Global billionaires are moving gold into Singapore, with private gold holdings increasing about 16-fold over the past decade

Global wealthy individuals are relocating part of their physical gold holdings from traditional storage locations to Singapore. Rising risks of war, increasing government debt, and political uncertainty are prompting high-net-worth investors from the US, Europe, and the Middle East to reconsider where their gold should be stored.

For these investors, gold is not only an asset to hedge risks; the stability and reliability of the storage jurisdiction have become equally important.

According to Bloomberg, Singapore’s private gold holdings have surged in recent years. Precious metals dealer J. Rotbart & Co. estimates that the total private gold held locally has increased about 16-fold from 2014 levels to more than 800 tons by 2025, with the majority of the increase coming from Europe. The company expects that this figure will continue to grow further this year and next year.

This flow of funds is driving the expansion of Singapore’s precious metals storage industry and providing new opportunities for the development of a local gold trading hub. Singapore hopes not only to attract private wealth but is also enhancing its clearing, warehousing, and logistics infrastructure to secure a more prominent position in the Asian gold market.

Overseas Wealthy Seek Diversified Storage, Demand for Private Vaults Rises

Gregor Gregersen, a former banking data architect born in Germany, is among the beneficiaries of this trend. About 17 years ago, he started with small-scale silver trading and now owns The Reserve, a six-story, approximately 180,000-square-foot, high-security vault designed to store up to 500 tons of gold.

Gregersen noted that some wealthy families that have held physical gold for the long term are transferring portions of their gold previously stored in other jurisdictions to Singapore; others who had not previously purchased physical gold are beginning to buy gold through private banks or metals dealers and choosing to store it locally.

According to company data, as of September, total gold stored by The Reserve’s customers has risen to 8.6 tons, tripling since the beginning of 2020, with about 90% coming from overseas clients.

Richard Wang, Singapore head of bullion dealer J. Rotbart & Co., said that over the past year, the company’s online inquiries from Western clients have doubled, with most interest coming from the United States, followed by Canada, the United Kingdom, and Australia.

Other service providers have also observed similar changes. David J. Mitchell, founder and managing director of precious metals dealer Indigo Precious Metals, stated that the demand for physical gold from high-net-worth clients in Europe and the US accelerated over the past year, increasing by about 25%.

According to Singapore-based metals platform Gauld, about 40% of its European clients have transferred part of their gold from Switzerland to Singapore or are choosing Singapore as the storage location when purchasing new gold.

These clients are concerned not only with gold price trends but also with the political and institutional risks of the storage location. Some investors are worried about the US fiscal deficit and political uncertainty; others have reevaluated the neutrality and security of traditional storage locations like Switzerland after Russian assets were frozen under sanctions.

Gold Storage Location Becomes Part of Risk Management Decisions

While gold can hedge against currency depreciation, inflation, and geopolitical risks, it alone cannot address the legal and political risks of storage jurisdictions. For investors planning to hold assets for decades, factors such as local governance, legal systems, financial system stability, and defense capabilities all influence their choices.

Singapore’s appeal lies in this combination. The country offers a well-developed financial services system, a relatively stable institutional environment, and high-security private vaults.

According to data from operators, the two private vaults in Singapore have a combined gold storage capacity of at least 2,200 tons. The Reserve can store 500 tons, while another large facility, Le Freeport, has a capacity of at least 1,700 tons. Le Freeport’s operator stated in May this year that its underground vault space is nearly full, reflecting sustained demand for storage.

Banks are also responding to client demand. Nomura Holdings now offers physical gold custody services in Singapore. Akshay Prasad, Head of Investment Products & Advisory Solutions for Nomura’s International Wealth Management division, said that demand from clients in regions such as the Middle East is driving the business; clients are focusing not only on inflation, long-term interest rates, and central bank gold purchases but also on Singapore’s credibility as a storage location.

OCBC expanded its physical gold operations this year. The bank reported that since the end of 2025, the gold holdings of its private banking arm, Bank of Singapore, have grown by more than 40%. Increasingly, both local and overseas clients wish to trade and hold gold through Singapore entities rather than rely on US companies as they previously did.

The increase in service providers is also changing investors’ holding strategies. Investors are now not only considering buying and holding long-term but also want the ability to sell gold when needed. Lars Johansson, a precious metals logistics consultant, noted that as gold price volatility rises, investors are paying more attention to the liquidity of their assets.

Singapore Expands Trading Infrastructure to Compete for Asian Gold Hub Status

Singapore is seeking to turn inflows of private wealth into broader gold trading activities and compete with Hong Kong for a bigger share of the Asian precious metals market.

In June, the Singapore government announced that the Singapore Exchange (SGX) plans to launch an over-the-counter gold clearing system by the end of 2026; the Monetary Authority of Singapore (MAS) also intends to provide gold vault services for foreign central banks and sovereign entities. Singapore has further expanded tax exemptions this year for eligible funds and family offices investing in physical precious metals.

These initiatives are designed to connect storage capacity with trading, clearing, and settlement services, making gold stored in Singapore not only safe but also more easily tradable in the market. Meanwhile, Hong Kong launched a pilot for gold clearing in July and is enhancing its cross-border settlement capability through cooperation with the Shanghai Gold Exchange. Both places hope to capture Asia’s rapidly growing gold demand.

However, Singapore’s scale in the global gold market remains relatively small. Trade Data Monitor shows that as of August this year, Singapore’s gold imports were up 44% year-on-year to 171 tons. By contrast, London, the world’s largest OTC gold trading center, holds about 60 times as much gold as Singapore, and the gold inventory at New York’s COMEX warehouses is around 730 tons.