Singapore’s population grows as number of residents in Covid-battered Hong Kong declines for third straight year

The rise comes as Singapore tries to attract rich foreigners and talented professionals to bolster its workforce and become Asia’s top financial hub

Employment opportunity patterns underscore the regional rivals’ diverging fortunes. Hundreds of finance professionals left Hong Kong last year

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Tourists take pictures of the iconic Merlion statue in Singapore this month. The city state’s population grew this year, as Hong Kong’s continued to decline. Photo: Xinhua

Published: 10:01am, 28 Sep 2022Updated: 3:37pm, 28 Sep 2022

Singapore’s total population grew 3.4 per cent to 5.64 million as of June, after shrinking for two years amid the pandemic, as regional rival Hong Kong’s population dropped for a third straight year.

The number of Singaporean citizens rose 1.6 per cent to 3.55 million while the non-resident population, including workers and students, climbed 6.6 per cent, according to the city state’s Department of Statistics.

The rise comes as Singapore’s government tries to attract rich foreigners and talented professionals to bolster the workforce with the country competing to become the top financial hub in Asia.

Hong Kong saw a decline of 121,500 residents as of June, marking the third straight year of declines and the biggest drop in at least six decades. Photo: Dickson Lee

Comparatively, Hong Kong announced a population drop of 1.6 per cent in the year ended June 30 as it has struggled with an outflow of people fleeing strict Covid-19 restrictions that have hobbled the city as most other regions move on from the pandemic.

Hong Kong saw a decline of 121,500 residents as of June, leaving the population at about 7.29 million, according to government data released last month – marking the third straight year of declines and the biggest drop in at least six decades. A wide-reaching national security law may have also been a contributing factor.

A government statement last month attributed the population drop to the “continued impact of Covid-19” as well as “stringent border control and quarantine measures” that caused “severe interruption of cross-boundary travel”. The inflow of people into Hong Kong has “remained at a low level”, it added.

More than 700 finance professionals moved to Singapore from Hong Kong last year, according to recruitment firm Robert Walters.