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Wealth Management in Singapore 2007

Published by: Datamonitor

Published: Oct. 8, 2007 - 39 Pages


Table of Contents


Overview
Catalyst
Summary
Executive Summary
Market Context
Competitive Dynamics
Table of Contents
Table of figures
Table of tables
Chapter 2 Market overview
Introduction
Singapore's economy has performed well
Recent GDP growth has been impressive
Inflation has been low
Interest rates were historically low but have been increasing
The stock market has been rising
As a result, Singapore's onshore liquid asset market has grown
Despite a decline in 2004, deposit balances have been growing
Direct equity balances have grown strongly
Mutual fund balances have grown significantly
The retail bond market was small but growing
Trends in Singaporean products and services
Central Provident Fund funding Singaporean retirement
Singapore is a leading offshore investment centre
Investors are looking to hedge their bets
Islamic finance is gaining attention in Singapore
After declines in the affluent population and onshore liquid assets in 2004, Singapore is growing again
There were more than 400,000 wealthy individuals in Singapore in 2006
Wealthy individuals in Singapore currently hold USD138.3 billion in onshore liquid assets
2008-9 will be characterized by struggling economies worldwide
Rising interest rates, excessive borrowing and negative savings rates have combined in a perfect storm that will upend most of the world's economies
The widespread securitization of loans will compound this problem
And the US economy is not healthy enough to 'expand' itself out of this market
Foreign direct investment may also boost the economy, however foreign investors are pulling money out of the US markets
A continued Treasury sell-off may further depress the dollar and force interest rate hikes ...
Another major terrorist attack in the US would destabilize the economy further
Market capitalization will fall worldwide as US stock markets continue their jitters
Singapore's wealthy population represents an attractive market for onshore wealth management
There will be more than 600,000 wealthy individuals living in Singapore by 2011
Wealthy individuals in Singapore will hold USD207.9 billion in onshore liquid assets by 2011
Data
Chapter 3 Competitive Dynamics
Types of Competitors
The local banks
Qualified Full Banks
The Foreign Banks
The Asset Managers
Wealth Management profiles
DBS Bank
United Overseas Bank
Overseas Chinese Banking Corporation
ABN AMRO
Citibank
HSBC
APPENDIX
Definitions
CAGR
HNW
Liquid assets
Retail
Mass affluent
Mass market
Methodology
Global wealth Model
The UK sub model
Global sub model (for all other countries)
Forecasting methodology
Continuous refinement to the understanding of liquid wealth distribution
Datamonitor's wealth numbers compared with other wealth numbers
Further reading
Ask the analyst
Datamonitor consulting
Disclaimer
List of Tables
Table 1: Singaporean macro-economic factors, 2001-06
Table 2: Singaporean onshore retail liquid asset balances in USD, 2002-06
Table 3: Singaporean onshore retail liquid asset balances in SGD, 2002-06
Table 4: Number of wealthy individuals segmented by liquid asset band, 2002-6
Table 5: Aggregate onshore liquid assets segmented held by wealthy individuals, by liquid asset band, 2002-6
Table 6: Number of wealthy individuals segmented by liquid asset band, 2007-11
Table 7: Aggregate onshore liquid assets segmented held by wealthy individuals, by liquid asset band, 2007-11
Table 8: Local banking wealth services, August 2007
Table 9: Wealth management services of Qualified Full Banks in Singapore, August 2007
Table 10: Selected foreign wealth brands, August 2007
Table 11: Selected asset management brands in Singapore, August 2007
List of Figures
Figure 1: The Singaporean economy has turned around in recent years
Figure 2: Singaporean onshore retail savings and investments balances in USDbn, 2002-06
Figure 3: Wealthy individuals declined in 2004 but recovered by 2006
Figure 4: After declining in 2004, the onshore liquid assets of wealthy individuals in Singapore is growing again
Figure 5: The number of wealthy individuals in Singapore is expected to grow 6.7% compound annually from 2007 to 2011.
Figure 6: Aggregate onshore liquid assets of wealthy Singaporeans will grow 7.1% compound annually from 2007-2011


Abstract

Introduction

Datamonitor's Wealth Management in Singapore 2007 focuses on the onshore liquid wealth of mass affluent and high net worth customers in Singapore. It provides detailed analytical views of macro-economic background, retail savings and investments, mass affluent and high net worth individuals, competitive dynamics, customer preferences and forecasts.

Scope

Data from Datamonitor's Global Wealth model on the number of wealthy individuals and their aggregate onshore liquid assets from 2002-11 Segmentation of the wealth data across 14 liquid asset bands starting at USD60k through USD10m+ Retail S&I data from 2002-6 across four liquid asset classes including deposits, mutual funds, equities and bonds. Highlights of the main wealth managers in the market, including both local and foreign players; presents brief profiles of some of the main players

Highlights

Singapore was hit hard between the 2001-03 period, feeling the effects of the global downturn and technology crash, and suffering from the outbreak of Severe Acute Respiratory Syndrome. From 2004- 2006, Singapore's economy has performed particularly well. Onshore retail liquid assets in Singapore have increased strongly in the last five years, with the majority of savings in deposits. However retail mutual fund investments increased strongly and direct equity investment were popular. The retail bond market remained relatively small. There were more than 400,000 wealthy individuals in Singapore in 2006 holding USD138bn in onshore liquid assets; by 2011 there will be more than 600,000 wealthy individuals living in Singapore.

Reasons to Purchase

Assess market attractiveness by reviewing size and growth forecasts for the potential wealthy client base through 2011 Use the detailed liquid asset customer segmentation to analyse your key customer groups Assess the threats and opportunities for wealth managers and ascertain who the key competitors are within the industry


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