Singapore and Hong Kong are competing aggressively for wealth management talent through major tax incentives. Singapore announced exemptions on carried interest (profit-sharing) for fund managers and relaxed visa salary requirements, while Hong Kong has already expanded carried interest tax breaks. The stakes are high: Hong Kong's AUM grew 20% to $42.2 trillion HKD in 2025, while Singapore's sits at $6.68 trillion SGD (10% growth). Singapore's hedge fund sector grew 37% in 2024 but slowed to 5% in 2025, signaling the competitive pressure to attract global firms like Citadel and Jain Global.