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Singapore — Singapore is seeing an influx of ultra-wealthy families from China looking to protect their wealth from a Communist Party that increasingly views them with suspicion.
Beijing’s recent crackdowns on tech billionaires and tax-shy celebrities, as well as three years of zero-Covid, have led many rich Chinese to look for a safe haven.
Nervous over the fate of their fortunes, some of the country’s mega-rich have since booked tickets to Singapore, insiders told AFP.
The key Asian financial hub ticks all the boxes for relocating tycoons.
Singapore has been ruled by one party for the past six decades, and labour strikes and street protests are banned. Taxes are comparatively low and the population is predominantly ethnic Chinese.
The presence of recent Chinese arrivals is keenly felt in Singapore, with some relocating to luxury homes with waterfront views on Sentosa Island, which also houses a theme park, a casino and a prestigious golf club.
“You cannot imagine the way they spend money. It’s crazy,” said Pearce Cheng, CEO of AIMS, a firm providing immigration and relocation services.
He recalled attending a client’s party where a rare Japanese “Yamazaki 55” whisky, worth around $800,000 a bottle, was served.
Cheng’s firm also helps find luxury condos, hire chauffeurs and enrol kids in private schools.
