Ultra-rich move bullion to Singapore vaults

Singapore’s appeal as a safe haven for wealth is rising as a local gold reserve saw an 88% year-on-year surge in bullion storage orders in the first four months of 2025, driven largely by overseas clients, CNBC reported. The Reserve, located near Changi Airport, also reported a 200% jump in gold and silver sales over the same period. High-net-worth individuals are increasingly shifting physical gold to secure jurisdictions like Singapore, amid rising global economic and geopolitical uncertainty. The city-state is outperforming Switzerland and Dubai due to its ease of access, integrated banking services, and minimal paperwork. Meanwhile, gold prices have soared, touching USD3,415 in early May, further fueling demand. Singapore’s rise comes as Hong Kong also eyes a role in global gold trading.