businesses and families are choosing Singapore to live and invest in," Barend Janssens, the Singapore-based head of RBC’s wealth-management unit for emerging markets, said.
Overall, mobile millionaires who moved to Singapore ranked quality of life (89%), the country’s political stability (83%),and infrastructure (83%) as top factors that influenced their decision. Other top influencing factors include education opportunities (80%) and a low tax environment (77%).