Singapore – 3,500 more millionaires
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Before closing its borders for two years due to COVID-19, Singapore – one of the world's most open economies – welcomed 1,500 new millionaires. That number has skyrocketed in the wake of the pandemic, with a further 3,500 HNWIs expected to migrate to Singapore this year.
The city state, which has been dubbed the "Switzerland of the East", has many draws. It's close enough to China to do business but distant enough to avoid the country's authorities, something increasingly difficult to do in Hong Kong. (In fact, it's widely considered one of the most business-friendly cities in the world).
Henley & Partners also note that Singapore is the fastest-growing family office hub, mainly thanks to the city's lack of a capital gains tax.
