Singapore a favoured spot for millionaires

By Romesh Navaratnarajah: Singapore has edged out Hong Kong in terms of living conditions deemed most desirable in the Asia Pacific region for mobile millionaires, according to a survey by RBC Wealth Management.

The city-state was favoured by almost a third of US dollar millionaires who spend most of their time outside their home countries, while Hong Kong placed second with 24 percent, said RBC and The Economist Intelligence Unit in a joint report.

The survey polled 558 individuals with at least US$1 million (S$1.22 million) of investable assets, and found that real estate is the most preferred asset for internationally-mobile millionaires, with 23 percent of those in Singapore reporting a "high propensity" for property investment.

Singapore's property market saw prices soar to record highs last quarter, pushing the government to control home lending and limit property development.

Meanwhile, 89 percent of mobile millionaires who moved to Singapore placed great importance on quality of life, followed by 83 percent highlighting political stability. Singapore also scored highly in terms of infrastructure and educational opportunities.  Romesh Navaratnarajah, Senior Editor of PropertyGuru, wrote this story. To contact him about this or other stories email romesh@allproperty.com.sg Related Stories:Singapore tops quality of living in Asia: survey

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