Taiwanese high-net-worth individuals are rapidly shifting assets and setting up business bases in Singapore due to growing concerns over geopolitical tensions with China. Taiwanese businessman Sunny Huang chose Singapore as an offshore base for his family textile business, citing political stability, low taxes, and safety from Taiwan’s geopolitical risks compared with Hong Kong and Dubai [1, 2, 3]. Huang recently secured approval to establish a family office in Singapore, and he and his brother have obtained work permits there [2].
For decades, Hong Kong was the preferred offshore hub for Taiwanese wealth. However, fears about Beijing’s long-term intentions have driven many to favor Singapore instead [1, 2, 3]. More than two-thirds of surveyed Taiwanese wealthy individuals and advisers believe China-Taiwan tensions are worsening and are taking steps to safeguard their assets [1, 2]. One founder of the Taiwan Board of Directors Association said, “Since 2016, Taiwanese wealthy individuals have clearly shifted offshore assets from Hong Kong to Singapore to diversify rising geopolitical risks. Over 80% of assets were once held in Hong Kong; now 60-70% have moved to Singapore” [2].
Taiwan currently has about 772,000 millionaires, surpassing Hong Kong’s 628,000, according to UBS data cited by sources [2]. The offshore assets Taiwanese hold in Singapore have exceeded those in Hong Kong, amounting to 10.4 trillion New Taiwan dollars (~SGD 420 billion) versus 9.6 trillion in Hong Kong [2]. Taiwanese corporations such as Leo International have relocated global headquarters and family offices to Singapore as part of long-term plans [2].
Banks serving Taiwanese clients—including E.Sun Bank, Citic Bank, and Taipei Fubon Bank—are expanding operations in Singapore to meet growing demand [2]. Wealthy Taiwanese investors have also bought prime Singapore real estate, with purchases including 20 luxury apartments near Orchard Road by Want Want China Holdings [2]. One notable Taiwanese Singaporean billionaire is Zhang Qiansheng, chairman of ASE Technology Holding, who became Singapore’s richest man with a net worth of about US$23.9 billion [2].
Experts say Singapore’s appeal stems from better political stability and easier residency acquisition compared to Hong Kong. Hsi-Mei Chung, professor at I-Shou University, said, “Taiwan’s wealthy individuals are diversifying their wealth to Singapore as a hedge. For Taiwanese people, it’s difficult for Hong Kong to challenge Singapore’s status, as its appeal regarding residency acquisition and political stability has declined significantly” [1]. Another Taiwanese businessman added, “台湾的政治局势太危险了，风险实在太高” (Taiwan’s political situation is too dangerous; the risks are really high) [2].
The shift comes amid escalating China-Taiwan tensions this year. In April, Chinese leader Xi Jinping met Taiwan’s main opposition party leader, signaling political approaches over military action [1, 2]. However, in May, Xi warned the U.S. against mishandling Taiwan, raising fears of future conflict [1, 2]. The 2027 centenary of China’s People’s Liberation Army’s founding is a particular concern for some wealthy Taiwanese [1, 2].
Media coverage on July 2 highlighted the ongoing trend of Taiwanese wealth and business relocating to Singapore amid the geopolitical uncertainty [1, 3]. The growing offshore shift offers Taiwanese wealthy individuals and companies a safer base as tensions remain elevated.
