Global Billionaires Worry About Tax and Political Changes, Singapore Becomes a Top 'Safe Haven'

In 2024, global wealthy families are prioritizing taxation and political stability like never before. According to the Julius Baer Family Barometer 2024, tax regulations have become the most pressing concern for wealthy individuals worldwide, with political stability ranking third for the first time. This shift highlights the profound impact of global political and economic changes on high-net-worth families.

Singapore has emerged as the preferred safe haven in Asia, thanks to its strategic location, economic and political stability, and well-developed tax policies.

Global Millionaire Migration Trends

The report also sheds light on millionaire migration trends. In 2024, countries like the UK and India are projected to see significant outflows of high-net-worth individuals, while Dubai and Singapore are attracting an influx of wealthy migrants. Below are the key numbers:

Country/City	Estimated Millionaires Lost	Estimated Millionaires Gained
UK	Approx. 10,000	-
India	Over 4,000	-
UAE (Dubai)	-	Approx. 7,000
Singapore	-	Approx. 4,000

Over 60 nations are holding elections this year, with new governments often introducing tax reforms that significantly impact wealthy families. For instance, the UK Labour Party pledged to end inheritance tax relief on overseas trusts during its campaign. Following their election victory, many foreign millionaires began considering relocation to avoid increased tax burdens.

Singapore's Growing Appeal

Singapore's unique advantages include its stable social environment, robust legal framework, and thriving financial services sector. These attributes make it the leading choice for millionaire migration and single-family office (SFO) setups in Asia. As of August 2024, Singapore has welcomed 250 new SFOs, raising the total to 1,650.

Meanwhile, the UAE continues to attract wealthy migrants with its zero-income tax, golden visas, and luxurious lifestyle. The report also highlights how political uncertainty in regions like Latin America, the Middle East, and Asia is driving high-net-worth families to diversify their geopolitical exposure.

Looking Ahead

As the global economic and political landscape evolves, wealthy families face increasingly complex wealth management challenges. According to Julius Baer, key areas of concern include wealth succession planning, inflation management, and navigating cross-jurisdictional regulations. Singapore’s policy transparency and stability ensure its continued relevance as a top choice for wealth preservation and growth.