Singapore has not ‘supplanted’ Hong Kong, both benefit from each other’s growth: Shanmugam


Turning to Singapore, Mr Shanmugam said it “was always a great place to invest”, and the common consensus was that post-COVID, Singapore has emerged even stronger because of how the country handled the pandemic.

“A lot of people found that their money was safe, and they were safe, with a world-class healthcare system and rational policies,” he said.

“Investors from all over the world are looking at Singapore.”

He pointed to a steady increase in the net inflows of assets under management. The number of family offices in Singapore grew from 400 at the end of 2020 to 700 now.

He said that Singapore will do very well as long as two conditions are fulfilled: For Asia, or at least significant parts of it, to grow; and for Singapore to remain “sensible” on its employment, tax and business policies.

“So by virtue of the geography of both places, and what Hong Kong and Singapore have built ourselves into, both can and I think will do very well. It’s never a zero-sum game,” said Mr Shanmugam.

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