Business
The Shifting Geography of Asian Wealth: A New Global Reality
This year, a subtle yet significant story is playing out across Asia, not captured in headlines about GDP growth or stock market trends, but in the more personal calculus of where the world’s richest individuals decide to call home.
Key Points
- Singapore and Japan remain top destinations for millionaire inflows due to their institutional stability and political predictability, while Hong Kong is seeing a surprising resurgence driven by tech sector connections to mainland China.
- While China and India still experience significant outbound wealth migration, the pace of these departures is slowing as domestic confidence and regulatory environments show signs of stabilization.
- Geopolitical tensions remain a critical factor, driving wealth outflows from regions like Taiwan and South Korea toward more secure jurisdictions in North America and Australia.
According to Henley & Partners’ 2025 Private Wealth Migration Report, Asia is no longer simply a source of outbound millionaires chasing safer shores abroad. It has become one of the most dynamic theatres in the global contest for capital and talent. That shift deserves more scrutiny than it has received.
Singapore’s edge is not an accident
Start with the obvious headline: Singapore remains Asia’s undisputed wealth magnet, expected to draw a substantial net inflow of millionaires this year even as that number has softened slightly from prior years. What is striking is why Singapore keeps winning.
It isn’t simply low taxes or a favorable exchange rate. It is the compounding effect of political predictability, tightly regulated finance, and a standard of living that lets footloose capital feel at home. Global banks have cited the city-state’s continued push into fintech and premium wealth management as reasons for its enduring appeal.
In an era when so much of the world feels combustible, Singapore has essentially monetized boredom, and that, frankly, is a savvy long-term strategy other jurisdictions would do well to study.
Hong Kong’s comeback is the year’s real surprise
If Singapore’s dominance was expected, Hong Kong’s resurgence was not. After years of watching wealthy residents flee amid the unrest and uncertainty of 2019 to 2022, Hong Kong has clawed its way back into the global top ten for millionaire inflows.
The mechanics behind this reversal are worth dwelling on: executives from Shenzhen’s booming tech sector, sitting just across the border, are increasingly choosing to base themselves in Hong Kong rather than treat it as an afterthought.
This is not nostalgia or sentiment at work. It is proximity, infrastructure, and Hong Kong’s enduring function as a financial gateway into mainland China reasserting themselves. It is a reminder that wealth migration trends are rarely permanent verdicts. They are responses to conditions that can, and do, change.
Japan’s quiet reinvention
Japan, too, deserves more credit than it typically gets in these conversations. Despite a demographic profile that should, in theory, make it a less attractive destination for global capital, Japan is drawing meaningful millionaire inflows on the strength of economic stability, cultural depth, and a deliberate loosening of immigration and investment rules. Wealthy individuals from elsewhere in Asia increasingly see Japan not as a curiosity but as a legitimate place to plant roots or diversify holdings.
That a country wrestling with an aging population can still outcompete flashier destinations says something about how much weight investors now place on institutional stability over pure growth potential.
China and India: cautious optimism, not capitulation
The most nuanced, and arguably most important, story in the report concerns China and India, the two countries that have long dominated outbound wealth migration statistics. Both are still seeing millionaires leave in significant numbers, but the pace of departures from each is easing.
In China’s case, improving domestic market conditions and clearer regulatory signals appear to be restoring a measure of confidence among the country’s elite, even if geopolitical tensions continue to give many a reason to hedge their bets abroad. India tells a similar story, buoyed by a thriving technology sector and financial liberalization, even as regulatory complexity and infrastructure gaps continue to nudge some wealthy Indians toward jurisdictions with more predictable legal systems.
Neither shift should be read as a reversal of fortune. The outflows have not stopped, but the deceleration itself is a meaningful data point, and one that global wealth managers would be unwise to ignore.
Geopolitics is the wildcard nobody can price in
Not every Asian economy is riding this wave of retained confidence. South Korea’s outflow of millionaires is projected to double this year, driven by economic pressure, demographic strain, and the ever-present tension on the Korean Peninsula, with many looking toward North America for second homes and new ventures.
Vietnam has seen a similar exodus, largely toward Thailand and the West. Taiwan presents perhaps the starkest illustration of how geopolitics can override even strong fundamentals: its semiconductor-driven economy is thriving, yet rising cross-strait tension with Beijing is pushing some of its wealthiest citizens to look toward Australia and Canada for the kind of personal and political security that economic success alone cannot guarantee.
The bigger picture
Zoom out, and the decade-long trend is unambiguous: China and India have seen extraordinary growth in their millionaire populations, ranking among the fastest-growing wealth markets globally, with Taiwan, Singapore, and Thailand not far behind. This is not a story of Asia losing its wealthy to the West. It is a story of Asia generating wealth at a pace the rest of the world is struggling to match, even as that wealth remains highly mobile and acutely sensitive to political risk.
The lesson for policymakers, in Asia and beyond, is straightforward but easy to ignore: capital increasingly follows stability, regulatory clarity, and credible institutions, not just tax incentives or growth headlines.
Singapore and Japan have understood this for years. Hong Kong appears to be relearning it. And how China, India, South Korea, and Taiwan respond to that lesson over the next decade will likely determine which of Asia’s cities become the world’s next great wealth capitals, and which get left behind.
NRW Holdings boss Jules Pemberton has heralded the company’s “transformational step” in acquiring Sydney-based contractor Fredon during FY26.
Operator
Thank you for standing by, and welcome to the Emeco Holdings Limited Full Year Results. [Operator Instructions] I would now like to hand the conference over to Mr. Ian Testrow, CEO and Managing Director. Please go ahead.
Ian Testrow
MD, CEO & Executive Director
Good morning, and thank you for joining the call. With me today are Theresa Mlikota, our Chief Financial Officer; and Stephanie Ottens, our General Manager, Investor Relations.
I’ll start by touching on our results and important highlights from this past financial year and also cover our strong history of returns, followed by our outlook for FY ’27. I’ll then provide further detail on our individual segment performance. Theresa will take you through the detailed financial results before I finish with a closing summary and an opportunity for questions.
I’ll open with safety as it’s our top priority. Our goal remains to operate a zero harm workplace and the engagement of every Emeco employee in the safe work practices is important to achieving this outcome. Our total recordable injury frequency rate decreased to 2.3 at the end of the financial year, reflecting continued progress in identifying risk, learning from incidents and driving ongoing improvement in workplace safety. Regrettably, we recorded 1 lost time injury during the year, a reminder that we can never be complacent on why leadership and continuous improvement in safety is so important.
On environment, this year marked a significant milestone in Emeco’s sustainability reporting, completing our first mandatory climate-related disclosures under the new legislative framework. Emeco’s operational greenhouse gas emissions remained low at 4,555 tonnes of CO2 equivalent and primarily relate to diesel consumption
The shopping centre giant has delivered its FY26 results, with a 39 per cent increase in profit to $1.39 billion.
Pinterest director Gokul Rajaram sells $24,181 in shares
The art of advocacy remains critical to business progress in WA.
I am interested in a lot of technology and AI stocks like Google, Nvidia, AMD, Tesla and Amazon.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of PYPL either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Eli Lilly Eli Lilly LLY $ 1,225.73 $42.57 3.6% 14% IBD Stock Analysis Stock rebounding from 50-day, above 21-day/10-day lines Buy point is 1249.45 Investors can use 1,200 as early entry but LLY has been volatile IBD Composite Rating 98/99 Industry Group Ranking 28/197 Emerging Pattern Flat Base Flat Base One of three positive chart patterns to look for when…
Copyright ©2026 Investor’s Business Daily, LLC. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8
FUNDAMENTALS
Spot gold was little changed at $4,512.19 per ounce, as of 0031 GMT, after hitting its highest level since June 2 at $4,525.79 earlier in the day. Prices jumped more than 4% on Wednesday.
U.S. gold futures for December delivery rose 0.6% to $4,569.80.
Yields on long-dated U.S. Treasuries fell, with the increased demand following an announcement that the Treasury Department would double the size of liquidity support buyback operations for longer-dated notes and bonds. [US/]
The U.S. dollar remained subdued, making greenback-priced metals less expensive for buyers holding other currencies. [USD/]
Total U.S. debt has topped $40 trillion for the first time, the Treasury Department said on Wednesday, drawing fresh warnings that a fiscal crisis is brewing as ballooning costs for social safety-net programmes and interest payments far outstrip revenues held back by tax cuts.
Concern about inflation deepened at the Federal Reserve’s meeting last month, with “several” policymakers ready to raise interest rates and “many” saying a hike in borrowing costs would be needed if inflation does not decline to the U.S. central bank’s 2% target, the minutes of the session showed on Wednesday.Traders are pricing in a 67.3% chance that the Fed will keep rates unchanged and a 32.7% chance of a rate increase in September, according to the CME FedWatch Tool.
Gold is considered a safe investment during geopolitical and economic turmoil, while higher interest rates reduce its appeal as it yields no interest.
Among other metals, spot silver gained 0.2% to $67.06 per ounce. Platinum fell 0.4% to $1,816.78, while palladium rose 0.3% to $1,339.05.
DATA/EVENTS (GMT)
0100 China Loan Prime Rate 1Y, 5Y Aug
1230 US Initial Jobless Clm 15 Aug, w/e
1230 US Philly Fed Business Indx Aug
Genesis GV90
Courtesy Genesis
SAN FRANCISCO — Hyundai Motor’s newest luxury flagship vehicle is an all-electric large SUV called the Genesis GV90.
The up to seven-seat EV features a new design direction for Genesis and expands the luxury brand’s lineup to seven vehicles in the U.S., as Hyundai continues to grow its sales domestically.
The Genesis GV90 is the largest vehicle the brand has offered since entering the U.S. market a decade ago. It’s expected to compete against the Cadillac Vistiq and Escalade IQ, Mercedes-Benz EQS SUV and Rivian R1S in the large SUV segment.
“Today marks a landmark arrival for Genesis and for the future of luxury mobility,” Hyundai CEO José Muñoz said in a statement. “GV90 opens a new chapter for Genesis, building on our track record of bold innovation, elevated customer experiences, and an unwavering commitment to excellence.”
Hyundai’s new electric Genesis GV90 is the first full-size SUV for the company’s luxury brand.
Courtesy Genesis
The GV90 will be produced at a new Hyundai facility in Ulsan, South Korea. It is expected to go on sale in the U.S. early next year. The company said pricing for the vehicle, which marks its fourth EV in the U.S, will be disclosed closer to the vehicle’s arrival.
Genesis declined to say whether the GV90 also could be offered as a hybrid or gas-powered vehicle, which it has done with other nameplate like its GV70 SUV and G80 sedan. EV sales in the U.S. have slowed during the past year with the end of federal support by the Trump administration, including up to $7,500 to purchase an EV.
The vehicle will be available in two variants: the GV90 Neolun, which includes coach doors that open from the middle of the vehicles, or standard GV90 trims with conventional swing doors. A “First Edition” of the vehicle with special badging, wool cashmere and other plush materials also will be available.
Genesis GV90 SUV EV
Courtesy Genesis
The coach doors — also known as suicide doors — are uncommon in the automotive industry. They make entry and egress much easier but are harder to engineer to meet safety standards, which Genesis said it has done.
“Safety remains paramount in the GV90 Neolun, despite the absence of a [middle] pillar. Genesis engineered a new structure that seamlessly marries the doors to the vehicle body while maintaining the highest safety standards,” the company said.
The automaker said the GV90 features a new high-performance electric motor system capable of up to 490 kilowatts (about 660 horsepower) and 800 Newton-meters (590 foot-pounds) of torque. It will have an expected EV range of roughly 310 miles, according to the company.
The design, which features a vehicle-wide dual light that meets at a point in the center, was previously previewed as a concept vehicle by the brand in 2024.
Genesis’ U.S. sales through the first six months of this year are up roughly 5% from a year earlier, to 39,088 units. The brand has achieved 22 consecutive months of year-over-year sales growth.
Genesis GV90
Courtesy Genesis
Yes. Corporate subscriptions are available for teams and organisations, with discounted rates as user numbers increase. Pricing starts from $1,625 + GST per user.
Get in touch
to discuss the right option for your organisation.
Business News subscriptions are used by executives, investors, consultants and professionals who need to stay informed and make better decisions about the WA market. When you subscribe you’ll get
- Unlimited access to WA’s most trusted business journalism
- Data & Insights — detailed profiles of WA companies, people, projects and deals
- MyBN — a personalised feed based on the companies, people and sectors you follow
- Special publications and industry reports
- Daily and weekly email newsletters
Data & Insights is a research tool built specifically for the WA market. It draws on more than 30 years of Business News reporting, updated regularly to reflect what’s happening now. Use it to:
- Look up detailed profiles of WA companies, including financials, directors and ownership
- Find decision-makers and track their career movements
- Research live and completed projects across WA industries
- Monitor deals, appointments and market activity
- Access industry rankings and league tables
Data & Insights is updated daily by our dedicated research team, which uses the latest announcements, ASX filings and editorial coverage to keep our person, company, list and project records up to date.
Business News welcome all opportunities to make our dataset accurate, complete and current, so if you have an update request, please email the team at
general@businessnews.com.au, and we’d be happy to assist.
MyBN
is part of every subscription. It’s your personalised view of Business News. You can follow the companies, people, sectors and projects that matter to you, and get a news feed and alerts tailored to your interests. You can save articles to read later and retain only what you need.
Only subscribers have full access to all content on the Business News website.
If staying informed about the WA economy is part of your job, and/or you’re looking for networking opportunities in WA, Business News is built for you.
Business News subscribers are:
- Executives and directors tracking competitors, clients and market movements
- Investors and advisers researching companies, deals and industry trends
- Consultants and professionals staying across sectors relevant to their clients
- Business owners looking for leads, context and market intelligence
Most Business News publications cover national or global markets. Business News is focused entirely on Western Australia, which means the journalism, the data and the intelligence are all built around WA companies, people and projects — not adapted from a national feed. Data & Insights, included with every subscription, combines more than 30 years of WA-specific editorial research with live business data. There’s no comparable product for the WA market.
The Morning Digest Email provides a comprehensive wrap of the major headlines, relevant to WA business, and includes with a snapshot of the overnight news covering oil, gold and ASX-listed companies.
The Afternoon Wrap Email focuses on the news covered by our team of journalists during the course of the working day, including exclusive stories and analysis, all of which relates to WA business and the local economy.
The BN Weekender Email contains a wrap of the Business News from the week that was, highlighting the top stories in each area of WA business.
Sign up for free.
We’re happy to help.
Get in touch
and our team will come back to you.
Bitcoin: Deflationary Trap or Digital Gold? #shorts
Giant whales move into Greenland waters as ice disappears
Fredon acquisition propels NRW revenue
-
Fashion5 days agoWeekend Open Thread: Ann Taylor
-
Sports6 days agoThis U.S. Amateur is a glimpse into golf’s future in more ways than you think
-
Tech6 days ago11 Ways to Rank Your Videos
-
NewsBeat5 days agoMyanmar says over 300,000 Rohingya refugees verified for repatriation as exodus enters ninth year
-
Sports5 days agoBirmingham 2026: Day 6 Timetable for Irish Athletes
-
Politics5 days agoSEQ Code: The Three Letter Boarding Pass Code That Could Give You The Worst Seat
-
Tech6 days agoDeepSeek Harness launches as open source rival to Claude Code, alongside V4-Pro on API with higher prices
-
Tech2 days agoQwen3.8-27B runs frontier-class coding agents and reasoning locally, no cloud API required
-
Crypto World2 days agoOCC Greenlights Trump Family Crypto Firm for Trust Charter
-
Fashion5 days agoWeekly News Update, 8.14.26 – Corporette.com
-
Tech5 days agoEvery fusion startup that has raised over $100M
-
Entertainment6 days ago10 Netflix Shows That Quietly Became Modern Classics
-
Entertainment5 days agoMarvel Studios Reveals New X-Men Cast Including Adam Driver and Sadie Sink
-
Business6 days ago15 Ways to Make Money From Your Phone (2026 Guide)
-
Crypto World5 days agoPi Network Protocol 27 endgame: last upgrade before what?
-
Business5 days agoFacebook Down Now? Users Report Login And Loading Problems As Outage Trackers Monitor Ongoing Issues
-
Business2 days agoSMA Solar Technology AG (SMTGY) Q2 2026 Earnings Call Transcript
-
Crypto World6 days agoRobinhood Chain Approaches $1B TVL as Uniswap Integration Boosts Liquidity
-
Fashion5 days agoCart Confidential Vol. 44 – Julia Berolzheimer
-
Business5 days agoMonarch Mutual Fund set to enter MF space with maiden overnight fund; files draft with Sebi
You must be logged in to post a comment Login