Singapore’s millionaire inflow to halve in 2025: Report
Jul 2
2 min read
Singapore to See Decline in Millionaire Inflow in 2025: What It Means for the Economy and Real Estate Market
Singapore has long held a reputation as a global magnet for high-net-worth individuals (HNWIs) due to its political stability, strong financial infrastructure, and low tax regime. However, a recent report by Henley & Partners projects a significant slowdown in the influx of millionaires moving to the city-state.
Millionaire Migration to Slow in 2025
According to the latest Henley Private Wealth Migration Report 2025, Singapore is expected to see a net inflow of 3,500 millionaires in 2025 — a sharp drop from the 6,000 projected in 2024. While Singapore remains the top destination in Asia for migrating millionaires, this 40% decrease raises questions about broader economic and policy shifts in the region.
Why the Decline?
Industry analysts suggest that the decline in millionaire migration may be attributed to several factors:
Global economic uncertainties: Rising geopolitical tensions, inflation, and tighter global monetary policies have made many wealthy individuals cautious about relocation.
Stricter regulatory frameworks: Singapore has introduced more rigorous rules around family offices, fund flows, and property ownership — possibly creating new barriers for inbound capital.
Growing competition from other financial hubs: Cities like Dubai, Zurich, and Sydney have ramped up their appeal to global investors and wealthy individuals with more flexible visa programs and tax incentives.
Despite the Drop, Singapore Holds Strong
Even with the expected decline, Singapore remains among the world’s top five wealth magnets, alongside the UAE, the United States, Canada, and Australia. The city-state continues to offer a strategic location, robust rule of law, and a strong currency — all of which remain attractive to ultra-rich individuals seeking long-term wealth preservation.
Notably, many of Singapore’s incoming millionaires are originally from China, India, Indonesia, and parts of the Middle East. This trend underscores Singapore’s enduring status as a safe haven for Asian and global wealth.
Implications for Real Estate and Finance
The slowdown in HNWI migration could have ripple effects on sectors like luxury real estate, private banking, and wealth management. A smaller inflow may mean tempered demand for high-end properties and slower growth in family office setups.
However, some experts argue that a more selective, quality-driven inflow might benefit Singapore’s financial ecosystem in the long run by reducing speculative investment and fostering more sustainable economic growth.
Conclusion: A Pause, Not a Reversal
While Singapore’s projected millionaire inflow may dip in 2025, it’s more a recalibration than a reversal. The city-state continues to offer compelling advantages for the wealthy and remains one of the most preferred destinations globally for wealth migration. Policymakers and industry players alike will be watching closely to see how this trend evolves — and how Singapore continues to adapt to remain at the forefront of global wealth hubs.