Singapore has long been known as a global financial centre and premium retail hub, and its influence in the luxury sector continues to expand. Despite its small geographical size, luxury goods retail sales in the city-state reached $10.1bn (S$13.5bn) in 2024, with this figure projected to hit $15bn (S$20.1bn) in 2029.

Singapore’s reputation for safety, stability and business-friendly policies has made it a prime destination for high-net-worth individuals and luxury brands. The number of single family offices more than tripled from 400 in 2020 to 1,400 in 2023 and continues to rise. Now, with intergenerational wealth transfers in the Asia-Pacific region set to reach $5.8tn (S$7.7tn) by 2030, Singapore is well positioned to capitalise on this growth.

In particular, the city’s strong spending power and thriving luxury market have made it a magnet for major industry events, including the Singapore International Jewelry Expo (SIJE), wine tradeshow Vinexpo Asia and the Singapore Yachting Festival, which together drew over 30,000 visitors in their most recent editions.

Strong demand for luxury goods

Luxury purchases, particularly in categories such as watches, jewellery, art and wine and spirits, are often driven by passion and personal interest. In today’s volatile economic climate, these items are also increasingly viewed as alternative investments due to their potential for value retention and appreciation.

According to the Art Basel and UBS Survey of Global Collecting 2024, global imports of art and antiques have remained resilient despite economic and geopolitical challenges. The survey finds that Singapore has the highest proportion of new high-net-worth art buyers among respondents, at 42 per cent, reflecting strong local demand. Asian buyers also show a higher-than-average preference for attending art fairs, reinforcing Singapore’s potential as a regional hub.

Events such as ART SG have cemented Singapore’s presence on the global art scene. In 2025, the international art fair attracted over 41,000 visitors including leading private collectors from south-east Asia, Greater China, Japan, Korea, Europe, the US and beyond. More than 100 galleries from 30 countries and territories participated, with strong sales recorded for works by 20th- and 21st-century artists such as Picasso.

Gemstones remain a core investment category for high-net-worth buyers, valued for their scarcity, beauty and durability. At the 2024 edition of the Singapore International Jewelry Expo, some of the world's finest pieces were displayed, from 100-carat sapphires to diamond-studded rings worn by celebrities such as Lady Gaga.

“The Singapore International Jewelry Expo has long recognised the potential of Singapore as a gateway to the south-east Asian market of well-heeled buyers,” says Ilaria Cicero, chief executive of Italian Exhibition Group (IEG) Asia and organiser of SIJE. The exhibition featured over 335 brands from 30 countries and has been held in Singapore for nearly two decades.

“With its business-friendly policies, Singapore offers a stable political environment and investment climate, intellectual property protection, and well-developed and regulated infrastructure,” Cicero adds. “We also recognise the growing hinterland of jewellery designers, craftsmen, wholesalers and retailers in the region.”

Why luxury brands are choosing Singapore

As demand for luxury grows across south-east Asia, upmarket brands are choosing to anchor themselves in Singapore, using it as a gateway to the wider region.

The city is already home to several prestigious names, including Swiss watchmaker Audemars Piguet. In January 2025, the brand opened AP House at Raffles Singapore – its first flagship store in south-east Asia. The space is designed to resemble a luxury apartment and features the world’s first AP Café, offering Swiss cuisine with a distinctive Singaporean twist.

French jeweller Van Cleef & Arpels also chose Raffles Singapore for its latest concept, Les Jardins Secrets, meaning The Secret Gardens. Opened in February 2024, the boutique and exhibition area pays homage to Singapore’s reputation as the Garden City and serves as a mini-museum, offering insights into the brand’s century-old history.

The world’s largest online wine marketplace, Vivino, has taken its expansion a step further. In September 2024, it opened its first retail store in the world in Singapore, citing the city’s strategic location as an ideal springboard for regional growth. The store joins an established wine retail ecosystem that includes the exclusive London-founded wine club 67 Pall Mall, Singapore Wine Vault’s state-of-the-art wine storage facilities and international education programmes, including the Society of Wine Educators.

Singapore will also host the 2025 edition of Vinexpo Asia, marking its second time as the venue for the high-profile trade fair, which landed in Singapore in 2023. The event, which alternates yearly with Hong Kong, brings together wineries, distributors, sommeliers and hospitality professionals from around the world.

“The main difference between Singapore and Hong Kong lies in which territory we are targeting,” says Rodolphe Lameyse, chief executive of Vinexpo Asia. “In Singapore, we are speaking to south-east Asian markets – importers, distributors, hospitality (personnel) and restaurant owners.”

Lameyse notes that Singapore’s strategic position within south-east Asia is driving industry growth. Amid shifts in regional wine trade, the city has emerged as an increasingly attractive wine hub. With its well-established bar and restaurant scene, Singapore now serves as a key entry point for European wines destined for distribution across south-east Asia.

“Singapore can be easily accessed from anywhere in Asia and Australia,” says Lameyse. “It is a mature market… and has an advanced knowledge of wine. To me, it was the best location to address a brand-new territory like south-east Asia.”