News & Feeds February 5, 2023

China’s mega-rich move their wealth, and partying, to Singapore

Singapore is seeing an influx of ultra-wealthy families from China looking to protect their wealth from a Communist Party that increasingly views them with suspicion. Beijing’s recent crackdowns on tech billionaires and tax-shy celebrities, as well as three years of zero-Covid, have led many rich Chinese to look for a safe haven. Nervous over the fate of their fortunes, some of the country’s mega-rich have since booked tickets to Singapore, insiders told AFP. The key Asian financial hub ticks all the boxes for relocating tycoons. Singapore has been ruled by one party for the past six decades, and labour strikes and