Taiwan’s wealthy move billions to Singapore amid China fears

Taiwanese offshore wealth parked in Singapore has surpassed that held in Hong Kong for the first time, as the island's affluent families increasingly seek to hedge against rising cross-strait tensions with China.

Taiwanese assets held in Singapore now total roughly NT$10.4 trillion (US$326 billion), compared with NT$9.6 trillion in Hong Kong, excluding property, according to a report by E.Sun Bank and KPMG Taiwan cited by Bloomberg. The reversal marks the culmination of a trend that began around 2016, when wealthy Taiwanese started redirecting offshore holdings away from Hong Kong amid growing unease over Beijing's tightening grip on the city.bloomberg

A Structural Shift

"Since 2016, there has been a distinct shift among wealthy Taiwanese to relocate their offshore assets from Hong Kong to Singapore as a way to hedge against rising geopolitical risks," Allen Tsai, founder of the Taiwan Institute of Directors, told Bloomberg. "Whereas more than 80% of these assets were historically parked in Hong Kong, now roughly 60% to 70% are held in Singapore."theedgemalaysia

Bloomberg spoke to eight high-net-worth Taiwanese and more than 20 advisers, including lawyers, private bankers and external asset managers. More than two-thirds said they believe tensions between China and Taiwan are deteriorating and require them to take steps to protect their wealth. Several cited 2027 — the centenary of the founding of China's People's Liberation Army and the year by which President Xi Jinping wants the military modernized — as a source of concern.bloomberg+1

At stake is one of Asia's fastest-growing wealth pools, powered in part by the AI boom. Taiwan is now home to nearly 772,000 millionaires, more than Hong Kong's 628,000, according to UBS ↗ 2.65%.theedgemalaysia

Banking Race

The influx has sparked competition among lenders to capture Taiwanese money flowing into Singapore. CTBC Bank, the first Taiwanese bank to open a private banking booking center in Singapore in 2012, has seen assets under management nearly double to about US$9 billion from less than US$4 billion in 2020. Taipei Fubon Bank plans to expand its Singapore wealth management team to 30 by year-end, while Taishin International Bank said assets managed by its Singapore branch have grown to NT$42.7 billion from about NT$2 billion when it launched operations in 2014.theedgemalaysia

Running Counter to Hong Kong's Rise

The Taiwanese shift runs against a broader trend. Hong Kong recently overtook Switzerland as the world's largest cross-border wealth hub, with offshore assets rising 10.7% in 2025 to US$2.9 trillion, according to Boston Consulting Group's 2026 Global Wealth Report. But that growth has been driven largely by mainland Chinese capital rather than other Asian sources.youtube+1

For Sunny Huang, executive director of Taipei-based New Wide Group, who recently established a family office in Singapore, the calculus is straightforward.

> "What it represents is having a place for the plane to land in case of emergency. When you land, you at least have assets with you, instead of escaping like a refugee with nothing left."bloomberg+1