Singapore's Golden Rise: Why the World’s Wealth is Moving East
As geopolitical tensions, tax hikes, and financial uncertainty sweep across the West, a quiet wealth migration is reshaping global capital flows — and at the heart of it all is gold. Singapore has rapidly emerged as a top destination for wealthy individuals and families seeking security, efficiency, and long-term value, Joshua Rotbart writes in a guest contribution on finews.asia.
By Joshua Rotbart, Founder, J. Rotbart & Co.
Over the past decade, gold – humanity’s most enduring asset – has become central to a broader movement of wealth toward the East. Spurred by instability in the U.S. and Europe, HNWIs are increasingly transferring their fortunes, and their gold, to Asia.
While Hong Kong once held the crown as Asia’s gold hub, concerns about China’s tightening grip have redirected attention to Singapore. In 2023 alone, the city-state’s assets under management (AUM) climbed 10% to S$5.4 trillion, according to the Monetary Authority of Singapore (MAS).
A Sixteen-Fold Surge in Private Gold Holdings
The numbers reflect a massive transformation. Since 2014, private gold holdings in Singapore have grown sixteen-fold, exceeding 800 tonnes. European investors are driving much of this shift, now accounting for 55 percent of inflows – up from 35 percent a decade ago.
Leading precious metals firms have reported explosive growth at Singapore's vaulting facilities, with holdings rising 111.2 percent from 2020 to 2021, 52.4 percent from 2021 to 2022, and 68.2 percent from 2022 to 2023.
Global Trade and Policy Support Fuel Gold Momentum
Singapore’s importance in global gold trade is reinforced by figures from the Observatory of Economic Complexity: in 2023, the country exported $10.1 billion and imported $13.4 billion in gold. Trusted local firms and clear regulations have built the foundations of this success.
Meanwhile, the Singapore Bullion Market Association (SBMA) and the Singapore Freeport have made the country even more attractive for gold investors and storage providers, positioning it as the region’s de facto bullion hub.
Where Wealth Goes, People Follow
In parallel with asset flows, Singapore is welcoming growing numbers of wealthy individuals. In 2023, the country attracted 3,500 new HNWIs and saw a 6.9% rise in its ultra-high-net-worth (UHNW) population – bucking the global downtrend.
By the end of 2024, Singapore counted 244,800 millionaires, 336 centi-millionaires, and 30 billionaires. The number of family offices has quadrupled since 2020, reflecting Singapore’s transformation into a global private wealth hub.
Private Banking Surges as Investors Relocate
Singapore’s finance industry is flourishing. The MAS reported 9.5 percent year-on-year AUM growth by early 2024, with financial institutions overseeing S$5.4 trillion in assets – up 10 percent in just one year.
Behind this boom lies a steady stream of inflows, largely from Europe. In 2023, 55 percent of all new wealth migrants came from the continent, with countries like the UK, France, and Germany all contributing to the shift.
Europeans Seek Refuge From Instability and Taxes
Since Brexit, an estimated 4,200 British millionaires have relocated to Singapore. London’s long-held reputation as a safe haven is eroding, while Singapore’s is rising — thanks to its neutrality and tax efficiency.
France’s wealth tax has driven nearly 3,000 HNWIs abroad since 2018. Meanwhile, Switzerland sent $4.01 billion in gold to Singapore in 2023, highlighting robust bilateral trade supported by Swiss gold refiners operating in the city-state.
U.S. Wealth Migration Gains Speed
American capital is also flowing into Singapore at a record pace. The number of American millionaires in the city-state has grown nearly sevenfold since 2014, rising from 150 to over 1,000 by 2023.
Concerns over political unrest — such as the January 6 riots – and rising tax proposals, including a potential 25 percent levy on unrealised gains, have driven wealthy Americans, especially Silicon Valley elites, to Singapore. Around 40 percent of the newest arrivals come from the tech sector.
Regional Ties: Australia, Eastern Europe, Russia
Australia remains a key partner, exporting nearly 5,000 kg of gold worth US$298 million to Singapore in 2023. At the same time, an estimated $45 billion from Russian and Eastern European investors has landed in Singapore since 2022, driven by sanctions and geopolitical fears.
Germany has joined the trend as well. In 2023 alone, it exported over $13 million in non-monetary gold to Singapore – a sign of growing concern over Eurozone stability.
Why Singapore? The Strategic Edge
Singapore’s appeal isn’t just about gold. It offers a powerful mix of geopolitical neutrality, world-class infrastructure, and investor-friendly policies. With no capital gains or inheritance taxes, the city-state provides a compelling home for wealth.
Its prime location on the Strait of Malacca makes it a key logistics hub, with 39 million containers and 1.76 million tonnes of air freight handled in 2023. This unmatched connectivity supports the efficient movement of high-value assets like gold.
Trust, Transparency, and Talent Attract Capital
Investors trust Singapore thanks to its clear rules, strict enforcement, and pro-business regulatory environment. The capped corporate tax rate of 17 percent, combined with numerous Double Taxation Agreements, makes it easy to operate across borders.
Singapore has also removed GST on investment-grade precious metals and developed secure storage options like the Freeport. A skilled, English-speaking workforce and top-tier universities ensure a talent pipeline for finance and tech.
Rule of Law and Long-Term Security
Political stability and judicial independence make Singapore stand out in a turbulent world. Ranked among the best for the rule of law, the country offers investors legal certainty and protection for their assets.
The MAS continues to modernize its frameworks, including those for digital and tokenized precious metals, helping Singapore stay ahead in the evolving global wealth landscape.
What Lies Ahead: A New Global Gold Capital
Singapore’s future in gold is gleaming. Over the next three years, private and institutional gold holdings are projected to exceed 1,200 tonnes, as global HNWIs seek reliable storage and geopolitical neutrality.
Advanced vaulting facilities, AI-powered security, and blockchain-based auditing are set to transform the sector. Meanwhile, demand for ESG-compliant and tokenised gold will drive innovation – with Singapore leading the way.
Conclusion: The East Beckons
As the West contends with uncertainty, Singapore offers clarity. Its ascent as a global hub for gold and private wealth is no accident – it’s a result of strategic governance, economic foresight, and enduring trust. In the age of safe havens, Singapore is the vault of the future.
Joshua Rotbart is a world-renowned expert on precious metals. He transitioned from a career as a corporate lawyer in Israel to specialising in precious metals in 2010. He led the precious metals division of a major global logistics and vaulting company before founding J. Rotbart & Co. in 2015. Under his leadership, the company has facilitated bullion transactions exceeding US$2.5 billion and expanded its presence to Hong Kong, Singapore, Manila, and Tel-Aviv.
