For mobile millionaires, Singapore beats Hong Kong

Singapore topped Hong Kong as the most desired place in Asia for so-called mobile millionaires to reside, with quality of life cited as the main attraction, a RBC Wealth Management survey showed.

Almost a third of the millionaires in Asia who live, work or spend more than half their time outside their counties of origin prefer Singapore, while 24 per cent pick Hong Kong, the second most popular in the region, RBC and The Economist Intelligence Unit said in a joint research report yesterday.

Real estate led the list of preferred assets for the internationally mobile wealthy, according to the survey, which showed 23 per cent of those in Singapore reporting a “high propensity” for property investment, compared with 7 per cent in North America. The island’s home prices climbed to a record in the third quarter, prompting the government to restrict home loans and cap property development.

“Singapore always has this quality as a safe haven, not just for your money, but also for your family,” said Wai Ho Leong, a senior regional economist at Barclays Plc in Singapore.

For mobile millionaires who moved to Singapore, 89 per cent ranked quality of life as important and 83 percent cited the country’s political stability as important, the survey showed. Infrastructure and educational opportunity were also given as reasons to live there.