SINGAPORE – Taiwanese ultra-high-net-worth (UHNW) clients are increasingly turning to Singapore not simply to preserve wealth, but also to expand internationally and prepare the next generation to take over their fortunes, according to wealth managers and lawyers.
The shift comes amid a surge in wealth driven by global optimism over artificial intelligence and semiconductors, with Taiwan’s benchmark Taiex up around 50 per cent in 2026.
Industry professionals in Singapore say inquiries from Taiwanese families have accelerated over the past year. There is growing demand for trusts, variable capital companies and single-family offices as these investors seek to strengthen their governance structures and plan their succession.
“We have received over 15 queries this year alone and are now supporting many of these clients,” said Kenneth Pereire, managing director of KGP Legal. This is up from just four to five queries in 2025, with some prospective clients exploring setting up investment funds in the city-state.
Wyn James, head of asset owners for Asia-Pacific at IQ-EQ, noted: “The question is no longer whether families are moving wealth to Singapore, but how they are diversifying wealth globally.”
He added: “Many Taiwanese families are transitioning from wealth creation to wealth institutionalisation. The focus is increasingly on building structures that can preserve and grow wealth across generations.”
Business expansion and succession planning
Singapore is poised to benefit from a fresh wave of wealth as Taiwan’s AI-led economic boom creates more UHNW individuals there.
In June, Taiwan’s central bank raised its economic growth forecast to 9.45 per cent for 2026 from an earlier 7.28 per cent, citing strong export momentum on the back of the AI surge.
Boston Consulting Group and CTBC Bank’s latest Taiwan Ultra-Wealth Insights Report projects that the ultra-rich in Taiwan could see their wealth grow at a compound annual rate of 10 per cent between 2025 and 2029, reaching NT$59 trillion (S$2.4 trillion) by 2029.
As wealth expands, advisers – including local banks and law firms – say Singapore is increasingly being used to deploy and manage capital.
The trend is reflected in the growing wealth flows into the city-state.
UOB’s head of private bank Chew Mun Yew told The Business Times that the bank continues to record consistent year-on-year wealth flows from Taiwan into Singapore, reflecting clients’ growing cross-border needs and Singapore’s position as a regional wealth hub.
DBS has also pointed to strong momentum. In its first-quarter results briefing in late April, DBS described Taiwan as a “standout” market, where its wealth management business was up 30 per cent.
The bank also recently opened an office in Kaohsiung after obtaining a new wealth management licence there.
Lawyers like Pereire also said that his law firm has seen more Taiwanese clients looking to acquire or invest in businesses here, particularly in sectors such as F&B and retail, as well as regulated financial entities.
Kenneth Goh, director of private wealth management at UOB Kay Hian, noted that many families adopt a dual approach by investing actively in Singapore while simultaneously using the city-state as an operational base.
“The real work usually sits on the trust side, with the focus on succession and governance,” he said. “The structure holds and passes on the wealth, while the portfolios remain global.”
The report also found that cross-border asset allocation is no longer just a supplementary measure to diversify risk. Instead, it is also a key pillar supporting family asset structures, core business operations and multi-generational succession planning.
Long-term succession planning has been a key focus, given that Taiwan’s corporate landscape is traditionally dominated by family-controlled enterprises which are now preparing for generational transition.
The report also highlighted the changing priorities across generations in Taiwan.
While the first generation typically lends more weight to capital preservation and wealth protection, the next generation tends to focus on family governance, philanthropy and cross-border asset management.
The different priorities for each generation are driving the need for tailored succession structures, which Pereire noted vary from family to family.
“Some families want to keep the next generation involved by setting up advisory boards (for directors) for these businesses,” he noted. “Family members such as adult children are then appointed to the boards of these companies to oversee these businesses.”
Meanwhile, others are more focused on protecting assets and ensuring a smooth transfer of wealth, parking funds in Singapore and getting their children to supervise the portfolio that is being managed by professional financial advisers in the city-state, he added.
Pereire said that, overall, there is keen interest in understanding Singapore’s estate-planning framework – particularly the absence of capital gains or inheritance taxes – as well as drafting wills specific to the country to protect local assets.
Potential hurdles
While setting up legal structures have become more straightforward, other hurdles still remain, said industry participants.
Singapore’s stringent regulatory requirements also mean incoming wealth is subject to scrutiny over the source of funds and commercial purpose, said Pereire.
Operational realities also present another challenge, said Abner Koh, executive director, tax advisory, private client services at BDO Tax Advisory.
He noted that clients face a delicate balancing act between spending time in Singapore and managing core enterprises back home.
On the one hand, they understand that they need to be in the city-state more to strengthen their network here, especially if they are planning to apply for permanent residency, said Koh.
“On the other hand, not all of them are able to let go completely and let their teams in Taiwan take over the day-to-day management of the businesses (there).”
The neutral hub advantage
Despite the operational complexities, industry experts believe that Singapore’s structural advantages continue to strengthen relative to competing wealth centres.
“Singapore serves less as a destination for capital and more as a trusted hub for managing it,” said James. “Its appeal remains clear: political stability, a strong rule of law, a deep professional-services ecosystem and a highly regarded regulatory environment.”
He added that, with Taiwanese families remaining active investors globally, Singapore provides an ideal base for managing regional and global portfolios, with continued interest across private equity, private credit, real estate, venture capital and direct investments.
According to the report, 55 per cent of the ultra-wealthy in Taiwan said that they have recently increased allocation into Singapore – the highest share when compared with other geographies.
“Hong Kong remains an important wealth management hub, but Singapore offers a strong combination of legal certainty, political stability, trusted regulation, and a well-developed private wealth ecosystem,” said Pereire.
He added that Singapore is also seen as a neutral hub, and this is also partly why more Taiwanese are now moving their wealth to the city-state.
“With a deep private wealth ecosystem, Singapore enables Taiwanese families to coordinate cross-border wealth and succession planning through one central hub,” he said.
As Taiwan’s AI-led wealth creation continues, advisers expect Singapore’s role to extend beyond safeguarding assets to that of being a hub where families can institutionalise their wealth.
Ultimately, James noted, family offices today are focused less on tax efficiency and more on continuity.
“The key question is no longer how to preserve wealth, but how to build a platform that can steward wealth, opportunities and family values across generations,” he said. THE BUSINESS TIMES
