Singapore as the Third-Best Country for Relocating and Building Family Wealth
According to a recent study of 27 countries on opportunities for families to relocate and enhance their earnings, Singapore has secured the third position globally. The study, conducted by citizenship advisory firm Henley & Partners, crowned Switzerland as the best country for building multi-generational wealth, offering unparalleled opportunities for families seeking higher earnings and promising career prospects for themselves and their children.
The United States secured the second spot, highlighting its strong employment prospects and a robust education system with 46 of the world’s top universities. Singapore, positioned at third place, is strategically located in a burgeoning economic region, providing abundant opportunities in sectors like banking and engineering, coupled with a user-friendly visa system.
The study assessed various factors such as education, earning potential, career advancement, livability, economic mobility, and job prospects across the 27 countries, establishing “opportunity scores” for families considering relocation to enhance their financial well-being. For instance, the research revealed that a typical Indonesian family with a 25% score in their home country could elevate their probability of success for the next generation to 82% by securing residence rights in the US. Similarly, an Indian family with a 32% score relocating to Switzerland could increase their advantage to 85%.
Henley & Partners Education director Tess Wilkinson emphasized, “Income variation globally is largely attributable to which country people live and work in. Picking the right country is key to ensuring multi-generational wealth.” The recognition of Singapore as the third-best country underscores its appeal as a destination for families seeking economic prosperity and stability.
