Wealthy Investors Move More Gold to Singapore Amid Global Uncertainty

Wealthy investors from the United States, Europe and the Middle East are moving more of their physical gold to Singapore, drawn by the city-state’s political stability, strong legal system and secure storage facilities as wars and economic uncertainty reshape decisions about where to hold valuable assets.

The shift is adding momentum to Singapore’s efforts to establish itself as a leading international centre for gold storage and trading, with private vault operators reporting increased demand from overseas clients and financial institutions expanding their capacity to handle bullion.

Privately held gold stored in Singapore has grown approximately 16-fold since 2014, surpassing 800 metric tonnes in 2025, according to estimates from precious metals dealer J. Rotbart & Co. cited in recent Bloomberg reporting. Much of the increase has come from Europe, while interest from Western investors has also risen amid concerns about political developments and government finances.

The appeal is not limited to investors buying gold for the first time. Some wealthy families are transferring bullion previously held in established storage centres, including Switzerland, while others are purchasing physical gold through private banks and specialist dealers and arranging for it to be kept in Singapore. Industry participants say the decision increasingly involves both the value of gold as an asset and the perceived security of the jurisdiction where it is stored.

Gregor Gregersen, founder of Singapore-based vault operator The Reserve, has said the facility is seeing growing interest from overseas investors. The company held 8.6 tonnes of gold as of September 2026, with roughly 90 per cent belonging to foreign clients, according to reporting by Seoul Economic Daily. The figures illustrate the international character of demand, although they represent one operator rather than the entire Singapore market.

Other storage providers are also experiencing pressure on capacity. Le Freeport, a high-security facility that specialises in storing valuable goods, can accommodate about 1,700 tonnes of gold, according to industry estimates. Its operator said in May that most of its underground vault space was full following increased demand. Singapore’s private storage facilities collectively have capacity for at least 2,200 tonnes, according to figures reported by The Business Times.

The movement has gained attention amid conflict in the Middle East, which has prompted some investors to reconsider holding bullion in the United Arab Emirates. Bloomberg reported in April that gold imports into Singapore from Dubai reached a record in March, as investors and logistics providers weighed concerns about insurance and the ability to move gold quickly if regional airspace became restricted. The report pointed to a specific supply route and period, rather than establishing that all gold transfers to Singapore were driven by the conflict.

Singapore’s financial institutions are responding to the wider interest. DBS expanded its gold vaulting space in 2026 to accommodate demand from private wealth and institutional clients, while OCBC has moved into physical gold trading and custody for institutional and high-net-worth clients. OCBC said in June that physical gold holdings among clients of its private banking subsidiary, Bank of Singapore, had risen by more than 40 per cent since the end of 2025.

The Monetary Authority of Singapore has also outlined plans to develop the country’s gold ecosystem, including better infrastructure for storing and transporting bullion, services for foreign central banks and sovereign institutions, and a clearing and settlement system for physical gold transactions. Singapore Exchange has been working towards a clearing system for over-the-counter gold trades, part of a broader strategy to attract more trading activity and strengthen the market infrastructure around the metal.

The strategy places Singapore in competition with established bullion centres such as London and Switzerland, as well as regional rival Hong Kong. Its advantages include a reputation for political stability, strong governance and legal certainty, while its financial sector and network of private wealth managers offer services for investors seeking to diversify where their assets are held. But attracting more bullion also requires sufficient vault space, reliable transport and clear rules governing ownership, access and transactions.

The gold shift reflects a distinction between owning an asset and deciding where to keep it. Gold is often sought as a store of value during periods of uncertainty, but physical holdings also bring practical questions about custody, insurance, transport and access. As wealthy investors reassess exposure to geopolitical and financial risks, Singapore is seeking to turn its reputation for stability into a larger role in the global gold market, while the scale and durability of that growth will depend on demand and the infrastructure available to support it.