Singapore is The Third-Best Country for Multi-Generational Wealth (2024)

According to a global ranking of the best countries for families to relocate in hopes of seeking opportunities for future generations, Singapore emerged in third place behind Switzerland and the United States as first and second place, respectively.

The ranking is based on numerous factors, such as education, career development, income potential, employment prospects, economic mobility, and liveability. This means relocating to these countries allows greater potential for career development, access to better education, and boosting one’s income.

Today, Pacific Prime CXA will go over what makes Singapore land the third place ranking of these best relocation destinations and compare and contrast with Switzerland as well as the United States.

Overview of the Multi-Generational Wealth Country Ranking

Wealth advisory firm Henley & Partners evaluated up to 27 countries based on six key factors such as education, income potential, career advancement, employment prospects, economic mobility, and liveability.

Multi-generational wealth refers to passing on wealth across future generations in hopes of providing them with the foundation for a secure, comfortable life. The ranking identifies countries with the world’s best schools and amenities with potential for career advancement and maximizing income.

Listed below are the respective rankings for the nations to best build multi generational wealth:

• Switzerland: Soaring to the number 1 spot is Switzerland, highlighted for its unparalleled opportunities for families seeking higher income, and promising career prospects for supporting themselves and their children.
• United States: Meanwhile, not far behind, is the United States in the number 2 spot. The U.S. landed second place thanks to strong employment prospects and a strong education system featuring up to 46 of the world’s top universities.
• Singapore: And in third place is Singapore, renowned for its location in an ever-growing economic region, abundance of banking and engineering sectors, and user-friendly visa system.

Comments from Henley & Partners

Mr. Dominic Volek, Henley & Partners’ group head of private clients, spoke of the emerging trend among entrepreneurs and wealthy families to combine premium education with investment migration programmes.

The placement of Singapore in third place was attributed to its income potential, top-tier employment prospects, and economic mobility. The firm also highlighted Singapore’s focus on cutting-edge development in banking, engineering, fintech, IT, and software development.

According to the firm, Singapore’s placement as one of the world’s most desirable locations was due to its “robust free market economy and connectivity to Asia.”

Director of Henley & Partners, Ms. Tess Wilkinson, stated, “Income variation globally is largely attributable to which country people live and work in. Picking the right country is key to ensuring multi-generational wealth.

Switzerland & The United States

The best multi-generational wealth-building country, Switzerland, features a 2% unemployment rate and is home to seven of the world’s top 250 universities. This makes Switzerland the perfect destination for families seeking to build wealth and ensure good careers for their children.

Meanwhile, the US also provides excellent employment prospects and education, thanks to 46 of the world’s top universities. However, Singapore is not far behind thanks to its numerous banking and engineering opportunities, as well as visas that are simple to navigate.

This ranking found that an Indonesian family with an opportunity score of 25% domestically could raise their chances of success for future generations up to a whopping 82% by relocating to the US.

Likewise, an Indian family with an opportunity score of 32% could increase their chances of future generational success to 85% by relocating to Switzerland.

This shows that relocating to Singapore, the U.S., or Switzerland allows for plenty of advancement opportunities in career, income, and education.

What Does This Mean for Expats?

By relocating to Singapore, or any other country with the potential to build up multi-generational wealth, expats will have more opportunities for career development. This could come in the form of newer, more stable jobs with a potentially higher income to help support their families.

Particularly in Singapore, expats can gain opportunities for career development in the banking and engineering sectors. Moreover, the visa system in Singapore is also simplified, allowing for much more convenient entries for expats without all the headache surrounding registrations and paperwork.

For expat children, relocating to Singapore or any other country with great multi-generational wealth building potential will also allow access to even better education systems, ranging from schools to universities.

Obtain Health Insurance with Pacific Prime

Whether you’re an expat looking to relocate to Singapore for career development and educational opportunities for your children or you’re a local Singaporean citizen yourself, the risk of illnesses and injuries is everywhere, and medical bills can be costly.

Fret not, as Pacific Prime CXA and our team of experts will be more than happy to help you find the right health insurance plan that matches both your specific healthcare needs and your budget with knowledge, service-mindedness, and impartiality.

If you have any further questions at all, please feel free to get in touch with us.