Multinationals Pick Singapore Over Hong Kong for Asian Headquarters

The international business community is clear on where it wants to call home in Asia: Singapore.

The city state hosted regional headquarters for 4,200 multinational firms in 2023, extending its lead and dwarfing the 1,336 found in Hong Kong, its main rival, according to a Bloomberg Intelligence report that details Singapore’s rise in the perennial battle to be known as Asia’s premier business destination. Even many Chinese companies seeking to hedge geopolitical risks and broaden their reach pick Singapore over Hong Kong, the report found.