Hong Kong is winning back wealthy Chinese by rolling out the red carpet for the rich while rival Singapore scrutinizes foreign money.
The Chinese territory is expected to welcome about 200 high-net-worth individuals this year after five years of millionaires skipping town, according to data provided by intelligence firm New World Wealth and immigration consultancy Henley & Partners, thanks to initiatives including family office tax concessions and visa and residency programs.
At the same time, fallout from a blockbuster 3 billion Singapore dollar ($2.2 billion) money laundering case has put the city’s family offices and wealthy immigrants under the microscope.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.