This report is the result of WealthInsight’s extensive research covering the UHNWI population and Wealth Management industry in Singapore. It provides market size and forecasts of the UHNWI population. By leveraging the WealthInsight HNWI Database, it provides key demographic breakdowns.Summary
Singapore is rated as the top wealth management centre in Asia. This report provides historical trends and projections of the volume and wealth of Singapore’s UHNWIs. The report also reviews these findings in an analysis of the local Wealth Management and Private Banking sector, and the opportunities therein. Scope
The report features:
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- Independent market sizing of Singapore’s UHNWI
- Most up to date and thorough analysis of the demographic breakdown of Singapore’s UHNWI
- Volume and wealth trends from 2007 to 2011
- UHNWI volume and wealth forecasts to 2015
- Details of the development, challenges and opportunities of Singapore’s Wealth Management and Private Banking sector
- Current insights into the drivers of HNWI wealth
- Family office information
- The WealthInsight HNWI Database is an unparalleled resource and the leading database of its kind. Compiled and curated by a team of expert research specialists, the HNWI Database comprises up to one hundred data-points on over 100,000 HNWI around the world. With the HNWI Database as the foundation for our research and analysis, we are able obtain an unsurpassed level of granularity, insight and authority on the HNWI universe in each of the countries and regions we cover.
- Comprehensive forecasts to 2015.
- Information on sources of wealth for HNWIs in each major city, by industry and other measures.
- There are over 3,150 UHNWIs in Singapore, with an average wealth of US$90 million per person and a combined wealth of US$283 billion. This average wealth figure is significantly lower than comparable Asian countries due the relatively large number of individuals in the affluent band.
- UHNWI wealth grew by 29% during the review period, while volumes grew by 33%. This was significantly higher than the growth in overall HNWI wealth of 24%. The wealth of the billionaire wealth band increased by a substantial 50%, the largest percentage of any wealth band.
- The high growth over the review period was fuelled by a large number of UHNWIs who moved to Singapore to set up businesses and take advantage of Singapore’s favorable living environment and tax structure. Furthermore, strong performance in the local stock market in 2009 and a rebound in the local property market during 2010 helped to increase UHNWI wealth and volumes.
- Over the forecast period, we expect UHNWI volumes to rise by 50%, reaching over 4,700 individuals in 2015. UHNWI wealth is projected to increase by 49% to reach US$422 billion in 2015. This will be led by the centimillionaires, whose wealth will grow by 52% over the forecast period.
- Singapore is the second-largest offshore private banking center in the world, after Switzerland.
- The Asia-Pacific wealth management sector (excluding Japan and Australia) grew from assets under management (AuM) of US$650 billion in 2007 to over US$1.3 trillion in 2011. Singapore on its own constitutes 30% of this figure with AuM of over US$550 billion. This is significantly larger than Hong Kong’s wealth management and private banking industry, which has US$250 billion in AuM.