Singapore scores with millionaires
Singapore has topped Hong Kong as the most desired place in Asia Pacific for "mobile millionaires" to reside, with quality of life the main attraction, according to a survey by RBC Wealth Management.
- Published: 10/12/2012 at 07:05 PM
- Newspaper section: breakingnews
Almost one third of the US dollar millionaires in Asia who live, work or spend more than half their time outside their counties of origin prefer Singapore, while 24% chose Hong Kong, the second most popular in the region, RBC and The Economist Intelligence Unit said in a joint research report.
Real estate led the list of preferred assets for internationally mobile wealthy according to the survey, which showed 23% of those in Singapore reporting a "high propensity" for property investment, compared with 7% in North America.
Housing prices in the city-state climbed to a record in the third quarter, prompting its government to restrict home loans and cap property development.
For mobile millionaires who moved to Singapore, 89% ranked quality of life as important followed by 83% ranking political stability as important, the survey showed. Infrastructure and educational opportunity were also cited for reasons to live there.
RBC Wealth Management, part of Toronto-based Royal Bank of Canada, and EIU, a London-based unit of The Economist Group, surveyed 558 individuals who have at least $1 million of investable assets through June to October.
About the author
- Writer: Bloomberg News