The ultra-wealthy are increasingly storing their gold in Singapore amid rising global uncertainties and Trump-related fluctuations.

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“The idea of putting physical metal in a safe jurisdiction like Singapore with trusted parties is becoming a significant trend,” says Gregor Gregersen, founder of The Reserve.

Alessia Pierdomenico | Bloomberg | Getty Images

The ultra-wealthy are increasingly moving their gold offshore as economic and geopolitical uncertainty affects markets — and Singapore is emerging as a favored destination.

Not far from the city-state’s airport sits a six-story facility covered in onyx and fortified by tight security. Tucked behind its steel doors are gold and silver bars amounting to about $1.5 billion.

Known as “The Reserve,” the storage facility features numerous private vaults and a towering storage chamber lined with thousands of safe deposit boxes reaching three stories high.

From the start of the year to April, the precious metals repository has seen an 88% increase in orders to store gold and silver compared to the same period in 2024, according to Gregersen. The Reserve also noted a 200% year-on-year increase in sales of precious metals bars during that time.

Singapore is often referred to as the ‘Geneva of the East’; it is recognized for its political and economic stability.

A growing sense of unease is driving this surge, industry observers note. “Many high-net-worth clients are scrutinizing tariffs, observing global changes, and considering potential geopolitical instabilities,” Gregersen stated. “The notion of placing physical metal in a secure location like Singapore with trusted parties is trending upwards,” he added, mentioning that 90% of the new orders are coming from outside Singapore.

A short distance from Singapore’s airport is The Reserve, which houses gold and silver bars valued at approximately $1.5 billion.

The rise of gold has been striking in recent months, with bullion prices achieving consecutive record highs. This surge can be attributed to gold’s safe haven appeal amid the volatility caused by U.S.-China trade tensions and a significant U.S. asset sell-off in April. Although gold prices recently declined as investors’ risk appetites improved following a thaw in trade tensions, some market experts project they could soar to $5,000 per ounce next year. Spot gold prices are currently trading at $3,346.32 per ounce, near historic levels.

Wealthy individuals are increasingly opting for physical gold bars rather than paper, as they seek to minimize price exposure, Gregersen noted. While owning physical gold still carries some risk, it mitigates certain exposures associated with paper gold.

For instance, the risks associated with counterparty issues are lower when owning the asset outright. The crisis at Silicon Valley Bank in 2023 heightened investors’ preference for physically owning or securely allocating specific gold bars, instead of relying on paper claims, which could be jeopardized if a bank collapses, said Nicky Shiels, head of research and metals strategy at MKS Pamp, a precious metals refining and trading company.

Gold prices over the past year

The World Gold Council’s chief market strategist, John Reade, emphasized this trend is especially pronounced among those concerned about the stability of the global financial system. “Some holders of physical precious metals are cautious about storing gold in the banking system, even in allocated form, preferring to hold gold with entities that are not banks,” Reade noted.

A lack of trust in certain domestic banks is also influencing this trend, according to Jeremy Savory, founder of Millionaire Migrant, a consultancy that assists high-net-worth individuals with citizenship services. “If you’re in a country where the banking system is not trusted, such as Lebanon or Egypt or Algeria, individuals prefer not to deposit their assets in banks,” Savory explained, noting that his clients often seek to move physical gold to vaults in Singapore and other secure locations.

However, vaulted gold might be less appealing to short-term investors, as the transaction costs associated with purchasing and transferring physical gold can be higher than those for paper gold, according to Reade.

The Reserve’s storage facility features numerous private vaults capable of storing 25 to 60 tons of gold, organized in boxes and sealed.

But why choose Singapore specifically? “Singapore is recognized as the ‘Geneva of the East’; it is esteemed as a secure location with relative political and economic stability,” Shiels stated.

The role of Singapore as a critical transit hub also makes it a convenient option for the wealthy looking to store their gold. “As a transit hub, it makes sense to have a gold vault there,” Savory noted. “You can bank, store your gold, and easily access it.” Although Dubai is also a secure transit hub, Savory mentioned the process of storing gold there may require more documentation.

“Dubai has a reputation for being more documentation-heavy, which may not appeal to everyone,” he added.

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