Ministry of Home Affairs clarifies that wealth alone does not guarantee citizenship, dismissing recent projection as unsubstantiated.
SINGAPORE: The Ministry of Home Affairs (MHA) dismissed a widely circulated prediction that up to 3,500 high net worth individuals would be granted Singapore citizenship in 2023, calling it “highly misleading” and without credible basis.
The projection, reported by Chinese-language newspaper Lianhe Zaobao last Thursday, was attributed to Andrew Amolls, head of research at wealth intelligence firm New World Wealth. According to the interview, between 3,000 and 3,500 high net worth individuals—many from China—were expected to become Singapore citizens in 2023, with each individual reportedly holding at least US$6 million in investable wealth.
However, the MHA strongly refuted this claim, stating that it was unclear how Amolls or his company arrived at the figures. The ministry pointed out that Singapore’s citizenship applications for the rest of the year had yet to be decided, and the criteria for granting citizenship are much more comprehensive than just wealth.
Factors such as the applicant’s contributions to Singapore’s economy, their business creation, the number of Singaporeans employed, and their ability to integrate into society are all considered, the ministry emphasized. The Immigration and Checkpoints Authority (ICA) further clarified that citizenship applicants are assessed based on family ties, economic contributions, qualifications, age, family profile, and length of residency.
Several news outlets, including The Business Times, Mothership, The Online Citizen, and Vulcan Post, picked up the interview and ran headlines focused on the prediction, further fueling the speculation.
MHA clarified that “having high net worth does not guarantee citizenship,” reaffirming that citizenship is granted based on a variety of factors that serve the long-term interests of Singapore, not solely financial considerations.
