Singapore a ‘major beneficiary’ as the wealthy move money out of troubled Gulf

Singapore’s gold imports from the UAE surged to a five-year high of 1,446kg in March. - ST

SINGAPORE: Singapore is attracting wealthy investors and family offices moving their money out of the troubled Middle East in search of a safe haven.

March financial data released by the Monetary Authority of Singapore (MAS) - the first month available since the Gulf war erupted on Feb 28 - confirmed anecdotal reports that the rich were moving their assets to Singapore, and to a lesser extent, Hong Kong, after the war.