Chinese move to Singapore
Singapore is increasingly the centre of choice for Chinese, and remains a major beneficiary of wealth creation from China.
Published in December 2016, the media article titled 'Chinese move to Singapore' in Citywealth magazine had Tam Chee Chong, Deloitte Private Southeast Asia Leader share his views on the growing importance of the private client segment in Singapore and across the region.
Tam says: “The private client segment has always been an important area for us locally and we see a lot of opportunity to come. After an internal assessment, we estimated that forty percent of our revenues in Southeast Asia come from private clients.”
The article also talks about why Singapore is an attractive financial centre for Chinese and that many of their businesses are now shifting from first-to-second-generation ownership.
Tam says professional services firms must next turn their attention to that demographic: “Deloitte’s private client services also cater to the needs of the second generation and beyond, recognising that they may face different opportunities and challenges from the generation before,” says Tam.