Ultra-Wealthy Are Massively Storing Their Gold in Singapore

Amid economic and geopolitical uncertainties causing turmoil in financial markets, the ultra-wealthy are increasingly moving their gold abroad. The preferred destination: Singapore. Behind the heavily secured doors of storage facility The Reserve lie gold and silver bars worth $1.5 billion.

From the beginning of the year until April, the precious metals storage facility received a staggering 88% more orders for gold and silver storage compared to the same period in 2024, says founder Gregor Gregersen. He emphasizes that there is a clear trend to physically store metal in a safe jurisdiction like Singapore. Moreover, 90% of the new orders come from abroad.

But why specifically Singapore? 'Singapore is seen as the Geneva of the East,' says Nicky Shiels of precious metals refining and trading company MKS Pamp. 'It has a reputation as a safe jurisdiction with relative political and economic stability.'

Singapore's role as a key transit hub makes the city-state an attractive and strategic location for the wealthy to store gold. 'Singapore is a transit hub, so it makes sense that there is also a gold vault here,' says Jeremy Savory, founder of Millionaire Migrant, a Dubai-based consultancy providing citizenship-related services to wealthy individuals. According to Savory, you can not only store your gold in Singapore but also easily retrieve it. 'And this is where Switzerland falls short.'

More and more wealthy individuals are opting for physical gold bars instead of paper certificates. They aim to limit their exposure to counterparty and geopolitical risks, says Gregersen. According to John Reade, chief market strategist at the World Gold Council, this applies especially to those who doubt the health of the global financial system. A lack of trust in some domestic banks plays a significant role in this.