Why Hong Kong's Millionaires are Moving to Singapore

Hong Kong and Singapore have been hailed as among the wealthiest cities in the world by Hanley and partners, But the immigration consultancy firm also notes a decline in Hong Kong’s millionaire ranks as wealthy experts leave for Singapore. For more on this, let’s bring in our wealth reporter Claire Valentine in Hong Kong. Claire Hong Kong’s loss. Singapore’s gain. Yes, we’ve seen some millionaires move away from Hong Kong and into Singapore. So it’s affected the the rankings in this latest wealth survey. So it’s kind of been the trend in the past ten years, Hong Kong number of millionaires has decreased 4%, while at the same time we’ve seen Singapore’s number of millionaires really increase. That sort of speaks to this trend in this rivalry between the two cities and seeing how people are are departing Hong Kong. And how can Singapore sustain its position, you think? We’ll see. We’ll have to see. A lot of the wealth gains over the past ten years in this ranking have been driven by global equity market gains. We’ve seen, you know, financial markets around the world really increase in the past decade. But again, you have sort of these geopolitical issues and these other reasons that people move and change locations. So right now we’re still seeing New York as the the city with the most millionaires. One in 24 people in that city are millionaires, which is pretty striking. But we’re also seeing increases in in Singapore. Tokyo is still doing really well in terms of of millionaires and so is the Bay Area. So we’ll sort of have to see, you know where people want to move and what becomes more attractive in terms of of location. But at least for right now we’re seeing Hong Kong on the on the decline and Singapore rising. Claire, how about China? Because we know the economy has been under a lot of pressure. Yeah, so in terms of of China cities on the rise and actually include Chinas, Shenzhen. The number of millionaires there has surged over 140% in the past decade. Now this report at least what happened in front of me, hasn’t really delved too deeply into the different cities in in China, but in terms of of Shenzhen, really on the increase.