A recent report by St. James’s Place Asia, titled “Money on the Move,” reveals that living in Singapore significantly enhances financial prospects for expatriates. The study highlights that 93% of expats feel their financial freedom is accelerated by living abroad, with 83% believing it advances their retirement plans by at least three years.
The report, which surveyed 450 affluent and high-net-worth expats in Singapore, underscores the economic opportunities available in the city-state, despite the complexities of managing wealth across borders. Notably, 57% of respondents indicated that achieving financial freedom would have taken at least five years longer had they not moved overseas.
Oliver Wickham, Asia & Middle East Partnership Director at St. James’s Place, noted, “Living in Singapore is full of economic opportunities, accelerating both earnings potential and financial freedom. Yet expats face challenges on the road to wealth accumulation due to the complexities of managing assets in different countries.”
The study also found that 96% of expats earn more and save more each month compared to their home countries. However, macroeconomic volatility, such as currency fluctuations and global inflation, remains a significant concern for nearly nine in 10 expats.
Financial advice plays a crucial role in managing these challenges, with 89% of respondents believing that earlier financial advice could have improved their investment earnings and savings. Despite this, only 27% of expats consider themselves highly financially literate.
As expats plan for long-term stays in Singapore, with 78% intending to remain for at least eight years, the importance of financial planning and advice becomes increasingly evident. The report suggests that professional financial advice not only aids in wealth accumulation but also provides continuity and confidence for expats navigating international financial landscapes.
