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SINGAPORE’S GOLDEN MAGNET: THE WEALTH SHIFT FROM WEST TO EAST

By JOSHUA ROTBART, Founder, J. Rotbart & Co.

Singapore Bullion Market Association Singapore’s Golden Magnet-JRotbart
Over the past decade, a quiet but powerful shift has reshaped the global movement of wealth – not only in stocks, bonds, and real estate, but also in humanity’s oldest asset: gold.
As political instability, rising taxes, and financial uncertainty grip Europe and the U.S., high-net-worth individuals (HNWIs) have been increasingly moving their assets – and their gold – eastward. While Hong Kong was once Asia’s main gold hub, concerns over China’s tightening grip on the city have boosted Singapore’s appeal as a stable and secure Asian centre for gold storage. This trend is accelerating: in 2023, Singapore’s assets under management (AUM) rose 10% to S$5.4 trillion, according to the Monetary Authority of Singapore (MAS).

The numbers tell the story

The best way to follow this story is through the numbers. Since 2014, private gold holdings in Singapore have surged sixteen-fold, rising to over 800 tonnes, with European inflows growing from 35% to 55% of the total. As a leading provider of precious metals services, we have witnessed this growth firsthand. From 2020 to 2021, our managed holdings at the Singapore vaulting facilities grew by 111.2%, followed by a 52.4% increase from 2021 to 2022, and another 68.2% rise from 2022 to 2023.

Since 2014, private gold holdings in Singapore have surged sixteen-fold, rising to over 800 tonnes

Further highlighting Singapore’s role, the Observatory of Economic Complexity (OEC) reports that in 2023, Singapore exported $10.1 billion and imported $13.4 billion in gold. Clear policies, advanced storage solutions, and trusted firms like J. Rotbart & Co. have made Singapore a premier destination for precious metals, strengthening its reputation as a leading global financial hub.
Singapore Bullion Market Association Singapore’s Golden Magnet-JRotbart
It’s not just assets moving – people are following their wealth. In 2023, Singapore welcomed 3,500 new HNWIs. The number of UHNWIs rose 6.9% in 2022 to about 4,498, even as the global UHNWI population fell 3.8% that year.i By the end of 2024, Singapore counted 244,800 millionaires, 336 centi-millionaires, and 30 billionaires.ii Today Singapore ranks among the top three countries globally for net millionaire inflows. Family offices have boomed alongside this rise. From approximately 400 in 2020, their number soared to around 1,650 by mid-2024, cementing Singapore’s status as a global family office hub.
Private banking and wealth management are thriving as well. The MAS reported 9.5% year-on-year growth in AUM by early 2024. Singapore’s finance sector oversaw S$5.4 trillion (US$4.1 trillion) by end-2023, after a 10% AUM jump that year.iii

Where’s the money coming from?

Singapore’s largest source of new wealth migrants is Europe, making up over 55% of inflows in 2023. The UK, once a safe haven for European capital, has seen major outflows since Brexit, with an estimated 4,200 British millionaires relocating to Singapore. London remains a key gold trading hub, but Singapore is rising fast; the UK’s $33 billion in gold exports in 2023 hints that some flows may now favour Asia.
France has also sent nearly 3,000 HNWIs abroad since 2018, following President Macron’s new wealth tax. Switzerland exported $4.01 billion of gold to Singapore, highlighting the strong bullion trade link, bolstered by Swiss refiners operating locally.
Germany’s HNWIs, wary of Eurozone risks, are diversifying their gold holdings to Singapore’s safe shores. In 2023, Germany exported 206 kg of non-monetary gold (worth $13.05 million) to Singapore.
Since 2022, Russian oligarchs and Eastern European entrepreneurs have moved an estimated $45 billion to Singapore, fleeing sanctions and geopolitical instability.
American wealth is migrating to Singapore at the fastest pace globally, growing nearly sevenfold from 150 millionaires in 2014 to over 1,000 in 2023. This surge reflects rising concerns among U.S. elites over political instability, with events like the January 6 riots cited as key triggers. Singapore’s tax advantages – no capital gains or inheritance taxes – contrast sharply with proposed U.S. wealth taxes of up to 25% on unrealised gains. The tech sector leads the movement, with Silicon Valley entrepreneurs making up about 40% of recent arrivals, often relocating families and venture capital funds with them. This trend may intensify: a recent survey shows 53% of American millionaires, and 64% of younger ones, are considering emigration.iv
Australia’s position as a top gold exporter to Singapore highlights regional financial ties. In 2023, Australia shipped 4,859 kg of unwrought non-monetary gold, worth nearly US$298 million.

Why Singapore? The TLDR version

Such outflows from the U.S. and Europe are part of a broader “flight to safety” by the wealthy. Their choice to store their gold in Singapore is more than a reactive response to uncertainty. It is a calculated and strategic move driven by factors that underscore the city-state’s unique value proposition. Singapore offers what the West no longer can: a winning combination of strategic location, a business-friendly approach, advanced infrastructure, a skilled workforce, tax incentives, political stability underpinned by the rule of law, and high quality of life.
This value is further accentuated against the backdrop of the current geopolitical uncertainty. Singapore’s clear and predictable policies, combined with its state-of-the-art storage solutions, offer unparalleled protection for investors seeking to safeguard their precious metal assets.
Singapore’s rise as a financial hub is no accident. It reflects smart, focused leadership that has maximised the country’s advantages to build a strong foundation in global trade.
Singapore’s location on the Strait of Malacca – a key link between the Indian and Pacific oceans – makes it vital to global supply chains. In 2023, the Port of Singapore moved over 39 million containers,v while Changi Airport handled 1.76 million tonnes of air freight.vi This world-class connectivity makes Singapore a natural hub for storing and moving high-value assets, including precious metals.
Singapore has made welcoming businesses a policy priority, consistently ranking highly in the World Bank’s “Ease of Doing Business” index. Clear rules and zero tolerance for misconduct are the foundations of a trust-based system that gives investors confidence. A capped corporate tax rate of 17% and no capital gains tax make it a magnet for business. Singapore’s numerous Double Taxation Agreements (DTAs) ease cross-border investment, while targeted tax incentives have fuelled growth in the financial sector. The government bolstered the precious metals sector by removing the Goods and Services Tax (GST) on investment-grade precious metals, establishing the Singapore Freeport, and revitalising the Singapore Bullion Market Association (SBMA). The impact of the GST Removal was a 94% year-on-year increase in gold trading volume between 2012 and 2013.
Singapore ranks among the world’s best for digital infrastructure, offering the high-speed connectivity needed for modern finance (source: International Telecommunication Union, ICT Development Index). It also hosts secure data centres, a strong cybersecurity framework (source: Global Cybersecurity Index), and the Singapore Freeport for high-value storage. Furthermore, the MAS places a strong focus on resilience and security.
Singapore’s strong education system produces a skilled, adaptable workforce. High English proficiency supports global client engagement, while institutions like NUS, NTU, and the IBF ensure a steady pipeline of finance talent.
Finally, Singapore’s political stability and strong rule of law have created a secure environment for global investors. Its independent courts ensure fair resolution of business disputes, and the country ranks among the best for order and security (source: World Justice Project). With the MAS regularly updating its regulations, Singapore remains a trusted choice for long-term storage of valuable assets, including precious metals.

What’s Next?

Looking ahead, Singapore is poised to solidify its position as the world’s premier destination for precious metals storage, with growth projections pointing to a new era of expansion. Over the next three years, gold holdings are likely to surpass 1,200 tonnes, driven by sustained inflows from Western HNWIs and institutional investors seeking geopolitical neutrality.
The development of next-generation vaulting facilities, enhanced by AI-driven security and blockchain-based auditing, will further elevate the country’s competitive edge. Meanwhile, rising demand for ESG-compliant bullion and tokenised gold products will likely spur innovation, with the MAS already piloting regulatory frameworks for digital precious metals.
As global instability persists, Singapore’s trifecta of stability, infrastructure, and pro-wealth policies will continue attracting capital – not just as a safe haven, but as a central hub for the future of gold.
i “Singapore wealth population on the rise” – knightfrank.com
ii “Private Wealth Migration: Past, Present, and Future” – henleyglobal.com
iii “Singapore assets under management up 10% to $5.4 trillion in 2023; new debt issues rise 21%” – straitstimes.com
iv “The Great Escape” – harveylawcorporation.com
v Maritime and Port Authority of Singapore, Annual Report 2023
vi Changi Airport Group, Annual Report 2023/2024
Singapore Bullion Market Association Singapore’s Golden Magnet-JRotbart
JOSHUA ROTBART (LLM, MBA) is a highly respected figure in the bullion industry and a world-renowned expert on precious metals. He transitioned from a successful career as a corporate lawyer in Israel to specialise in precious metals in 2010. He led the precious metals division of a major global logistics and vaulting company before founding J. Rotbart & Co. in 2015. Under his leadership, the company has facilitated bullion transactions exceeding US$2.5 billion and expanded its presence to Hong Kong, Singapore, Manila and Tel-Aviv.
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Singapore Bullion Market Association Secretariat-Lee-Jia-Yi

Lee Jia Yi

OPERATIONS & ADMIN EXECUTIVE
Before joining SBMA, Jia Yi worked as an Admin & Reporting Officer in her previous role. She holds a Diploma in Business & Social Enterprise from Ngee Ann Polytechnic. Jia Yi is responsible for managing and maintaining physical and digital files in SBMA, supporting invoicing processes, reconciling receivables and payables, coordinating meetings and conferences. Additionally, she will provide support to the team and assist the Business Director in managing the Association’s office operations and general administrative activities.

SECRETARIAT SBMA-Emily-Oh

Emily Oh

OPERATIONS & ADMIN EXECUTIVE
Emily Oh is the Operations & Admin Executive, a seasoned professional who values teamwork and effective communication. She is skilled at adapting to new challenges and takes a proactive and resourceful approach to every task. Before joining SBMA, Emily had experience coordinating international travel arrangements and spearheading community initiatives. Her role at SBMA will be providing operational and administrative support for projects and other matters to the team.

SECRETARIAT SBMA Clara-Chang

Clara Chang

MARKETING & COMMUNICATIONS EXECUTIVE
Clara Chang joins SBMA as the Marketing & Communications Executive, enriching the team with her extensive experience in content creation, social media management, and digital marketing. Prior to joining SBMA, Clara held the position of Marketing Executive at her previous job. She holds two bachelor’s degrees from the University at Buffalo, one in International Trade and another in Geographical Information Science. Her core duties will include maintaining the SBMA website, managing the quarterly Crucible newsletter, among other responsibilities.

SBMA Committee-Photo-john-levin

Mr John Levin

Global Metals
TD Securities
John Levin is the Head of Metal Sales & Trading – APAC at the Toronto Dominion Bank’s Singapore office. Prior to this role, he devoted seven years to leading precious metal sales for the ANZ banking group in his home country, Australia. Notably, from 2009 to 2011, John played a significant role on the management committee of the London Bullion Market Association while serving as the Head of Precious Metals Sales for HSBC Global Banking and Markets in the UK.

SBMA Secretariat-Fabian-Lew

Fabian Lew

MARKETING & COMMUNICATIONS OFFICER

Fabian was a Business Development and Marketing Associate before joining SBMA. He graduated from Singapore Management University with a Bachelor’s degree in Economics.

He has joined SBMA since February, 2022.

SBMA-margare-secretariat

Margaret Wong

BUSINESS DIRECTOR

Margaret Wong, Business Director at SBMA (Singapore Bullion Market Association), brought valuable experience from her previous role at the World Gold Council (WGC). Her tenure at WGC provided her with extensive exposure to the gold community in Singapore and the broader region. This background has been instrumental in establishing strong working relationships within the industry.

Margaret’s role at SBMA encompasses a diverse range of responsibilities. She oversees office management, business support processes, finance, and administrative functions essential for the smooth operation of the team and management committee. Additionally, Margaret handles membership matters, member communications, and addresses public inquiries related to SBMA.

One of Margaret’s key responsibilities is coordinating with the Event Management Company for SBMA’s prestigious annual event, the Asia Pacific Precious Metals Conference. This flagship conference plays a crucial role in the industry, making her involvement pivotal in its success.

Described as resourceful and self-motivated, Margaret Wong brings a wealth of skills and experience to her role at SBMA, ensuring efficient operations and effective engagement within the precious metals community in Singapore and beyond.

SBMA-Albert-secretariat

Albert Cheng

Chief Executive Officer

Albert Cheng joined the World Gold Council in March 1993 as a Regional Manager, becoming Managing Director, Far East in 2003. He retired at the end of March 2015 and was subsequently named its Advisor. He has also been an International Advisor to the Shanghai Gold Exchange since 2002.

His marketing career began with Dentsu Young & Rubicam, Hong Kong in the early 80’s. He began gold marketing in July 1985 when he joined the Royal Canadian Mint as a Regional Manager for Southeast Asia.

He was appointed honorary CEO of SBMA in November 2015. He is responsible for the success and strategic development of SBMA, represents the interests of the Association, and is responsible for all the legal and regulatory aspects of the work of the Association. He is the primary contact for regulators and government bodies on bullion market development.

Ms Pawan Nawawattanasub

Ms Pawan Nawawattanasub

CEO
YLG Bullion Singapore Pte Ltd

Pawan is the CEO of YLG Bullion Singapore and founder of YLG Bullion International. She has almost 40 years of experience in the jewellery industry and established YLG in Thailand in 2003. In 2012, she brought YLG to Singapore. She sits on the Board of Directors of the Thailand Gold Traders Association, the Thailand Futures Exchange’s Arbitration Committee, and the Rotary Bangkok committee. She holds a master’s degree in Political Science.

SBMA-Shaokai-Fan

Mr Shaokai Fan

Head of Asia-Pacific (ex China) and Global Head of Central Banks
World Gold Council
Shaokai Fan is the Global Head of Central Banks at the World Gold Council, responsible for advising governments on gold matters, and enhancing the gold market through engagement, dialogue, and thought leadership. He works directly with central banks and sovereign wealth funds on investment considerations. Prior to this position, Shaokai held multiple roles at Standard Chartered Bank, including Director for Asia Strategic Initiatives and Associate-Director for Public Sector coverage. Shaokai holds a Masters of Public Administration from Columbia University and the London School of Economics, and an undergraduate degree in finance and economics from New York University.

SBMA-Committee-Alan-Liew

Mr Alan Liew

Head of Bullion & Commodities Trading
United Overseas Bank Limited
Alan is Head of Bullion and Commodities Trading for Group Trading in Global Markets, United Overseas Bank (UOB). Alan joined UOB and started the bank’s commodities trading business in 2014, previously he spent eight years in Standard Chartered Bank (SCB) trading both precious and base metals. During his tenure at SCB, he obtained the SGE gold trader licence and was part of the pioneering team for the SGE business and the FX quantitative trading team. Prior to trading, he worked for Monetary Authority of Singapore in the Financial Risk Management Division. He holds a BSc (Hon) in Computer Science at National University of Singapore and a MSc in Financial Engineering at Nanyang Technological University.

SBMA-Committee-Nikos

Mr Nikos Kavalis

Managing Director
Metals Focus Singapore Pte Ltd
Nikos Kavalis is a founding partner of Metals Focus. He has over 20 years of experience in precious metals, having previously worked for the Royal Bank of Scotland and GFMS. Since September 2019, Nikos has been based in Singapore, where he also runs the local subsidiary of Metals Focus.

SBMA-Committee-khun nuttapong

Mr Nuttapong Hirunyasiri

CEO
MTS Gold Global Trading Pte Ltd
Nuttapong Hirunyasiri is the CEO of MTS Gold Group, one of Thailand’s top 10 companies and top 3 bullion companies. He started MTS Gold Group’s first overseas office in Singapore and has been expanding the group business internationally. He focuses on product development and innovation for gold investment, with the aim of being a leader in providing the full suite of gold investment services in the ASEAN region.

SBMA Committee-Photo-Raman-Walia

Mr Raman Walia

Executive Director, Head of Commodities Sales – APAC
JP Morgan Chase Bank N.A.

Raman is Executive Director and Head of Commodities Sales, APAC, for J.P. Morgan. He joined JPMorgan in 2008 in New York, moved to Singapore in 2011, and helped expand the precious metals business in the region. Raman has an MBA from Cornell University, and likes to travel in his spare time.

SBMA Committee-Photo-Andrew-Clarke

Mr Andrew Clarke

Head of Brink’s Global Services
Brink’s Global Services Pte Ltd

Andrew Clarke is the Head of BGS (Brink’s Global Services) for Singapore, Indonesia, Malaysia and Brunei. He has held various leadership positions throughout his career in secure logistics and risk management with Brink’s, which started in Hong Kong in 2010. Andrew relocated to Singapore in 2018 to expand the precious metals line of business along with Brink’s portfolio of services and industries.

SBMA Committee-Photo-Kazuya-Naoki

Mr Kazuya Naoki

Head of Metals, Asia
ICBC Standard Bank Plc, Singapore Branch

Kazuya (Kaz) Naoki is the Head of Metals, Asia of ICBC Standard Bank in Singapore and is responsible for the precious & base metals sales and trading in the region. He joined Standard Bank Plc Tokyo Branch in 2008 and was relocated to its Singapore Branch in 2013 whose controlling stake was acquired by the Industrial and Commercial Bank of China in 2015. Prior to joining Standard Bank, Kaz spent 11 years focusing on commodity trading and risk management with Mitsui & Co in Tokyo, Sydney and London. Kaz has been serving on the SBMA Management Committee since 2016.

SBMA Committee-Photo-Vinh-Nguyen

Mr Vinh Nguyen

Head of Precious Metals, Asia
StoneX APAC Pte Ltd

Vinh Nguyen joined StoneX Group in Singapore at the beginning of 2008 and responsible for its APAC precious metals activities since 2019 until now.

SBMA Committee-KL-Yap

Mr KL Yap

General Manager, Singapore Refining Business Unit
Metalor Technologies (Singapore) Pte Ltd
KL YAP is the General Manager of Metalor Technologies (Singapore) Pte Ltd’s Singapore Refining Business Unit. He joined Metalor in 2013, initially in Refining Sales. In 2014, he became Refining Business Unit Manager, leading the development of a new precious metal refinery. KL was Vice Chairman of SBMA from 2017 to 2021, now serving as Chairman. With a degree in business commerce, finance, and marketing, he brings prior experience from refinery and heavy industries.