Singapore emerges as a top choice for global business travelers
As a dynamic hub for global business, Singapore is seeing a surge in corporate travel and foreign investment from entrepreneurs worldwide. Recent reports highlight that the country became a top choice for nearly 90% of global business owners and professionals.
According to a report by FCM Travel, Singapore has emerged as the top destination in Asia for business travelers from the Americas and the United Kingdom, surpassing its regional counterparts. The demand for premium travel to the city-state has sharply increased as the city-state gains a reputation as a vital commercial center. The report noted significant growth in business-class travel year-on-year, driven by corporations prioritizing face-to-face engagements and high-value business discussions. Other top destinations for corporate travelers included Thailand and India for American business professionals, while UK-based executives favored Singapore, Hong Kong and Malaysia.
Another study by HSBC further underscores Singapore’s popularity, particularly among high-net-worth (HNW) and ultra-high-net-worth (UHNW) business owners. The Global Entrepreneurial Wealth Report from 2024 revealed that 9% of affluent business owners globally plan to conduct business in Singapore within the next 12 months. The figure climbs to 18% for Chinese entrepreneurs and 17% for both Indian and Taiwanese business owners.
The flow of wealthy entrepreneurs is not limited to business dealings alone. Singapore is also a top choice for personal relocation, with 9% of surveyed business owners considering moving to the city-state. Hong Kong entrepreneurs led this trend, with 19% expressing interest, followed by Taiwan (16%) and India (15%). Singapore also remains one of the most sought-after destinations for wealth transfer and investment diversification, ranking alongside the U.S., the U.K. and France.
The city-state’s strong regulatory framework is another key factor drawing international business owners. HSBC’s report found that 76% of Singaporean business leaders support the country’s regulatory policies, citing transparency, stability and investor-friendly reforms as major advantages. Furthermore, 80% of respondents felt that Singaporean society values business owners, reinforcing its reputation as an entrepreneur-friendly environment.
Financial security and investment opportunities also contribute to Singapore’s popularity. The HSBC survey found that 62% of business owners in Singapore prioritize financial assets such as stocks, bonds and real estate. In contrast, alternative assets like arts and collectibles (28%) and precious metals (20%) remain less popular. However, succession planning remains a challenge for many entrepreneurs, with 56% yet to formalize a strategy for wealth transfer despite a strong emphasis on family business continuity. Among those who have taken steps toward succession planning, 63% intend to pass their business to family members.
Singapore’s growing influence as a business and financial hub also ties into larger Asian economic shifts. The FCM Travel report highlighted the increasing role of Southeast Asian economies, particularly Vietnam, Malaysia, and the Philippines, in global trade. Trade flows between China and ASEAN countries have surged in recent years, fueling demand for business travel. Vietnam, for example, doubled its imports from China between 2017 and 2023, adding $50 billion, while its exports to the U.S. rose by $60 billion.
Analysts expect business travel to Singapore to continue its upward trajectory in 2025, driven by corporate expansion, trade partnerships and evolving geopolitical dynamics.
