Taiwan’s rich eye a Singapore ‘insurance policy’ amid fears of China attack
- Some ultra-rich are making backup plans to move cash, firms and loved ones away from the self-ruled island as Beijing steps up the bellicose rhetoric
- Fund managers and bankers say enquiries have jumped ‘fourfold’ in the last year, with some Taiwanese snapping up luxury homes worth millions
But while most people did not believe a full-blown conflict was imminent, the threat of war had become too real for some wealthy Taiwanese families.
“They are now looking at more holistic planning. Not just some asset diversification that they have been doing all this while, but also overall relocation plans for both their families and businesses,” said Jacky Li, who heads Standard Chartered’s Greater China private banking team for affluent clients.
Li said enquiries from Taiwan had increased around fourfold compared to a year ago, primarily from business owners in sectors such as semiconductors and healthcare.
“The rich really want to find a backup solution. Some of them want to have a second passport somewhere else,” said Li, who handles ultra-high-net-worth clients, including companies listed on the stock exchange.