Wealthy Chinese Exit Singapore for Hong Kong and Japan Amid Regulatory Crackdown

Singapore's status as a SAFE haven for mainland China's ultra-rich is fading. The exodus follows a $2.3 billion money-laundering scandal in 2023 that triggered aggressive regulatory tightening. Applications from Chinese clients for family offices and residency have halved since 2022.

The shift began after Hong Kong's 2019 protests and subsequent security law prompted an initial influx to Singapore. Now, destinations like Hong Kong, Japan, and the Middle East are reclaiming appeal. "When the Fujian news broke, almost all these wealthy Chinese left," says Ryan Lin of Bayfront Law.

Stricter compliance checks and revised family-office rules accelerate the trend. Singapore's Mandarin fluency and independent courts once made it ideal for China's elite. Today, its financial clean-up reshapes Asia's wealth hub hierarchy.