In Depth: Singapore, Hong Kong Vie for Billionaires’ Bucks

By Yang Min in Singapore and Zhou Wenmin in Hong Kong

A recent Deloitte report shows that the scale of cross-border wealth management in Hong Kong has grown strongly over the past decade due to its proximity to the mainland and importance as an offshore yuan center.

Hong Kong and Singapore are both known as wealth management centers in Asia. For years, they have been rivals to be the first choice for China’s “new rich” to set up overseas family offices. The battle is heating up. And the big prize will be lucrative clients from the rapidly growing generation of the “tech rich.”

Dai Le, a 29-year-old financier who started a family office business in Singapore amid the pandemic, said the new wave is coming from Chinese tech giants such as Alibaba Group, Tencent Holdings and ByteDance that have quickly grown into the world’s most valuable companies.

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