A surge in global economic and geopolitical uncertainty is driving ultra-high-net-worth individuals to move their gold bullion to Singapore, fueling a sharp rise in precious metals storage in the city-state.
The Reserve, a high-security precious metals vault near Singapore’s Changi Airport, reported an 88% year-on-year increase in gold and silver storage orders during the first four months of 2025, according to founder Gregor Gregersen, as cited by CNBC. The majority—90%—of these new orders came from overseas clients.
In addition to the spike in storage activity, sales of gold and silver bullion at The Reserve also soared, climbing 200% year-on-year from January to April.
Gregersen attributed the trend to growing concerns over global tariffs and geopolitical tensions. “Many high-net-worth individuals are increasingly focused on securing their wealth, and storing physical precious metals in stable jurisdictions like Singapore is becoming more popular,” he said.
Jeremy Savory, founder of immigration consultancy Millionaire Migrant, echoed this sentiment, noting that his wealthy clients are actively relocating their gold to vaults in Singapore, Switzerland, and Dubai. A common concern, he said, is a lack of trust in banks within their home countries.
Savory added that Singapore is gaining favor over traditional storage destinations like Switzerland. The city-state offers a strategic advantage as a major transportation hub and global financial center, allowing clients to conduct both their banking and bullion storage in one place.
While Dubai also offers high-security storage, Savory noted that the process there involves more administrative hurdles—an inconvenience that some clients prefer to avoid.
Meanwhile, Hong Kong is making efforts to position itself as an international gold trading hub. Last October, Chief Executive John Lee Ka-chiu announced plans to boost the city’s role in global precious metals markets.
The heightened interest in gold storage comes as prices for the yellow metal continue to rise amid persistent geopolitical tensions. Spot gold reached as high as US$3,415 per ounce in early May and was trading at approximately US$3,313 per ounce as of 7:30 p.m. Wednesday in Hong Kong.
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