Singapore's millionaire inflow to halve in 2025: report
[SINGAPORE] Singapore will likely see a net inflow of 1,600 millionaires in 2025 – less than half the 3,500 that had been projected to move there in 2024, a report by investment migration consultancy Henley & Partners showed.
This is even as a record 142,000 millionaires worldwide are expected to relocate this year, according to the Henley Private Wealth Migration Report 2025, published on Tuesday (Jun 24).
The report found that traditional destinations for these wealthy individuals – such as Singapore, Australia, Canada and New Zealand – appear to be losing their appeal, with their lowest net inflows provisionally expected this year.
Meanwhile, Thailand – with a projected net inflow of 450 millionaires in 2025 – is 'rapidly emerging' as South-east Asia's new safe haven, the report said. It added that Bangkok is positioning itself as a key rival to Singapore.
Thailand's vibrant capital is increasingly favoured by high-net-worth individuals from China, Vietnam and South Korea, due to its international schools, growing financial services sector, and high-end real estate offerings, the report showed.
' In a world where uncertainty seems to be the only constant, Singapore's predictability is gold. '
—
Dr Parag Khanna, founder and CEO of AlphaGeo
Nevertheless, Singapore still presents a stable political environment, a sophisticated and well-regulated financial sector, attractive tax policies, and a high standard of living, said Dr Parag Khanna, founder and chief executive of AlphaGeo, a geospatial analytics firm.
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'In a world where uncertainty seems to be the only constant, Singapore's predictability is gold,' he said.
Chinese recovery
The report showed that China's pace of millionaire departures is slowing for the first time, with a net outflow of 7,800 millionaires expected this year.
This could be a sign that China's post-pandemic recovery, coupled with regulatory clarity and new incentives for domestic investment, is restoring some confidence among the country's elite, said Dr Khanna.
The booming tech hubs of Shenzhen and Hangzhou, as well as rapid growth in the entertainment and hospitality sectors, are encouraging more affluent Chinese to stay, the report indicated.
'Still, the urge to diversify remains strong, especially given ongoing geopolitical tensions and the desire for global mobility – so don't expect the outflows to stop entirely,' Dr Khanna said.
He also noted that Hong Kong has made a 'dramatic reversal' from the net outflows recorded in 2019 to 2022 due to protests and political uncertainty, with a net inflow of 800 millionaires projected in 2025.
Hong Kong is seeing inflows from the rest of Asia, especially top-earning executives from fast-growing high-tech companies in Shenzhen, the report noted.
' This isn't just about changes to the tax regime. It reflects a deepening perception among the wealthy that greater opportunity, freedom and stability lie elsewhere. '
—
Dr Juerg Steffen, CEO of Henley & Partners
Dominic Volek, group head of private clients at Henley & Partners, said ultra-high-net-worth Asian families are increasingly splitting their operations between Hong Kong and Singapore – to maximise opportunity and minimise risk.
Singapore provides political neutrality, sophisticated private banking and South-east Asian growth exposure, while Hong Kong boasts deep capital markets and North Asian connectivity, he added.
'Wexit'
The UK is expected to have the largest net outflow of millionaires by any country since Henley & Partners began tracking such migrations 10 years ago – 16,500 are projected to leave in 2025, driven in part by sweeping tax reforms.
Dubbed by some as 'Wexit', or wealth exit, affluent individuals in the UK are relocating to tax-friendly jurisdictions such as the United Arab Emirates (UAE), Monaco and Malta, as well as to lifestyle havens including Italy, Greece, Portugal and Switzerland.
For the first time in a decade of tracking these movements, a European country is leading globally in millionaire outflows, noted Dr Juerg Steffen, CEO of Henley & Partners.
'This isn't just about changes to the tax regime,' he said. 'It reflects a deepening perception among the wealthy that greater opportunity, freedom and stability lie elsewhere.'
Also for the first time, European heavyweights France, Spain and Germany are expected to see net millionaire outflows in 2025, with many affluent Europeans relocating to more investor-friendly hubs on the continent.
Overall, the UAE is the world's hottest wealth haven. The report projected a net inflow of 9,800 millionaires in 2025, due to the country's attractive 'Golden visa' options.
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He says of Bae's and Rappu: 'Both are high-energy concepts and offer truly differentiated experiences not found anywhere else in Singapore.' Baia, which opened in October 2024 on the rooftop of Esplanade Mall, offers that kind of experiential outing people are looking for. The 130-seat venue, which cost $3 million to set up, is part of the il Lido Group. Baia opened in October 2024 at the rooftop of the Esplanade Mall. PHOTO: BAIA Founder Beppe de Vito, 51, wanted to recreate the 'Las Vegas of the Roman Empire', which was what Baia, an Italian city about 30km from Naples, once was. He says: 'It's great for tourists, and the opening of the Registry of Marriages just one floor down makes it an attractive go-to for celebration meals and drinks.' Chef Rishi Naleendra, 39, of two-Michelin-starred Cloudstreet in Amoy Street, also runs Sri Lankan restaurant Kotuwa at New Bahru and sister restaurant Station By Kotuwa in Boon Tat Street. The interior of Station By Kotuwa in Boon Tat Street. PHOTO: STATION BY KOTUWA He used to run Fool Wine at the Boon Tat Street space before turning it into Station in March 2025 . 'Kotuwa has been amazing,' says the chef of the restaurant, which serves the vibrant food of his heritage, together with cocktails built around Sri Lankan and other spirits. Diners can also order a $68 a person snack-to-dessert feast featuring the restaurant's greatest hits. 'We wanted to see if that success could translate, and we built a CBD version of Kotuwa, and that has been doing really well for us.' He says his fine-dining restaurant Cloudstreet has had its ups and downs. 'Having a diverse portfolio of restaurants helps. It allows us to balance out the slow months with the stronger ones.' Mr Russell Yu, 39, runs casual Japanese chain Nozomi, with outlets at Millennia Walk and Star Vista; and The Horse's Mouth gastrobar at Millenia Walk. He says business at Nozomi has improved since a tough spell from December 2024 to February 2025. 'The stronger performance likely comes down to price point and value. With an average spend of $38 to $43 a diner, and a focus on quality ingredients, we may take a hit on margins, but we continue to offer strong value to guests , and that's resonating with them . 'Restaurants that offer strong value are generally holding steady, but those with an average spend at or above $60 a head are facing greater challenges. The recent closures of several relatively high-profile establishments have been surprising. But for many of us operators, the situation has been, and remains, precarious.' It might become even more precarious when the Rapid Transit System (RTS) linking Johor Bahru (JB) and Singapore starts operating in end-2026. People will be able to travel from Woodlands North MRT station to JB's Bukit Chagar station in five minutes. Jewel Coffee's Mr Khong says: 'I would imagine the bulk of JB visitors now are car owners. But with the RTS, non-car owners will not hesitate to go to JB. If I were a Woodlands resident, between a five-minute ride to JB and a 30-minute MRT ride to Orchard, it's a no-brainer. Johor will win hands down in terms of cost savings on food, groceries and other shopping .' Hope springs eternal Where some see more strife for the F&B scene, others see opportunity. Mr Geoffrey Tai, 51, manager of Temasek Polytechnic's School of Business, says: 'With the RTS enhancing connectivity, we may see more joint ventures, supply partnerships or pop-up concepts between Singapore and JB operators.' He says the goal is not to compete directly, but for entrepreneurs to 'complement and co-create opportunities across both sides'. 'While many Singaporeans will continue visiting JB for affordable food and services, not everyone will make that leap regularly,' he adds. 'Food safety regulations, convenience and strong brand loyalty remain key reasons many still choose to dine locally.' There are other reasons to be hopeful, say some. 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Our focus will be on delivering exceptional value and experiences to both local and international diners, adapting our offerings to evolving preferences.' Despite the never-ending struggles with rent, manpower and cost of ingredients, some are opening new restaurants. Mr Vadim Korob, 34, managing director of Altro Zafferano, an Italian restaurant at Ocean Financial Centre, says there are plans to expand the portfolio, which now includes Griglia Open Fire Italian Kitchen in Craig Road. He will soon open a steakhouse in Amoy Street, and intends to add two more restaurants down the road. He says sales have increased for the existing restaurants. Altro Zafferano pivoted to more casual dining, with flexible menus that include sharing dishes. 'We are hopeful for 2026,' he says. 'With the upcoming steakhouse launch and plans for two additional concepts in the pipeline, we are looking forward to a strong year ahead.' Chef Joel Ong, 37, who runs Enjoy Eating House & Bar in Stevens Road and The Canteen by Enjoy in Jalan Besar, recently opened Heartland by Enjoy in Tampines, a n all-day cafe serving nasi lemak (priced from $12.90) and zi char dishes. It opens at 10.30am on weekdays and 9.30am on weekends, and closes every day at 2am. With most dishes priced under $20, the average spend a person is about half that of his other restaurants. He says: 'We want to maximise our earning potential, even if it means sacrificing our own time.' Nasi Lemak with beef rendang at Heartland by Enjoy. PHOTO: HEARTLAND BY ENJOY Neither Enjoy nor Canteen are doing well day to day, he says, adding that salaries make up the bulk of costs. He says: 'We chose to open a new restaurant without hiring many staff, and we pull everyone together to work harder, in the hopes of increasing revenue. 'It seems counter-intuitive when we say we have opened another restaurant in order to survive, but it is true.' Heartland by Enjoy in Tampines is an all-day cafe serving nasi lemak and zi char dishes. PHOTO: HEARTLAND BY ENJOY Tan Hsueh Yun is senior food correspondent at The Straits Times. She covers all aspects of the food and beverage scene in Singapore. Check out ST's Food Guide for the latest foodie recommendations in Singapore.
Business Times
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