Hong Kong Surges Ahead of Singapore in Attracting Chinese HNWIs

Hong Kong is making a decisive comeback in the competition for Chinese high-net-worth individuals (HNWIs), leveraging its proximity to the mainland, reformed investment visa schemes, and a recovering capital market. After years of capital outflows toward Singapore, the balance appears to be shifting — at least for those whose primary interests lie in Greater China.

The Capital Investment Entrant Scheme Revival

Hong Kong's revamped Capital Investment Entrant Scheme (CIES), relaunched in late 2023 with an investment threshold of HK$30 million, has drawn significant attention. The scheme's relaunch was expected to bring in an estimated HK$120 billion annually, signalling Hong Kong's confidence in its competitive edge over similar programs in Singapore.

Early data indicates strong interest from mainland Chinese investors, particularly for new development properties and financial assets. The removal of extra stamp duties for non-local buyers has further enhanced Hong Kong's appeal, and several high-end residential projects have sold out rapidly following the policy change.

Why Hong Kong Remains the Gateway for Greater China Capital

For Chinese HNWIs with business interests and family ties on the mainland, Hong Kong offers unparalleled advantages. Its deep integration with China through Stock Connect, Bond Connect, and mutual recognition frameworks means that capital can flow efficiently in both directions. The city's common law legal system provides an additional layer of protection for complex wealth structures.

Furthermore, Hong Kong's concentration of Greater China-focused investment managers, family office service providers, and private banks gives it a structural advantage over Singapore for investors whose portfolios are heavily weighted toward Chinese assets.

Singapore Adjusts Its Approach

Singapore, recognizing the trend, has raised the investment threshold for its Global Investor Programme to S$10 million and tightened due diligence requirements. While this has moderated inflows, Singapore's appeal as a neutral, geopolitically safe wealth hub remains strong for HNWIs seeking exposure to Southeast Asia and global markets.

For the world's wealthiest families, the answer is rarely either-or. Many use Hong Kong as a base for Greater China operations and Singapore for international diversification — a dual-city strategy that reflects the complementary strengths of both financial centers. The competition between the two cities is ultimately good for both, driving improvements in regulation, talent, and infrastructure.