Hong Kong and Singapore in Race to Attract Ultra-Wealthy Individuals
UHNWIs to Boom in Asia by 2027, Fueling Competition
Hong Kong and Singapore Poised to Dominate Market
Hong Kong and Singapore are locked in a fierce competition to become the preferred destination for wealthy individuals from across Asia. With the number of ultra-high-net-worth individuals (UHNWIs) in the region set to surge by 40% by 2027, both cities are eager to capitalize on this growing market. Industry insiders report that Hong Kong has seen a revival in business activity, contrasting with a quieter period in Singapore. This has led many to believe that the former may be regaining its status as a leading hub for wealth management. However, Singapore remains a formidable competitor. Its stable political climate, low tax rates, and strong infrastructure make it an attractive option for UHNWIs. As both Hong Kong and Singapore position themselves as rivals to offshore financial centers such as the Cayman Islands, they may be entering uncharted territory.
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