Millionaires pick Singapore over Hong Kong

The recent social unrest that has rocked Hong Kong may be prompting more millionaires to choose Singapore over the SAR, according to a report by research company WealthInsight that found that the city-
state’s population of millionaires is growing quickly.
“Though Hong Kong has a much higher population of millionaires than Singapore [193,000 against Singapore’s 154,000], recent events such as the Umbrella Revolution may have turned migratory high-
net-worth individuals [HNWIs] away from the city,” Oliver Williams, head of WealthInsight, said in the wealth-tracking report.
Most HNWIs in both cities are local residents. However, expatriates are likely to drive growth in the number of HNWIs over the next five years, according to WealthInsight.
Hong Kong and Singapore remain locked into a struggle for supremacy as both vie to establish themselves as the Asia-Pacific’s leading business hub, drawing financial professionals and investors away from London and New York.
“Singapore’s burgeoning financial markets, renowned private banking and superior quality of life are continuing to attract HNWIs from neighboring countries. We’re currently seeing a large influx of Indian and Chinese millionaires into the country,” Williams said.
About 1 in 35 Singaporeans are millionaires, but the number is projected to grow 18.3 percent to reach 188,000 by 2020 (or 1 in 30). Conversely, the number of millionaires in Hong Kong is expected to grow by 15.6 percent over the next five years.
In recent months, emerging U.K. market-focused banks have reportedly considered relocating to Asia, with HSBC and Standard Chartered eyeing Hong Kong and Singapore, respectively.
Separately, Business Insider has compiled a list of the world’s 50 most powerful people – heads of state, billionaires, CEOs, and entertainers – by evaluating their influence in four areas: economic power, command, newsworthiness, and impact in their respective spheres. A number of magnates made the list, including Sheldon Adelson, the 82-year-old CEO of Las Vegas Sands, dubbed the “King of Las Vegas.” Jack Ma, Founder and CEO of Alibaba, and Robin Li, Baidu CEO also made the list, in 23rd and 43rd place respectively.  In addition Wang Jianlin (29th), Chairman of the Dalian Wanda Group, and Jiang Jianqing (13th), Director of the Industrial and Commercial Bank of China, were featured on the Business Insider list. U.S. President Barack Obama topped the list, with Chinese President Xi Jinping as runner-
up – the latter is often described as the most powerful Chinese leader since Mao Zedong. A combination of money and influence was used as the measure of power for the ranking. Staff reporter