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Singapore millionaires aim for Asia-Pacific domination

29 Jan 2015

Singapore may soon become the prime location for private banking in the Asia-Pacific, finds WealthInsight. However, if Hong Kong keeps its stable political system, it will still remain a strong competitor to Singapore across the region, warns WealthInsight analyst, Tom Carlisle.

Highlights from the white paper:

  • Singapore has 18.4% less HNWI (151,025) than Hong Kong (185,055).
  • Singapore billionaires held 237.7% less wealth (US$69 billion) than Hong Kong billionaires (US$233 billion).
  • The number of millionaires in Singapore is expected to reach 182,855 by 2018, compared to 150,000 in 2013.
  • 36.1% of Singapore HNWI foreign wealth is invested in European countries, followed by Asia-Pacific with 26.7% and North America with 25.4%.
  • Singapore is forecast to have more billionaires in 2018 (32) than Malaysia (20).

"Singapore's favourable economic and business environment demonstrates that it is one of the best places for private banking, alongside Hong Kong, London and New York. Democratic changes in the long term could change the make-up of Hong Kong's financial strength, giving Singapore a larger lead," says Carlisle.

For more information please see attached white paper: 'Millionaires: Singapore's aim for Asia-Pacific domination'.

Source: Company Press Release

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