Singapore, Hong Kong among best Asian markets for investment and business: HSBC report
Singapore is the top destination for wealthy entrepreneurs to relocate, while Hong Kong fails to make the top 10
Wealthy investors looking to move their assets for investment or relocate themselves over the next 12 months favour Singapore over Hong Kong among major destinations in Asia, according to a report published by HSBC.
Nearly 70 per cent of high-net-worth investors said they are considering moving some or all of their wealth to a new location over the next 12 months, according to the Global Entrepreneurial Wealth Report released by the UK lender on Monday. Switzerland was their top pick, while Singapore ranked fourth and Hong Kong seventh.
About 55 per cent are considering personally moving to a new location, with Singapore their favoured destination. Hong Kong failed to make the top 10 list.
Singapore came out on top among financial centres for rich entrepreneurs to invest their wealth and conduct business in Asia over the next 12 months.
HSBC surveyed 1,882 business owners in the US, UK, France, Hong Kong, India, mainland China, Singapore, Switzerland, Taiwan, United Arab Emirates, Japan and Australia in July and August. These entrepreneurs have at least US$2 million of investible assets, with one-third of them having at least US$100 million.
“The survey showed that Hong Kong and Singapore remain as the most appealing markets in Asia for wealthy individuals,” said Wilson Chan Fung-cheung, associate director of the MBA programme at City University in Hong Kong. “As a gateway to mainland China, Hong Kong still offers plenty of business opportunities and upside.”
