Rich people are 'secretly' storing their gold worth Rs 12,5000000000 in huge chamber in THIS six storey building, it is located in...

Rich people are storing their wealth and gold worth Rs 12,5000000000 not in their  bank lockers but in a huge chamber of a six storey building in Singapore, known as 'The Reserve'. After Switzerland, now Singapore is getting the benefit of this new trend b the 'Richy- Rich' people. It is being called "Geneva of the East" for the world's high net worth individuals (HNIs).

 About six-storey 'The reserve'

'The Reserve' is built near Singapore Airport is a private vault, where rich people are storing their gold and silver biscuits, according to a CNBC report.

The building is founded by Greger Gregersen. The company behind 'The Reserve' is Silver Bullion, as per its website. This building comprises of a huge chamber, and thousand of safe deposits boxes and lockers to store precious metals like gold and silver. This has seen a whopping 88% increase in the orders for reserves, between January and April 2025.

Why is Singapore becoming the 'Geneva of East'?

• The first and foremost reason is international uncertainties. The ongoing trade war and recession has led to international insecurities. 
• Secondly, decreasing trust in banks. Wealthy people in countries like Lebanon, Algeria and Egypt no longer trust their banking systems.
• Physical gold over paper gold (ETF, mutual funds) has become a popular choice among rich people, because it has less counterparty risk i.e. the risk of default by a third party. Many wealthy investors consider keeping real gold physically in a trusted place than to have a paper claim, to be a better option.

Why is Singapore becoming the first choice?

Singapore is being compared to Switzerland, as both have more political stability. It is a “safe jurisdiction." However there are risks attached to. The cost of buying physical gold and transferring it from one country to another is high. So it is better as a long term deal, as it will be expensive in a short term deal.