• Tuesday, May 21, 2024
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BusinessDay

Japa: Singapore is third-best country to relocate and build family wealth, says report

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Singapore is placed number 3 among the countries with the most opportunities for success and wealth creation, according to The Henley Opportunity Index with a 79 percent opportunity score alongside the US(82%) at number two and Switzerland (85%) taking the top spot.

The index by Henley & Partners, an international advisory firm for investment migration, evaluated and scored the leading countries across 6 benchmarks including first-class education, career advancement, earning potential, top-tier employment opportunities, economic mobility, and livability.

According to the report, “Premium education coupled with additional residence rights and alternative citizenship can significantly increase your chances of success.”

The report indicated that a Nigerian family has a better chance of attaining wealth in Singapore through the country’s investment migration program than back home. Singapore’s high earning potential coupled with fairly commendable premium education and impressive economic mobility scores makes it one of the most desirable to move to for growth opportunities.

In 2022, Singapore’s Net Inflow of HNWIs– which records the difference between the number of high-net-worth individuals who relocated to and who emigrated away from a particular country during a given year– was 2,900 fairing well, again securing the third spot in global ranking. The 2023 Net HNWI Inflow is expected to hit 3,200.

Nigeria’s Net HNWI Inflow, however, ran into the negative recording -200 in 2022. This means that more high-net-worth individuals left the country than came in, contributing to Nigeria’s low opportunity score.

World Bank statistics revealed that more people left Nigeria than came into the country in 2021. Net migration in 2021 was -76, 364, worsened from a tolerable -4,824 in 2020 due to Covid. In comparison, Singapore was able to retain more people and attract some others with a net migration of 19, 321 in 2021.

Low earning potential, average education standards, and poor economic mobility contribute to Nigeria and its African neighbours fairing significantly lower than their Asian and European counterparts.

Singapore’s prospect for success and wealth creation is not far-fetched. Its establishment of key investment migration programs to increase earning potential and global mobility has greatly increased these chances. The Singapore Global Investor Programme is one of such.

The programme permits investors, who can support their funds with proven entrepreneurial skills, to apply for Singapore PR (permanent residence). The scheme, officially known as Global Investor Programme (GIP Scheme), is often referred to as the Investor Scheme.

Potential investors are allowed to either launch a new enterprise or enrich an existing one in Singapore. This woos global financiers into Singapore’s economy and strengthens its local industries.

The top 10 countries according to The Henley Education Report that offer the most opportunities to succeed and grow their global prospects include Switzerland with an 85% chance of success and prosperity, USA(82%), Singapore(79%), Australia(75%), Canada(74%), UK(73%), Austria(64%), Hong Kong(64%), Spain(63%), and the UAE(63%).