One of the hottest wine bars for Chinese billionaires isn’t in one of China’s major cities. Instead, in a small black-and-white cottage near a six-lane thruway in the center of Singapore.

People familiar with the club told Bloomberg News that the private lounge within a lounge at Circle 33 on Scotts Road had become a rite of passage for the newly arrived rich. There, members from China, Singapore, and Malaysia discuss deals worth hundreds of millions of dollars over bottles of Bordeaux, Cuban cigars, and poker. 

The Chinese leader further tightened his economic control following the Party Congress. Thus, the migration of wealth is anticipated to increase.

Drew Thompson, a visiting senior research fellow at the National University of Singapore’s Lee Kuan Yew School of Public Policy, said, “It’s really a downward slope for the private sector in China, and it’s just a question of how steep.” 

He added, “That will accelerate efforts to migrate and shelter wealth abroad.”

Singapore, a low-tax haven of security and stability, has become a regional hub for Asia’s wealthy, from Thailand to Indonesia to China. 

The Hong Kong protests in 2019 and COVID lockdowns this year contributed to wealthy Chinese shifting to this place.

According to Cheah Cheng Hye, co-founder of Value Partners Group, a Hong Kong money manager expanding its workforce in Singapore, “significant money is moving into Singapore” from Greater China.

Family offices are growing, and many see Singapore as a safe place to keep their money.

According to Singapore’s Lianhe Zaobao report on August 3, ten thousand Chinese “High Net Worth Individuals” want to flee the country. Some 500 Chinese are looking to get away to Singapore. They could take at least $2.4 billion in wealth with them. 
According to Forbes, a high-net-worth individual is “a person who owns liquid assets valued at $1 million or more.”

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