SINGAPORE — The researcher who was quoted in a media article as saying that 3,500 high-net-worth individuals were expected to become Singapore citizens in 2023 claimed he was misquoted. Law and Home Affairs Minister K. Shanmugam said this on Monday (May 8) in response to a parliamentary question by Non-Constituency MP Leong Mun Wai. Leong had asked for the number...
Law and Home Affairs Minister K. Shanmugam said having high net worth does not guarantee Singapore citizenship.SINGAPORE — The researcher who was quoted in a media article as saying that 3,500 high-net-worth individuals were expected to become Singapore citizens in 2023 claimed he was misquoted.
In April, Chinese-language daily Lianhe Zaobao quoted Andrew Amoils, head of research at wealth intelligence firm New World Wealth, as saying these high-net-worth individuals were mostly from China.In response, the Ministry of Home Affairs said on April 25 that the reports were highly misleading and had no credible basis.
Shanmugam added that Amoils said he did not track citizenship in his research, and that his projection referred to high-net-worth individuals moving to Singapore in general.Amoils said most of these people may be expatriates and work transfers, that is, not necessarily people who applied for citizenship and became citizens, said Shanmugam.
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