Dubai vs. Singapore: Why China’s ultra-rich are moving their family offices

A quiet but seismic shift is underway in the world of Asian wealth. It isn’t happening on the trading floors of Hong Kong or the bourses of Shanghai. Instead, it’s taking place in the client meeting rooms of private banks and in the business-class cabins on flights from Asia to the Middle East. Chinese ultra-high-net-worth individuals (UHNWIs), long drawn to the stability and sophistication of Singapore, are now voting with their feet, relocating their family offices to Dubai and Abu Dhabi. This geographic arbitrage is more than a simple change of address; it’s a strategic realignment that signals where Asian capital wants to operate in 2026 and beyond. For luxury brands, wealth managers, and anyone tracking the flow of global capital, the message is clear: the map of Chinese wealth is being redrawn, and the new center of gravity is in the Gulf. The Singapore squeeze For years, Singapore was the undisputed safe harbor for Chinese wealth, valued for its rule of law, political stability, and cultural familiarity. That position is now under pressure. Over the past year, private bankers have reported a surge in inquiries from Chinese clients frustrated by tighter immigration scrutiny, slower approvals, and growing uncertainty over long-term residency. This isn’t just anecdotal. Singapore grants an average of around 33,000 permanent residencies each year, but approval rates can be as low as 8.25%, making successful outcomes increasingly difficult. Scrutiny intensified after the 2023 S$3 billion money-laundering case involving Chinese nationals, raising hurdles for applicants through tougher asset verification and compliance checks. While it remains relatively easy to set up a family office or obtain employment passes, permanent residency and citizenship have become far harder to secure. As a result, many Chinese families now view Singapore as administratively complex and unpredictable — welcoming capital but increasingly cautious about the people behind it. Even well-resourced individuals report feeling exposed to policy and approval risk, leading them to reassess Singapore not as a long-term home but as a conditional base. The Dubai pull As Singapore tightens regulations, Dubai has emerged as a clear alternative, offering certainty, speed, and scalability. In 2025, the UAE ranked first in global wealth migration, with a net inflow of around 9,800 millionaires. In contrast, Singapore’s net millionaire inflows fell to 1,600, half the 3,500 recorded in 2024. Dubai’s 10-year Golden Visa, which starts with a minimum property investment of AED 2 million ($545,000), has further accelerated relocation, particularly through luxury real estate, enabling fast settlement and long-term residency. Beyond policy, Dubai has designed an ecosystem explicitly tailored for global capital. The Dubai International Financial Centre now oversees more than $700 billion in assets and over 8,000 active registered companies. This includes China’s five largest banks, which collectively contribute to 30% of the center’s total banking and capital markets assets. Flexible fund structures and openness to digital assets and Web3 further reinforce the emirate’s position as a jurisdiction optimized for speed, control, and cross-border execution. The domestic signal: Shanghai and Shenzhen over Beijing This international migration is mirrored by a domestic shift within China itself. According to the 2025 Hurun China Rich List, Shanghai (152 billionaires) and Shenzhen (147) have overtaken Beijing (146) as the leading hubs for the ultra-wealthy. This shift signals a move away from political centers and toward the epicenters of China’s consumer economy and global trade networks. The entrepreneurs driving this shift built their fortunes on brand-building, technology, and international trade, not on state-owned enterprises or real estate. Their worldview is inherently global, and their business operations are deeply integrated into international markets. For this new class of billionaire, a global hub like Dubai is not merely a lifestyle choice; it is a business necessity. As family offices operate more like private equity firms than trust funds — actively investing in everything from tech and real estate to art funds — they seek agility and scale. Meeting these ambitions requires not just a safe place to park assets but a dynamic platform for doing business. Dubai, with its pro-business regulatory environment, access to capital, and strategic location at the crossroads of global trade, is a natural fit for this more aggressive approach to wealth management. The bottom line for luxury brands For luxury brands, the implications of this capital flight are profound. The Chinese UHNWI is no longer a tourist to be courted on shopping trips to Paris or Milan. They are increasingly residents of Dubai, Abu Dhabi, and other global hubs. Their children are educated there, their investments are managed there, and their social lives are centered there. This shift requires a fundamental rethink of retail and engagement strategies. A flagship store in Dubai Mall is no longer a secondary outpost; it has become an important point of contact with a critical and growing client base. Brands must invest in Mandarin-speaking talent, design exclusive experiences for family office clients, and tailor product assortments to the preferences of this new cohort. Marketing can no longer be merely translated; it must be localized for the cultural context of the Gulf. The focus must move from transactional tourism to building long-term relationships within these new communities. That means understanding clients’ investment portfolios, philanthropic priorities, and multigenerational family goals. It means treating them not simply as customers but as partners in a global network of wealth and influence. The great wealth migration from Singapore to Dubai is a leading indicator of a broader shift. Chinese capital is becoming more global, more entrepreneurial, and more strategic than ever before. The brands that recognize this transformation and adapt accordingly will be best positioned to earn the loyalty of the next generation of Chinese empire builders.

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Dubai vs. Singapore: Why China’s ultra-rich are moving their family offices