Singapore vs. Hong Kong: The Fight for Asia’s Money

新加坡对香港：亚洲资本争夺战

The fight between Hong Kong and Singapore to be Asia’s premier wealth hub has been going on for years. But now Hong Kong is making a big push to challenge its rival. It has opened a new front with carried interest tax exemptions in the battle to attract wealthy investors, all while riding an IPO boom and leveraging the power of Mainland China.

香港与新加坡争夺亚洲顶级财富中心的较量已持续多年。如今，香港正发力向对手发起挑战。在吸引高净值投资者的竞争中，香港推出附带权益免税政策，开辟新赛道；

香港与新加坡是亚洲两大金融中心，两座城市数十年来的竞争非常激烈，核心目标是吸引手握万亿级资金的投资者，最新的竞争焦点落在税收优惠政策上。

香港计划扩大对家族办公室与基金的税收优惠，其中最受关注的是附带权益税收减免，相当于给基金管理人的投资分成减税，能为其带来高额收益；新加坡也推出配套激励方案，面向基金、家族办公室管理人，甚至主权财富基金。两地争夺的不只是人才，更是这些人掌控的巨额资本。

两地资管规模均超 5 万亿美元，香港金融业占 GDP 比重约 26%，新加坡约 14%

 

以下是各国网友的评论：

deeprecce9852
One has the backing of a seemingly infinite resource rich China, the other has no burden of China's baggage...Fight !

香港背靠体量庞大、资源充沛的中国，另一边的新加坡则不用承担和中国有关的各类连带风险，双方的较量开始了！

 

solaris5655
Hong Kong assets have the protection of the PLA and the Party behind the PLA. Money is safe under the watchful eye of the PLA.

香港的资产有解放军保驾护航。在解放军的守护下，资金是安全的。

 

Magnatefall
What makes this rivalry interesting is that Hong Kong is not trying to copy Singapore, but to use a different advantage: carried interest tax exemptions, an IPO boom, and access to Mainland China. That combination could appeal to a different kind of investor than Singapore's stability pitch. The real test will be whether tax incentives alone can outweigh concerns about predictability, because wealth hubs are ultimately built on trust, not just tax rates.

这场竞争看点十足：香港没有照搬新加坡的路子，而是打出自己独有的优势：附带权益免税政策、IPO上市热潮，以及对接中国内地市场的渠道。这套组合，吸引的投资者群体，和主打“稳定”卖点的新加坡不一样。真正的考验在于：只靠税收优惠，能不能抵消外界对政策可预期性的担忧。财富中心说到底建立在信任之上，而不只是低税率。

 

Drunkendrakon
Singapore is generally free, safe, predictable and free from Chinese political heavyhandedness while Hong Kong is not.

新加坡整体环境自由、安全、政策稳定，不会受到干预，香港则不一样。

americameinyourmouth9964
I would have disagreed 10 years ago but now Hong Kong has the same political restrictions as China.

换作十年前我不会认同这个说法，但现在香港的管制要求和内地一致。

 

solaris5655
Hong Kong is defended and protected by the PLA. Troops from ShenZhen can mobilize immediately across the border, to takeover the gold reserves.

香港由解放军守卫。深圳的部队可以快速跨境出动，接管黄金储备。

 

GKP999
LOL! The Singapore government strongly controls the country

哈哈！新加坡政府对本国管控力度很强。

 

neverletmego6414
Singapore is more auth rian than most of its neighbors

新加坡的管控力度，比周边大多数国家都要强。

 

canto_v12
Singapore has one of the most heavy-handed governments in the world. This is not the place you claim it is

新加坡政府属于全球管控力度很强的一类。它并不像你说的那样。

 

bbrmb2020
Singapore is US vassal and its not free.

新加坡是美国附庸，并不自由。

 

jaydibernardo4320
I think it comes down to who has the best take out food.

要我说，比拼到最后，就看哪边外卖更好吃。

 

louistan7560
Each has its own strengths.

两地各有优势。

 

HKspurs10
Question, how does Dubai and Mumbai compare here?

想问一下，迪拜和孟买在这场竞争里是什么水平？

 

ray412m
It’s not an appropriate comparison, Singapore have the tech access and security of property that Hong Kong won’t be able to provide nowadays.

两者没法直接对比。新加坡能提供技术渠道和资产保障，而现在的香港做不到。

 

NickS-vu2jk
I live in Hong Kong and see no reason to worry about the security of my property.

我住在香港，我完全不担心自己资产的安全问题。

okman9684
@NickS-vu2jk duh because you live in hongkong. Meanwhile us firms do feel insecure. If it can smuggle F-35 parts then how can us firms can put money trusting

那是因为你身在香港。但美国企业心里没底。连F-35零部件都能被截胡，美国企业怎么敢放心投钱？

 

kinkobidoba9010
Singapore - Higher GDP, cleaner than Hong Kong, 2nd higher ranked in PISA education, which means more talent and English is their first language.

新加坡GDP更高、城市比香港干净，PISA教育排名全球第二，人才储备充足，而且英语是当地第一语言。

 

GoodCitizen-gm1tl
Lacking land, domestic market, domestic labour, food, electricity and even drinking water (they import freshwater from Malaysia every minute), Singapore survives on everything foreign, which is a ticking bomb. When the "climate" changes, this vulnerable nation will be the first to be "butchered". You must be very simple-minded and naive to not have realized the vulnerability and fragility of Singapore from a long term perspective.

新加坡缺土地、本土市场规模小、本土劳动力不足，还缺少粮食、电力，甚至淡水（淡水全部从马来西亚进口），方方面面都依靠外部，这就是一颗定时炸弹。这个国家的抗风险弱，一旦外部环境生变，会最先受到冲击。新加坡的这些短板，你不能视而不见，否则就太单纯天真了。

 

ajbahlam
Singapore shall prosper, so long as it remains steadfast in its adherence to the rule of law, a privilege Hong Kong, under rule, is unlikely to enjoy.

只要新加坡坚持法治，它就能持续繁荣；而香港很难拥有这样的条件。

 

localhost2110
Ever since Hong Kong was officially handed over to China, foreign capital has been flocking to Singapore—what else is there to compare?
Ask the locals in Hong Kong and take a look at the local market and liquidity for yourself. Singapore has the edge.
In another comment, only Chinese people said "Hong Kong”—which is also strange

香港回归中国之后，外资就不断涌向新加坡，还有什么好比的？问问香港本地人，亲自看看当地市场和资金流动性就知道，新加坡占上风。

 

michaelloong964
HK and Singapore political and culture systems are different. People in SEA prefer to put money in SIN and not HK. SIN and SEA countries have many international flights and people working in SIN banks and financial agents all speak English well. SIN safety is well known and foods of different countries are available. Housing and education is no problem. HK is good for people doing business in China.

香港和新加坡的政治、文化体系不一样。东南亚投资者更愿意把钱放在新加坡，而不是香港。新加坡和东南亚国家航班多，当地银行、金融机构从业者英语流利。新加坡治安出名的好，各国美食都有，住房、教育配套也稳定。香港更适合做内地生意的人。

 

Kaif08610
A race to the bottom tax cuts are not good for either cities, less tax revenue for the government when it is already one of the lowest tax jurisdictions in the world, for the richest people in the world.

这种竞相压低税率的恶性竞争，对两个城市都不是好事。它们本身已经属于全球低税地区，再给富豪减税，政府税收收入会进一步缩水。

 

GKP999
This is a race to the bottom to attract billionaires. They are benefiting and getting insanely richer while more people are not able to make ends meet. There should be a worldwide minimum tax on billionaires. This helps governments to claw back some wealth and redistribute it. We shouldn't let billionaires evade taxes.

这就是为了吸引亿万富豪而展开的减税内卷。富豪从中获利，财富越滚越多，可很多普通人连温饱都难维持。全球应该对亿万富豪设置最低税负，让政府收回一部分财富再分配，不能放任富豪避税。

 

ShhhHhhhz
Hong Kong has the advantage of having China as its economic and strategic safety net. Singapore, on the other hand, is an independent country that has to fund its own defence, secure its own water and energy, deal with difficult neighbours, have their own diplomatic policy and constantly compete to retain both talent and businesses. HK can leverage China's massive economy, while Singapore has to build its own resilience from scratch. Attracting wealthy investors is important, but Singapore also has to ensure its own citizens benefit and remain invested in the country's future. The two financial hubs are competing, but they're not playing the same game.

香港的优势，是有中国作为经济和战略后盾。新加坡是独立国家，军费、供水、能源都要自己搞定，还要应对周边邻国的复杂局势、独立制定外交政策，不停争夺人才和企业。香港可以依托中国庞大的经济体量，新加坡却要从零搭建自身抗风险能力。吸引富豪投资者固然重要，但新加坡同时还要保障本国民众利益，让国民愿意留在本地发展。两个金融中心虽然在竞争，但赛道并不一样。

 

bestof1209-z5s
SG was nothing compared to HK up until 2014, since then it was the reverse and it will be hard for HK to regain the throne

2014年之前，新加坡根本比不上香港；之后局势反转，香港想要重回巅峰很难。

 

screenapple1660
Li Kashing left hong kong and brought house in Singapore. What happened? John Lee and Carrie Lam accidentally betrayed him; they have more control over him or his businesses such as real estate, business, real estate, Panama port, etc. Li KaShing used to be pro-Beiing supporter. Now, he's no longer supporter and partnering two political clowns. They messed up 2019. They act like know everything about Hong Kong business and ventures. It's like they know how to control his business empire or how to interfer his business.

李嘉诚离开香港，去新加坡买房。背后发生了什么？李家超和林郑月娥得罪了他；他们对李嘉诚以及他旗下地产、各类生意、巴拿马港口等资产的管控力度变强。李嘉诚以前是亲北京的支持者。他们自以为懂香港的商业投资，好像可以拿捏、干预李嘉诚的商业帝国。

 

GoodCitizen-gm1tl
I'm from China and I must say China is perhaps the most money-worshi and snobbish society in the world. People judge you by your look and wealth all the time and treat you accordingly (I mean, it's like this everywhere in the world but in China, this social phenomenon is particularly pronounced.) If you are rich, all your relatives and friends will treat you with the best hospitality and try to be close to you. If you are poor, even your parents look down on you here in China. The relatives and neighbours are constantly comparing themselves materialistically with you. That's one of the reasons why the car ownership rate in rural China become so high nowadays (In front of almost every village home nowadays park a car in rural China. Even if they don't drive it often, they will buy one and park it in front of their houses). Because if your neighbours in the village have cars, and you don't, they will look down on you, so in order to avoid this, you buy a car too. The awareness of comparison between relatives is even worse. Every family gathering events becomes battles of bragging between relatives and we hate it a lot!

我是中国人，不得不说，中国或许是全球最拜金、势利的社会。大家总以外貌、财富评判人，区别对待（当然全世界都有这种情况，只是在中国格外突出）。有钱，亲戚朋友都会热情讨好，主动和你拉近关系；没钱，在国内甚至连父母都会看不起你。亲戚邻居之间，总在攀比物质条件。这也是如今农村汽车保有量很高的原因之一：现在农村几乎家家户户门口都停着车，就算不常开，也要买一辆摆在门前。村里邻居都买车，就你没有，会被人看不起，所以大家也跟着买。亲戚之间攀比更严重。每次家庭聚会，都变成互相吹牛比拼，我们都特别反感。

ow can the most money-worship country in the world like that be ? Can you define Co sm? In the era, people here were not this money-worship and materialistic at all. Now everything is about money and status and comparison with those around you materialistically, very tiring! Capitalism has made China rich but has also changed our mind and brain too much! It's so hilarious that you brainwashed foreigners are still constantly bringing up and or whatever ideology your brains readily hold when talking about China, when you don't even know the real life on the ground here at all! I must say the West has distorted the world's perceptions of China too successfully, to the degree that all the lies and fabrications are hailed as absolute truth unconditionally without a single grain of doubtfulness and suspisions from you guys. Bravo to that!

一个全世界最拜金的国家。以前，中国人根本没有这么拜金、这么看重物质。现在做什么都围着钱、地位转，还要和身边人比物质，活得太累了！中国富裕起来了，但也极大改变了我们的思想。

你们这些被洗脑的外国人，谈起中国的时候张口就是各种固有意识形态，可你们根本不了解这里真实的民生，实在可笑！不得不说，西方成功扭曲了全世界对中国的印象。到了什么地步呢？那些谎言和编造的内容，被你们无条件当成绝对真理，一点都不怀疑。可真厉害啊！