“Money on the Move 2026” Report: 96% Earn More Than in Home Country, 97% Save More Each Month

Financial advisory group St. James’s Place Asia recently released its “Money on the Move 2026” report, based on a double‑blind survey of 450 affluent and high‑net‑worth expatriates aged 25 to 54 who have lived and worked across multiple jurisdictions. The findings show that Singapore’s low tax burden and high income advantages continue to attract global high‑net‑worth talent, though expatriates also face increasingly complex cross‑border financial planning challenges while enjoying these financial benefits.

Tax Policy as the Top Attraction

The report reveals that 89% of respondents cited Singapore’s tax policies as a key factor in their decision to relocate. At the same time, 87% ranked Singapore’s residence permits and visa arrangements as another major consideration. Singapore adopts a territorial tax principle, under which foreign‑source income is generally not taxed before it is remitted into the country. Personal income tax for residents is levied at progressive rates, with a top marginal rate of 24%. Unlike many developed economies, Singapore does not impose capital gains tax, dividend tax, wealth tax, or inheritance tax. This tax framework provides significant tax optimisation opportunities for expatriates and has become a core factor driving the influx of internationally mobile talent.

Income and Savings Both See Big Increases

The report shows that the financial gains from relocating to Singapore are substantial. 96% of respondents said they earn more in Singapore than in comparable positions in their home countries, and 97% reported an increase in monthly savings.

These financial gains are accelerating expatriates’ progress toward their life goals. 57% said that without moving to Singapore, it would have taken them at least five more years to achieve financial freedom, while 59% believe their overseas experience will allow them to retire at least three years earlier. In addition, 93% of respondents feel that living abroad will accelerate their journey to financial freedom, and 83% expect to retire earlier.

Longer Stays and Stronger Intentions to Settle

The report found that expatriates tend to stay in Singapore longer than originally planned. About 78% expect to live abroad for at least eight years, and 54% said they have already stayed overseas longer than they initially intended.

Looking ahead, half of respondents said they would likely return to their home countries only upon retirement, while 16% stated they have no plans to go back at all. Among high‑net‑worth expatriates, the inclination toward permanent settlement abroad is even stronger – about 31% of high‑net‑worth respondents do not plan to return, compared to only 14% among affluent and middle‑affluent respondents.

Cross‑Border Financial Challenges Cannot Be Overlooked

Despite the notable financial gains, expatriates face numerous hurdles in managing their cross‑border wealth. 85% cited currency fluctuations as their biggest challenge, 83% reported difficulty in accessing preferred investment products, and 82% pointed to the complexity of cross‑border tax and regulatory compliance. Singapore’s high cost of living was also cited as a significant challenge by 82% of respondents.

Notably, while respondents overall possess relatively high levels of wealth, their financial literacy is comparatively low – only 27% rated themselves as having high financial knowledge. 53% rely on professional financial advisors to manage their international finances. Respondents estimated that they could have avoided an average of US$9,744 in financial losses per year if they had sought professional advice earlier.

In terms of estate planning, among those who do not plan to return home, 80% have included assets from multiple jurisdictions in their wills, and 56% regard tax optimisation as the primary factor influencing their inheritance and succession planning.

Oliver Wickham, Director of Partnerships for Asia and the Middle East at St. James’s Place, said that Singapore continues to offer expatriates strong economic opportunities, but managing an increasingly international financial life requires professional expertise. As global high‑net‑worth talent continues to flow in, striking a balance between Singapore’s tax advantages and the complexities of cross‑border finance will remain a long‑term challenge for expatriates.

Singapore has retained its position as the world’s most expensive city for high-net-worth individuals for the fourth consecutive year, according to the Julius Baer Group Global Wealth and Lifestyle Report 2026, released on July 7. The city-state’s top ranking was driven primarily by persistently high residential property and car prices — the two categories carrying the heaviest weightings in the index — combined with the continued strength of the Singapore dollar against the US dollar.

The Julius Baer Lifestyle Index ranks 25 global cities by analyzing price inflation across 20 luxury items and services, including residential property, automobiles, business class flights, school fees, and degustation dinners. Data for the 2026 report was collected between November 2025 and March 2026, surveying 360 high-net-worth individuals with bankable household assets of US$1 million or more.

Zurich climbed to second place from fifth position, propelled by the strengthening of the Swiss franc, supported by Switzerland’s reputation for political and financial stability. Monaco entered the global top three for the first time since the survey began in 2020, while Hong Kong dropped to fourth place — partly due to currency movements and elevated property costs. London and Shanghai rounded out the top five and sixth positions respectively.

The report noted that for high-net-worth individuals, the cost of maintaining a premium standard of living has risen “significantly” over the past 12 months, with this year’s index up 10.2% on average in US dollar terms. The surge in gold prices is reflected in the index, with jewelry prices up 16.4% and watches up 15.5%. Despite higher prices, demand among wealthy consumers remained resilient, allowing luxury brands to continue raising prices while maintaining exclusivity.

However, the report emphasized that Singapore’s local prices have not experienced dramatic increases; rather, currency factors have driven the overall cost higher when measured in US dollars. For residents whose income and assets are denominated in Singapore dollars, the perceived cost of living has changed relatively modestly, though the city appears considerably more expensive to foreign visitors and expatriates.

Yee Kim Tan, Singapore branch manager at Julius Baer, noted that wealthy individuals are increasingly looking beyond cost alone, prioritizing cities that offer a combination of financial security, quality of life, and long-term value. He described Singapore as a “natural choice” for affluent individuals deciding where to hold and allocate their assets, valued for its stability, strong rule of law, and sense of security — particularly among families planning their financial futures. In the Asia-Pacific region, five of the top ten most expensive cities are located, including Singapore, Hong Kong, Shanghai, Sydney, and Bangkok. The report highlighted that wealth mobility — both physical and financial — has become an increasingly important feature of affluent lifestyles in 2026.

Two flights operated by Singapore Airlines and its budget carrier Scoot encountered turbulence in June last year, leaving a total of eight crew members injured, two of them seriously. The Transport Safety Investigation Bureau (TSIB) of Singapore released final investigation reports for both incidents in June this year.

SIA flight: Flying too close to convective clouds

The incident involving Singapore Airlines occurred on 27 June last year. An Airbus A350-900, en route from Changi Airport to Shanghai Pudong International Airport, was descending for landing after about four and a half hours of flight. Weather radar showed moderate to heavy rain ahead, but the pilots visually identified what appeared to be a clear gap between two convective cells. However, this gap was only about 20 nautical miles wide, leaving the aircraft about 10 nautical miles from each cell – falling short of the flight training manual’s recommendation to maintain at least 20 nautical miles from the “greatest threat area.”

After entering the cloud layer, the pilots lost visual reference and had to rely solely on weather radar. When they emerged from the clouds, the aircraft was already dangerously close to a towering cumulonimbus cloud on its left side. The captain immediately requested a change of heading, but about five seconds later, the aircraft encountered severe turbulence at 27,500 feet. Over roughly ten seconds, gravitational forces fluctuated violently between -0.02G and 2.63G. Several crew members were thrown off their feet, with six sustaining injuries – one of them suffered a fractured left ankle. None of the 171 passengers on board were hurt.

Scoot flight: Turbulence struck without warning

The incident involving Scoot occurred on 10 June last year. A Boeing 787-10, flying from Changi Airport to Guangzhou, was cruising at 39,000 feet when its airspeed began to rise steadily. The pilots assessed the weather ahead as suitable for overflight, but the aircraft suddenly hit severe turbulence lasting about 32 seconds. Two cabin crew members who were working at the time could not return to their seats in time and were thrown off their feet, with one suffering serious injuries. None of the 313 passengers on board were injured.

Findings and safety improvements

The investigations concluded that both incidents were linked to the aircraft flying near convective clouds, underscoring that turbulence can strike without warning even when weather radar does not indicate severe conditions. The TSIB recommended that flight crews adopt a more conservative approach in complex weather situations, and call for cabin crew to suspend service and be seated with seat belts fastened at the earliest sign of potential risk.

Following the incidents, Singapore Airlines has revised its cabin safety procedures, encouraged pilots to adopt more conservative flight strategies, and introduced additional weather-monitoring tools to better assess turbulence conditions. Scoot has stepped up turbulence-response training for both pilots and cabin crew, and reminded pilots to use rapid flashing of seat belt signs and other means to alert crew to take their seats as quickly as possible in an emergency. As both airlines have already implemented the recommended safety measures, the TSIB did not issue further safety proposals.