India to Singapore, HK: Uber rich shift $235 bn to offshore family offices
3 min read Last Updated : Oct 06 2024 | 11:40 PM IST
High and ultra-high networth individuals from India transferred approximately $130 billion in financial assets to family offices in Singapore last year. This made India the city-state’s third largest source of such funds in the Asia-Pacific region, following China ($400 billion) and Indonesia ($140 billion) as of the end of 2023, according to a recent study by McKinsey & Company.
Hong Kong ranked fourth with $70 billion in transferred assets to Singapore; the rest of Asia collectively parked over $370 billion in the island nation.
Hong Kong is another popular destination, with Indian family offices parking $105 billion
Originally published by business-standard.com. Syndicated material does not necessarily reflect the views of Grazia British.
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