According to a report by Bloomberg in the United States on July 2, the company recently interviewed 8 high-net-worth individuals from Taiwan, as well as over 20 lawyers, private bankers, and external asset managers who serve wealthy individuals in Taiwan. More than two-thirds of the respondents stated that they believe tensions across the Taiwan Strait are escalating, and therefore measures need to be taken to protect their wealth.
According to a report by Yushan Bank and Ernst & Young Taiwan, in the past three years, Singapore has surpassed Hong Kong to become the preferred destination for offshore wealth in Taiwan. The assets held by Taiwanese people in Singapore amount to approximately 10.4 trillion New Taiwan dollars (about 326 billion US dollars), which is more than the 9.6 trillion New Taiwan dollars held in Hong Kong (excluding real estate assets).
Xurong Group's executive director, Huang Guanhua, said in an interview that when looking for offshore locations to support the family business, they considered Hong Kong and Dubai, but ultimately chose Singapore. The tension along the Taiwan Strait was one of the reasons that prompted him to take action. Singapore has recently approved his application to establish a corporate office, and he and his brother have also obtained work permits.
Huang Guanhua described this arrangement as being like ‘in case there’s a place where the plane can land’. He said, ‘When you land, at least there are assets nearby, rather than fleeing with nothing like refugees do.’
Thirty-five-year-old Danny applied for the establishment of an office in Singapore three years ago. He currently plans to relocate to Singapore and create a family office to provide stable environments for his children in the next 20 years. He said, “The political situation in Taiwan is too dangerous, the risk is too high.”
The report mentions that one of the Taiwanese entrepreneurs who first established wealth bases in Singapore is Jason Chang, the chairman of ASE Technology Holding. He transformed this company, headquartered in Taiwan, into one of the world’s leading semiconductor packaging and testing service providers. Approximately 20 years ago, he became a Singapore citizen. Today, he is considered Singapore’s richest man, with a net asset value of about $23.9 billion.
Taiwanese billionaires are shifting their funds to Singapore, prompting Taiwan's banking sector to compete for opportunities in wealth management. Sources close to the matter reveal that several state-owned banks in Taiwan, including Mega Bank, are eyeing the local private bank market in Singapore and may make a move as early as this year or next.
