Singapore (HRNW)- Did you know that these days the richest people in the world are storing their gold in a building in Singapore?
According to international media reports, the richest people in the world are storing their gold in safe vaults abroad instead of bank lockers due to international uncertainty, declining trust in banks and geopolitical tensions.
The report states that the country benefiting the most from this trend of the world’s richest people is Singapore, which is becoming the Geneva of the East for wealthy people around the world.
According to a CNBC report, gold and silver bars worth $1.5 billion are currently stored in a 6-story private building near the Singapore airport.
Strict security measures have been taken to secure this building in Singapore and the building has been equipped with onyx, thousands of deposit boxes and a large storage chamber.
According to founder Gregor Gregersen, orders for gold and silver storage increased by 88% between January and April 2025, while sales of gold and silver bars increased by 200% year-on-year.
The report answers the question of why this trend of hoarding gold is increasing, saying that wealthy individuals in many countries of the world such as Lebanon, Algeria and Egypt are losing confidence in the banking system in their countries.
Gregersen said that these people believe that wealth in the form of gold is safer than paper currency (ETFs, mutual funds) backed by gold, and that it is also less risky or has a lower risk of default from a third party.
According to the report, the richest people are in fear after the 2023 Silicon Valley bank crisis and that is why they should store their wealth in gold in a specific location instead of keeping it in paper currency.
The answer to why these wealthy individuals are choosing Singapore to store their gold is that they consider it a very safe country, much like Switzerland was once considered.
Similarly, Singapore is also a transit hub where gold can be easily imported and exported.
John Reid of the World Gold Council pointed out that some investors are now preferring to store gold outside banks because they believe that the banking system is no longer a completely safe system.
Be the first to comment