China’s rich are moving their money to Singapore. Beijing’s crackdown is one of the reasons.

As Beijing pushes for “common prosperity” and political turmoil threatens Hong Kong, Singapore has become a safe harbor for some of the region’s wealthiest tycoons and their families.

Wealthy Chinese are worried about keeping their money on the mainland and some see Singapore as a safe haven.

Since protests disrupted Hong Kong's economy, affluent Chinese have looked for other places to store their wealth. Unlike many countries, Singapore doesn't have a wealth tax.

The trend appeared to pick up last year after Beijing cracked down on the education industry and emphasized moderate wealth for all.

CNBC interviews with firms in Singapore that are helping wealthy Chinese move their assets to the city-state via the family office structure.

A family office is a privately held company that handles investment and wealth management for an affluent family. Setting up a family office in Singapore typically requires $5 million in assets.

Jenga, a five-year-old accounting and corporate services firm, says inquiries about setting up a family office in Singapore have doubled over the last year. She said the majority of inquiries are from people in China.

[Wealthy Chinese] believe there are plenty of opportunities to make a fortune in China, but they are not sure whether it is safe for them to park money there.

Fifty of her clients have opened family offices in Singapore, each with at least $10 million in assets.

Hundreds of billionaires have been created by China's rapid economic growth. According to Forbes, many more joined their ranks last year.

The data showed that China has 626 billionaires, second only to the United States.

The billionaires in mainland China have limited options for investment and keeping their wealth secure because of their tight capital controls.

According to a CNBC translation of the interview, her Chinese clients are not sure if it is safe to park their money in China.

Ryan Lin, a director at Bayfront Law in Singapore, said that new family office-related work is coming disproportionately from Chinese clients. His firm has clients from all over the world.

Lin said most of their revenue-generating business is outside the mainland because of capital controls.

The interest of wealthy Chinese in establishing family offices in Singapore was accelerated by restrictions on international travel. Adults who invest at least 2.5 million Singapore dollars can apply for permanent residency.

Some Chinese citizens found out that the Chinese government could suspend passport issuing and renewal services because of the swine flu.

In response to an online question in August about passport suspension, China's National Immigration Administration said it would issue such documents only to those with essential or emergency reasons for leaving the country.

billionaires use family offices to manage their wealth Singapore's location gives investors proximity to other investment opportunities in Asia.

The friendly tax policy of Singapore has led to the opening of family offices by Ray and Sergey Brin.

The war between Russia and Ukraine has made it difficult for Chinese people to open family offices in Singapore.

China does not oppose sanctions. Beijing refused to call Russia's attack on Ukraine an invasion, and state media blamed the U.S. for the conflict.

Singapore joined the U.S. and the EU in freezing local bank accounts of Russian individuals and entities, in contrast to China's attempt to take a neutral stance on the war.

The news of the asset freeze gave some potential Chinese clients pause in their plans to open a family office in Singapore.

Bayfront said inquiries from Chinese people looking to open family offices in Singapore have grown this year at the same pace as in 2021.

It is not clear if the interest in Singapore means the city has gained an advantage over Hong Kong as a financial center.

Finance Minister Lawrence Wong told CNBC last month that Singapore is considering a broader range of wealth taxes, including tax on capital gains, dividends and net wealth tax on individuals.

Some Hong Kong asset managers are going to Singapore in order to find potential customers, and Hong Kong financial professionals have a more established track record of managing money.

Chinese assets will still be managed by professionals from Hong Kong if Singapore can't catch up in wealth management services. She said that family offices are not restricted in where they invest.