Crazy Moves Of The Rich Singapore Becomes A Haven For The Chinese Elite

Crazy Rich Asians, a Hollywood production based on a Singaporean novel, enchanted foreigners with a fantastical vision of the 733 square kilometer island, where Chinese billionaires flit between mansions and five-star hotels. Singapore was portrayed as a never-ending cocktail party where the rich constantly rubbed shoulders with each other and luxury was always within reach. Now this already insanely rich city is getting a big new dose of money – thanks to a new influx of tycoons from across the South China Sea. After years of political crackdowns, strict Covid restrictions and concern about Beijing’s global reputation, many of China’s wealthiest are packing up their designer suits and dresses. And, according to wealth management professionals in Singapore, more and more people are booking flights to the city-state. Anecdotal reports suggest well-heeled clients have flocked to Singapore’s hotels and waterfront estates – suggesting the city-state could overtake Hong Kong as the top destination for Asia’s wealthy after Beijing’s crackdown on the former British colony tarnished its charm. A scene from the 2018 film “Crazy Rich Asians” © Sanja Bucko/Warner Bros/Kobal/Shutterstock “It’s been really crazy this year,” says Vikna Rajah, co-head of the private client practice at law firm Rajah & Tann. He says his team in Singapore handles one survey each week from multi-millionaires looking to set up a family office – a type of private investment firm. About a third of these approaches come from China. A few years ago, the company would only receive “a handful” of inquiries each year. “In times of uncertainty, there is always a flood into more stable jurisdictions,” Rajah says. “Singapore is considered extremely safe, [with a] strong rule of law”. Another financial services professional in Singapore, speaking on condition of anonymity, was more cynical: Sanctions imposed on Russian oligarchs over the war in Ukraine have made wealthy Chinese fear similar restrictions if Beijing seeks an invasion of Taiwan. The move to Singapore could create some useful distance from the Chinese government, the person argues. Chinese billionaires want “to stop being recognized as Chinese,” the professional explains. “It’s like money laundering. Except that you wash away your own identity.” Joseph Poon, head of private banking at Singapore lender DBS, also says demand is being “strengthened and strengthened” by Chinese clients looking to set up family offices. “In the past, Hong Kong was their traditional stepping stone outside of China. [But now], is it really separate from China in terms of laws and regulations? A lot of customers don’t see it that way.” He says: “True offshore in Asia has bankrupted Singapore.” Jeffrey Poon, head of private banking at Singapore lender DBS This is not the first time that Singapore has welcomed an influx of immigrants from China. Once a sparsely populated rainforest with only a hundred inhabitants, the area became a colonial shipping port that grew in population in the 19th century, largely thanks to Chinese traders and laborers arriving on its shores. The city-state has maintained close ties with China ever since. In 2019, more than three-quarters of Singapore’s 5.3 million residents were ethnic Chinese, as was every prime minister since independence. Singapore trades more with China than any other country. After Singapore emerged as a low-tax business center in the late 20th century – with colonial buildings demolished to make way for sleek glass towers – many Chinese have shielded money there in offshore funds. But with the economy booming at home as well, relatively few were interested in emigrating. In the past, Hong Kong was their traditional stepping stone outside of China. . . But real offshore in Asia has bankrupted Singapore Now, says a former Singaporean official, “more and more Chinese friends and acquaintances are settling down and asking: how can I get permanent residency in Singapore?” Beijing’s growing talk of “shared prosperity” and “hunting entrepreneurs” has unnerved those who made their fortunes in China, they add. Today, Singapore appears much more rich-friendly. “You want to see the real rich [Chinese]? Go and walk around Sentosa,” says the official, referring to the island off Singapore’s south coast that serves as a billionaire enclave. “There seems to be an uptick in Bentleys.” One financial industry executive observed that “[Chinese billionaires] they always treated Singapore like a hotel, just like the Russians in London” — but also asked not to be named because of the sensitivity of the matter. “Now, they’re looking to become permanent residents.” New arrivals at Sentosa’s luxury beachfront villas came despite promises by the Singapore government to tighten foreign money regulations. The home of Crazy Rich Asians is also home to acute inequality. Voices among voters about the benefits of attracting foreign elites have pressed the government of one of the world’s most liberal economies to respond. In April, Singapore marginally raised the bar for family offices to qualify for tax breaks on their investment income. In a move seemingly designed to stop foreigners treating Singapore “like a hotel”, officials announced they must now invest at least S$10 million ($7.1 million) locally in Singapore, or 10 percent of their assets if this is lower. Some funds will also be required to employ a non-family professional. The facade of the Orchard Mall in Singapore was designed with state-of-the-art technology © Tristan Tan/Shutterstock The changes were introduced to “enhance the positive impact on the Singapore economy”, a MAS spokesman said. But wealth managers say that hasn’t deterred Chinese clients from flying in. Committing to spending S$10 million and hiring a non-relative is a negligible cost for the dynasties behind the family offices, whose assets are typically in the hundreds of millions of dollars. In the wider geopolitical context, Singapore is becoming increasingly attractive. Parents “don’t want to send their children to the West,” says a multi-millionaire and longtime Singaporean, pointing to growing hostility toward China and anti-Chinese racism in the West. “You can’t go to Hong Kong. Singapore is the most Chinese place you can go.” According to the former Singaporean official, “If you go and live in a Western country, you’re really burning bridges with China. We are quite friendly with China. We are geographically close, we are culturally close. You can call it the “China plus one” strategy. And we are plus one.” And while it appears to be tightening regulations, Singapore is actually taking a number of steps to grab more wealth from abroad. We are quite friendly with China, we are geographically and culturally close. You can call it the “China plus one” strategy. The Economic Development Board, the government entity responsible for foreign businesses, has increased marketing of the city-state as the “ideal destination” for family offices. In 2021, as Beijing clamped down on Hong Kong’s lawyers and politics, the EDB published a report praising “Singapore’s political stability and strong rule of law”. He also highlighted how “family businesses can look forward to quality healthcare, housing and education”. By the end of 2020, there were about 400 family offices in Singapore, he noted – double the number from a year earlier. Some customers were even given “special permission” to fly to Singapore during the height of the pandemic, when residents faced one of the strictest lockdowns in the world, says DBS’s Poon. Asked how his Chinese clients have spent their time since arriving in the city-state, he insists their primary interest is doing business. “I don’t think many people come and think of it as Crazy Rich Asians doing crazy things in Singapore. The only enjoyment I see is that a lot of them are playing a lot more golf,” says Poon. “Singapore remains an island of neutrality in the eyes of many people. . . Many, many Chinese are interested in expanding [other markets]from the safety and beacon that is Singapore.” This article is part of FT Wealth, a section providing in-depth coverage of philanthropy, entrepreneurs, family offices, alternative and impact investing

title: “Crazy Moves Of The Rich Singapore Becomes A Haven For The Chinese Elite Klmat” ShowToc: true date: “2022-10-31” author: “James Roundtree”

Crazy Rich Asians, a Hollywood production based on a Singaporean novel, enchanted foreigners with a fantastical vision of the 733 square kilometer island, where Chinese billionaires flit between mansions and five-star hotels. Singapore was portrayed as a never-ending cocktail party where the rich constantly rubbed shoulders with each other and luxury was always within reach. Now this already insanely rich city is getting a big new dose of money – thanks to a new influx of tycoons from across the South China Sea. After years of political crackdowns, strict Covid restrictions and concern about Beijing’s global reputation, many of China’s wealthiest are packing up their designer suits and dresses. And, according to wealth management professionals in Singapore, more and more people are booking flights to the city-state. Anecdotal reports suggest well-heeled clients have flocked to Singapore’s hotels and waterfront estates – suggesting the city-state could overtake Hong Kong as the top destination for Asia’s wealthy after Beijing’s crackdown on the former British colony tarnished its charm. A scene from the 2018 film “Crazy Rich Asians” © Sanja Bucko/Warner Bros/Kobal/Shutterstock “It’s been really crazy this year,” says Vikna Rajah, co-head of the private client practice at law firm Rajah & Tann. He says his team in Singapore handles one survey each week from multi-millionaires looking to set up a family office – a type of private investment firm. About a third of these approaches come from China. A few years ago, the company would only receive “a handful” of inquiries each year. “In times of uncertainty, there is always a flood into more stable jurisdictions,” Rajah says. “Singapore is considered extremely safe, [with a] strong rule of law”. Another financial services professional in Singapore, speaking on condition of anonymity, was more cynical: Sanctions imposed on Russian oligarchs over the war in Ukraine have made wealthy Chinese fear similar restrictions if Beijing seeks an invasion of Taiwan. The move to Singapore could create some useful distance from the Chinese government, the person argues. Chinese billionaires want “to stop being recognized as Chinese,” the professional explains. “It’s like money laundering. Except that you wash away your own identity.” Joseph Poon, head of private banking at Singapore lender DBS, also says demand is being “strengthened and strengthened” by Chinese clients looking to set up family offices. “In the past, Hong Kong was their traditional stepping stone outside of China. [But now], is it really separate from China in terms of laws and regulations? A lot of customers don’t see it that way.” He says: “True offshore in Asia has bankrupted Singapore.” Jeffrey Poon, head of private banking at Singapore lender DBS This is not the first time that Singapore has welcomed an influx of immigrants from China. Once a sparsely populated rainforest with only a hundred inhabitants, the area became a colonial shipping port that grew in population in the 19th century, largely thanks to Chinese traders and laborers arriving on its shores. The city-state has maintained close ties with China ever since. In 2019, more than three-quarters of Singapore’s 5.3 million residents were ethnic Chinese, as was every prime minister since independence. Singapore trades more with China than any other country. After Singapore emerged as a low-tax business center in the late 20th century – with colonial buildings demolished to make way for sleek glass towers – many Chinese have shielded money there in offshore funds. But with the economy booming at home as well, relatively few were interested in emigrating. In the past, Hong Kong was their traditional stepping stone outside of China. . . But real offshore in Asia has bankrupted Singapore Now, says a former Singaporean official, “more and more Chinese friends and acquaintances are settling down and asking: how can I get permanent residency in Singapore?” Beijing’s growing talk of “shared prosperity” and “hunting entrepreneurs” has unnerved those who made their fortunes in China, they add. Today, Singapore appears much more rich-friendly. “You want to see the real rich [Chinese]? Go and walk around Sentosa,” says the official, referring to the island off Singapore’s south coast that serves as a billionaire enclave. “There seems to be an uptick in Bentleys.” One financial industry executive observed that “[Chinese billionaires] they always treated Singapore like a hotel, just like the Russians in London” — but also asked not to be named because of the sensitivity of the matter. “Now, they’re looking to become permanent residents.” New arrivals at Sentosa’s luxury beachfront villas came despite promises by the Singapore government to tighten foreign money regulations. The home of Crazy Rich Asians is also home to acute inequality. Voices among voters about the benefits of attracting foreign elites have pressed the government of one of the world’s most liberal economies to respond. In April, Singapore marginally raised the bar for family offices to qualify for tax breaks on their investment income. In a move seemingly designed to stop foreigners treating Singapore “like a hotel”, officials announced they must now invest at least S$10 million ($7.1 million) locally in Singapore, or 10 percent of their assets if this is lower. Some funds will also be required to employ a non-family professional. The facade of the Orchard Mall in Singapore was designed with state-of-the-art technology © Tristan Tan/Shutterstock The changes were introduced to “enhance the positive impact on the Singapore economy”, a MAS spokesman said. But wealth managers say that hasn’t deterred Chinese clients from flying in. Committing to spending S$10 million and hiring a non-relative is a negligible cost for the dynasties behind the family offices, whose assets are typically in the hundreds of millions of dollars. In the wider geopolitical context, Singapore is becoming increasingly attractive. Parents “don’t want to send their children to the West,” says a multi-millionaire and longtime Singaporean, pointing to growing hostility toward China and anti-Chinese racism in the West. “You can’t go to Hong Kong. Singapore is the most Chinese place you can go.” According to the former Singaporean official, “If you go and live in a Western country, you’re really burning bridges with China. We are quite friendly with China. We are geographically close, we are culturally close. You can call it the “China plus one” strategy. And we are plus one.” And while it appears to be tightening regulations, Singapore is actually taking a number of steps to grab more wealth from abroad. We are quite friendly with China, we are geographically and culturally close. You can call it the “China plus one” strategy. The Economic Development Board, the government entity responsible for foreign businesses, has increased marketing of the city-state as the “ideal destination” for family offices. In 2021, as Beijing clamped down on Hong Kong’s lawyers and politics, the EDB published a report praising “Singapore’s political stability and strong rule of law”. He also highlighted how “family businesses can look forward to quality healthcare, housing and education”. By the end of 2020, there were about 400 family offices in Singapore, he noted – double the number from a year earlier. Some customers were even given “special permission” to fly to Singapore during the height of the pandemic, when residents faced one of the strictest lockdowns in the world, says DBS’s Poon. Asked how his Chinese clients have spent their time since arriving in the city-state, he insists their primary interest is doing business. “I don’t think many people come and think of it as Crazy Rich Asians doing crazy things in Singapore. The only enjoyment I see is that a lot of them are playing a lot more golf,” says Poon. “Singapore remains an island of neutrality in the eyes of many people. . . Many, many Chinese are interested in expanding [other markets]from the safety and beacon that is Singapore.” This article is part of FT Wealth, a section providing in-depth coverage of philanthropy, entrepreneurs, family offices, alternative and impact investing

title: “Crazy Moves Of The Rich Singapore Becomes A Haven For The Chinese Elite Klmat” ShowToc: true date: “2022-11-13” author: “Darrin Means”

Crazy Rich Asians, a Hollywood production based on a Singaporean novel, enchanted foreigners with a fantastical vision of the 733 square kilometer island, where Chinese billionaires flit between mansions and five-star hotels. Singapore was portrayed as a never-ending cocktail party where the rich constantly rubbed shoulders with each other and luxury was always within reach. Now this already insanely rich city is getting a big new dose of money – thanks to a new influx of tycoons from across the South China Sea. After years of political crackdowns, strict Covid restrictions and concern about Beijing’s global reputation, many of China’s wealthiest are packing up their designer suits and dresses. And, according to wealth management professionals in Singapore, more and more people are booking flights to the city-state. Anecdotal reports suggest well-heeled clients have flocked to Singapore’s hotels and waterfront estates – suggesting the city-state could overtake Hong Kong as the top destination for Asia’s wealthy after Beijing’s crackdown on the former British colony tarnished its charm. A scene from the 2018 film “Crazy Rich Asians” © Sanja Bucko/Warner Bros/Kobal/Shutterstock “It’s been really crazy this year,” says Vikna Rajah, co-head of the private client practice at law firm Rajah & Tann. He says his team in Singapore handles one survey each week from multi-millionaires looking to set up a family office – a type of private investment firm. About a third of these approaches come from China. A few years ago, the company would only receive “a handful” of inquiries each year. “In times of uncertainty, there is always a flood into more stable jurisdictions,” Rajah says. “Singapore is considered extremely safe, [with a] strong rule of law”. Another financial services professional in Singapore, speaking on condition of anonymity, was more cynical: Sanctions imposed on Russian oligarchs over the war in Ukraine have made wealthy Chinese fear similar restrictions if Beijing seeks an invasion of Taiwan. The move to Singapore could create some useful distance from the Chinese government, the person argues. Chinese billionaires want “to stop being recognized as Chinese,” the professional explains. “It’s like money laundering. Except that you wash away your own identity.” Joseph Poon, head of private banking at Singapore lender DBS, also says demand is being “strengthened and strengthened” by Chinese clients looking to set up family offices. “In the past, Hong Kong was their traditional stepping stone outside of China. [But now], is it really separate from China in terms of laws and regulations? A lot of customers don’t see it that way.” He says: “True offshore in Asia has bankrupted Singapore.” Jeffrey Poon, head of private banking at Singapore lender DBS This is not the first time that Singapore has welcomed an influx of immigrants from China. Once a sparsely populated rainforest with only a hundred inhabitants, the area became a colonial shipping port that grew in population in the 19th century, largely thanks to Chinese traders and laborers arriving on its shores. The city-state has maintained close ties with China ever since. In 2019, more than three-quarters of Singapore’s 5.3 million residents were ethnic Chinese, as was every prime minister since independence. Singapore trades more with China than any other country. After Singapore emerged as a low-tax business center in the late 20th century – with colonial buildings demolished to make way for sleek glass towers – many Chinese have shielded money there in offshore funds. But with the economy booming at home as well, relatively few were interested in emigrating. In the past, Hong Kong was their traditional stepping stone outside of China. . . But real offshore in Asia has bankrupted Singapore Now, says a former Singaporean official, “more and more Chinese friends and acquaintances are settling down and asking: how can I get permanent residency in Singapore?” Beijing’s growing talk of “shared prosperity” and “hunting entrepreneurs” has unnerved those who made their fortunes in China, they add. Today, Singapore appears much more rich-friendly. “You want to see the real rich [Chinese]? Go and walk around Sentosa,” says the official, referring to the island off Singapore’s south coast that serves as a billionaire enclave. “There seems to be an uptick in Bentleys.” One financial industry executive observed that “[Chinese billionaires] they always treated Singapore like a hotel, just like the Russians in London” — but also asked not to be named because of the sensitivity of the matter. “Now, they’re looking to become permanent residents.” New arrivals at Sentosa’s luxury beachfront villas came despite promises by the Singapore government to tighten foreign money regulations. The home of Crazy Rich Asians is also home to acute inequality. Voices among voters about the benefits of attracting foreign elites have pressed the government of one of the world’s most liberal economies to respond. In April, Singapore marginally raised the bar for family offices to qualify for tax breaks on their investment income. In a move seemingly designed to stop foreigners treating Singapore “like a hotel”, officials announced they must now invest at least S$10 million ($7.1 million) locally in Singapore, or 10 percent of their assets if this is lower. Some funds will also be required to employ a non-family professional. The facade of the Orchard Mall in Singapore was designed with state-of-the-art technology © Tristan Tan/Shutterstock The changes were introduced to “enhance the positive impact on the Singapore economy”, a MAS spokesman said. But wealth managers say that hasn’t deterred Chinese clients from flying in. Committing to spending S$10 million and hiring a non-relative is a negligible cost for the dynasties behind the family offices, whose assets are typically in the hundreds of millions of dollars. In the wider geopolitical context, Singapore is becoming increasingly attractive. Parents “don’t want to send their children to the West,” says a multi-millionaire and longtime Singaporean, pointing to growing hostility toward China and anti-Chinese racism in the West. “You can’t go to Hong Kong. Singapore is the most Chinese place you can go.” According to the former Singaporean official, “If you go and live in a Western country, you’re really burning bridges with China. We are quite friendly with China. We are geographically close, we are culturally close. You can call it the “China plus one” strategy. And we are plus one.” And while it appears to be tightening regulations, Singapore is actually taking a number of steps to grab more wealth from abroad. We are quite friendly with China, we are geographically and culturally close. You can call it the “China plus one” strategy. The Economic Development Board, the government entity responsible for foreign businesses, has increased marketing of the city-state as the “ideal destination” for family offices. In 2021, as Beijing clamped down on Hong Kong’s lawyers and politics, the EDB published a report praising “Singapore’s political stability and strong rule of law”. He also highlighted how “family businesses can look forward to quality healthcare, housing and education”. By the end of 2020, there were about 400 family offices in Singapore, he noted – double the number from a year earlier. Some customers were even given “special permission” to fly to Singapore during the height of the pandemic, when residents faced one of the strictest lockdowns in the world, says DBS’s Poon. Asked how his Chinese clients have spent their time since arriving in the city-state, he insists their primary interest is doing business. “I don’t think many people come and think of it as Crazy Rich Asians doing crazy things in Singapore. The only enjoyment I see is that a lot of them are playing a lot more golf,” says Poon. “Singapore remains an island of neutrality in the eyes of many people. . . Many, many Chinese are interested in expanding [other markets]from the safety and beacon that is Singapore.” This article is part of FT Wealth, a section providing in-depth coverage of philanthropy, entrepreneurs, family offices, alternative and impact investing

title: “Crazy Moves Of The Rich Singapore Becomes A Haven For The Chinese Elite Klmat” ShowToc: true date: “2022-12-09” author: “Gary Allison”

Crazy Rich Asians, a Hollywood production based on a Singaporean novel, enchanted foreigners with a fantastical vision of the 733 square kilometer island, where Chinese billionaires flit between mansions and five-star hotels. Singapore was portrayed as a never-ending cocktail party where the rich constantly rubbed shoulders with each other and luxury was always within reach. Now this already insanely rich city is getting a big new dose of money – thanks to a new influx of tycoons from across the South China Sea. After years of political crackdowns, strict Covid restrictions and concern about Beijing’s global reputation, many of China’s wealthiest are packing up their designer suits and dresses. And, according to wealth management professionals in Singapore, more and more people are booking flights to the city-state. Anecdotal reports suggest well-heeled clients have flocked to Singapore’s hotels and waterfront estates – suggesting the city-state could overtake Hong Kong as the top destination for Asia’s wealthy after Beijing’s crackdown on the former British colony tarnished its charm. A scene from the 2018 film “Crazy Rich Asians” © Sanja Bucko/Warner Bros/Kobal/Shutterstock “It’s been really crazy this year,” says Vikna Rajah, co-head of the private client practice at law firm Rajah & Tann. He says his team in Singapore handles one survey each week from multi-millionaires looking to set up a family office – a type of private investment firm. About a third of these approaches come from China. A few years ago, the company would only receive “a handful” of inquiries each year. “In times of uncertainty, there is always a flood into more stable jurisdictions,” Rajah says. “Singapore is considered extremely safe, [with a] strong rule of law”. Another financial services professional in Singapore, speaking on condition of anonymity, was more cynical: Sanctions imposed on Russian oligarchs over the war in Ukraine have made wealthy Chinese fear similar restrictions if Beijing seeks an invasion of Taiwan. The move to Singapore could create some useful distance from the Chinese government, the person argues. Chinese billionaires want “to stop being recognized as Chinese,” the professional explains. “It’s like money laundering. Except that you wash away your own identity.” Joseph Poon, head of private banking at Singapore lender DBS, also says demand is being “strengthened and strengthened” by Chinese clients looking to set up family offices. “In the past, Hong Kong was their traditional stepping stone outside of China. [But now], is it really separate from China in terms of laws and regulations? A lot of customers don’t see it that way.” He says: “True offshore in Asia has bankrupted Singapore.” Jeffrey Poon, head of private banking at Singapore lender DBS This is not the first time that Singapore has welcomed an influx of immigrants from China. Once a sparsely populated rainforest with only a hundred inhabitants, the area became a colonial shipping port that grew in population in the 19th century, largely thanks to Chinese traders and laborers arriving on its shores. The city-state has maintained close ties with China ever since. In 2019, more than three-quarters of Singapore’s 5.3 million residents were ethnic Chinese, as was every prime minister since independence. Singapore trades more with China than any other country. After Singapore emerged as a low-tax business center in the late 20th century – with colonial buildings demolished to make way for sleek glass towers – many Chinese have shielded money there in offshore funds. But with the economy booming at home as well, relatively few were interested in emigrating. In the past, Hong Kong was their traditional stepping stone outside of China. . . But real offshore in Asia has bankrupted Singapore Now, says a former Singaporean official, “more and more Chinese friends and acquaintances are settling down and asking: how can I get permanent residency in Singapore?” Beijing’s growing talk of “shared prosperity” and “hunting entrepreneurs” has unnerved those who made their fortunes in China, they add. Today, Singapore appears much more rich-friendly. “You want to see the real rich [Chinese]? Go and walk around Sentosa,” says the official, referring to the island off Singapore’s south coast that serves as a billionaire enclave. “There seems to be an uptick in Bentleys.” One financial industry executive observed that “[Chinese billionaires] they always treated Singapore like a hotel, just like the Russians in London” — but also asked not to be named because of the sensitivity of the matter. “Now, they’re looking to become permanent residents.” New arrivals at Sentosa’s luxury beachfront villas came despite promises by the Singapore government to tighten foreign money regulations. The home of Crazy Rich Asians is also home to acute inequality. Voices among voters about the benefits of attracting foreign elites have pressed the government of one of the world’s most liberal economies to respond. In April, Singapore marginally raised the bar for family offices to qualify for tax breaks on their investment income. In a move seemingly designed to stop foreigners treating Singapore “like a hotel”, officials announced they must now invest at least S$10 million ($7.1 million) locally in Singapore, or 10 percent of their assets if this is lower. Some funds will also be required to employ a non-family professional. The facade of the Orchard Mall in Singapore was designed with state-of-the-art technology © Tristan Tan/Shutterstock The changes were introduced to “enhance the positive impact on the Singapore economy”, a MAS spokesman said. But wealth managers say that hasn’t deterred Chinese clients from flying in. Committing to spending S$10 million and hiring a non-relative is a negligible cost for the dynasties behind the family offices, whose assets are typically in the hundreds of millions of dollars. In the wider geopolitical context, Singapore is becoming increasingly attractive. Parents “don’t want to send their children to the West,” says a multi-millionaire and longtime Singaporean, pointing to growing hostility toward China and anti-Chinese racism in the West. “You can’t go to Hong Kong. Singapore is the most Chinese place you can go.” According to the former Singaporean official, “If you go and live in a Western country, you’re really burning bridges with China. We are quite friendly with China. We are geographically close, we are culturally close. You can call it the “China plus one” strategy. And we are plus one.” And while it appears to be tightening regulations, Singapore is actually taking a number of steps to grab more wealth from abroad. We are quite friendly with China, we are geographically and culturally close. You can call it the “China plus one” strategy. The Economic Development Board, the government entity responsible for foreign businesses, has increased marketing of the city-state as the “ideal destination” for family offices. In 2021, as Beijing clamped down on Hong Kong’s lawyers and politics, the EDB published a report praising “Singapore’s political stability and strong rule of law”. He also highlighted how “family businesses can look forward to quality healthcare, housing and education”. By the end of 2020, there were about 400 family offices in Singapore, he noted – double the number from a year earlier. Some customers were even given “special permission” to fly to Singapore during the height of the pandemic, when residents faced one of the strictest lockdowns in the world, says DBS’s Poon. Asked how his Chinese clients have spent their time since arriving in the city-state, he insists their primary interest is doing business. “I don’t think many people come and think of it as Crazy Rich Asians doing crazy things in Singapore. The only enjoyment I see is that a lot of them are playing a lot more golf,” says Poon. “Singapore remains an island of neutrality in the eyes of many people. . . Many, many Chinese are interested in expanding [other markets]from the safety and beacon that is Singapore.” This article is part of FT Wealth, a section providing in-depth coverage of philanthropy, entrepreneurs, family offices, alternative and impact investing