Albany, New York, January 16, 2017: A recent report focusing on the Singapore wealth sector has been broadcasted to the wide repository of Market Research Hub. The report titled, “Challenges and Opportunities for the Wealth Sector in Singapore 2016” is a fresh study of Wealth Insights, which covers the high net worth individual population and Wealth Management Market in Singapore. Currently, the growing wealth and population of HNWIs in Singapore provide massive opportunity for wealth management companies to raise their revenues and customer base. HNWI volume and wealth trends from the years 2011 to 2015 and forecasts up to 2020 are also presented in this report.
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According to the research, for Singapore banks, offshore banking supplements the revenues of onshore banking and serves real needs of high net worth individuals (HNWIs). With the team of experts, the report has been compiled by the database that comprises records on over 125,000 HNWIs from around the world. It also majorly focuses on HNWI performance between 2011 and the end of 2015. This enables us to determine that how thriving the country’s HNWIs have executed through the crisis. At present, the average age of HNWIs in Singapore is 60. Altogether, 34.5% were aged 61-70 in the year 2015.
It has been observed by the study that, wealth management and private banking industry has changed expressively over the past few years. Growing regulation and tax transparency requirements during the financial crisis have caused a significant shift from offshore to onshore wealth management. Accordingly, financial services sector is a key driver of Singapore’s growth. One of the main features of wealth management in Singapore is the fact that it is predominantly an offshore business. HNWI and UHNWI asset allocations across 13 asset classes, the number of UHNWIs in each state and all the major fast growing cities (during 2011-2015) have also been discussed in the report. The growth of wealth management and professional services in the key business industries could raise a greater impetus for UHNWI to make Singapore a city of choice.
The driving force behind Singapore’s financial sector expansion has been the Monetary Authority of Singapore (MAS). MAS has attentively introduced regulatory reforms & dynamically promoted the growth of the banks and even stimulated financial innovations. Furthermore, the key highlights of the report clearly describe that the number of HNWIs who gained their wealth through the financial services and industry increased by 15.5%. This growth was recorded during the review period of 2011 to 2015.
In the next section, competitive landscape of the financial sectors including domestic private banks, foreign private banks, wealth managers and family offices are also discussed.
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