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We have a curated list of the most noteworthy news from all across the globe. With any subscription plan, you get access to exclusive articles that let you stay ahead of the curve.
We have a curated list of the most noteworthy news from all across the globe. With any subscription plan, you get access to exclusive articles that let you stay ahead of the curve.
We have a curated list of the most noteworthy news from all across the globe. With any subscription plan, you get access to exclusive articles that let you stay ahead of the curve.
Singapore is emerging as one of the clearest beneficiaries of a new flight to safety by wealthy investors and family offices unsettled by war in the Gulf.
The Straits Times reported that Singapore’s total deposits rose by S$66.2 billion year on year to S$2.1 trillion in March, while non-resident deposits climbed 5.3% from February to S$659.1 billion, a monthly increase of S$33.2 billion.
The shift appears to reflect more than routine portfolio adjustment. March was the first full month of financial data after the Gulf war erupted on February 28, and the movement of money coincided with renewed concern over the region’s status as a safe haven.
“Singapore’s appeal is not new. Its attraction rests on political stability, a trusted legal system, deep private-banking infrastructure and a reputation for regulatory discipline”
Singapore
Singapore’s official reserves also rose in March and April, while gold imports from the United Arab Emirates reportedly surged to a five-year high of 1,446kg in March, valued at around US$220 million.
Reuters had already reported in March that wealthy Asian investors were considering moving Dubai-held assets closer to home, particularly to Singapore and Hong Kong, as the US-Israel war on Iran and subsequent attacks rattled confidence in the Gulf’s stability.
Lawyers and advisers cited by Reuters said some clients were making enquiries or actively transferring funds, although others were adopting a wait-and-see approach rather than abandoning the UAE altogether.
Singapore’s appeal is not new. Its attraction rests on political stability, a trusted legal system, deep private-banking infrastructure and a reputation for regulatory discipline.
Fitch affirmed Singapore’s AAA rating with a stable outlook in April, citing strong institutions and a long record of stability.
The Monetary Authority of Singapore also says private-banking client assets grew by 19% in 2024, while the city-state’s asset-management industry expanded by 12.2% to more than S$6 trillion.
For Dubai and the wider Gulf, the message is less about decline than vulnerability. The region remains a magnet for entrepreneurs, expatriates and global wealth. But war changes the calculation. In moments of fear, tax efficiency and lifestyle appeal matter less than capital preservation.
Singapore, once again, is selling what private wealth values most in a crisis: safety, credibility and distance from the storm.
