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.
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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%).
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