Kenneth Pereire, managing director of KGP Legal, said his firm has received over 15 queries this year alone and is now supporting many of these clients, up from just four to five queries last year. Some prospective clients are exploring setting up investment funds in the city-state.

Wyn James, head of asset owners for Asia-Pacific at IQ-EQ, noted: “The question is no longer whether families are moving wealth to Singapore, but how they are diversifying wealth globally.” He added: “Many Taiwanese families are transitioning from wealth creation to wealth institutionalisation. The focus is increasingly on building structures that can preserve and grow wealth across generations.”

Lawyers like Pereire said his law firm has seen more Taiwanese clients looking to acquire or invest in businesses here, particularly in sectors such as F&B and retail, as well as regulated financial entities.

Singapore is poised to benefit from a fresh wave of wealth as Taiwan’s AI-led economic boom creates more UHNW individuals. In June, Taiwan’s central bank raised its economic growth forecast to 9.45 per cent for 2026 from an earlier 7.28 per cent, citing strong export momentum on the back of the AI surge.

Boston Consulting Group (BCG) and CTBC Bank’s latest Taiwan Ultra-Wealth Insights Report projects that the ultra-rich in Taiwan could see their wealth grow at a compound annual rate of 10 per cent between 2025 and 2029, reaching NT$59 trillion (US$1.8 trillion) by 2029.

UOB’s head of private bank Chew Mun Yew told The Business Times that the bank continues to record consistent year-on-year wealth flows from Taiwan into Singapore, reflecting clients’ growing cross-border needs and Singapore’s position as a regional wealth hub. DBS has also pointed to strong momentum, describing Taiwan as a “standout” market where its wealth management business was up 30 per cent. The bank recently opened an office in Kaohsiung after obtaining a new wealth management licence there.

Kenneth Goh, director of private wealth management at UOB Kay Hian, noted that many families adopt a dual approach by investing actively in Singapore while simultaneously using the city-state as an operational base. “The real work usually sits on the trust side, with the focus on succession and governance,” he said. “The structure holds and passes on the wealth, while the portfolios remain global.”

The BCG/CTBC report found that cross-border asset allocation is no longer just a supplementary measure to diversify risk. Instead, it is also a key pillar supporting family asset structures, core business operations and multi-generational succession planning.

The different priorities for each generation are driving the need for tailored succession structures. While the first generation typically lends more weight to capital preservation and wealth protection, the next generation tends to focus on family governance, philanthropy and cross-border asset management. “Some families want to keep the next generation involved by setting up advisory boards (for directors) for these businesses,” Pereire noted.

Pereire said there is keen interest in understanding Singapore’s estate-planning framework, particularly the absence of capital gains or inheritance taxes, as well as drafting wills specific to the country to protect local assets.

While setting up legal structures has become more straightforward, other hurdles still remain. Singapore’s stringent regulatory requirements mean incoming wealth is subject to scrutiny over the source of funds and commercial purpose, said Pereire.

Operational realities also present another challenge, said Abner Koh, executive director, tax advisory, private client services at BDO Tax Advisory.