Wealth in Singapore: HNW Investors 2017

2017-06-30
Price :
Published : Jun-2017
No. of Pages : 51

Singapore’s HNW population remains dominated by business owners and those who accumulated their wealth through earned income. HNW individuals invest around half of managed wealth with their main wealth manager, and the majority of wealth is held via discretionary mandates. Current investment demand is particularly pronounced for equities and corporate bonds; however, the latter are forecast to fall out of favor as investors are looking for new means of diversification in the alternative investment universe. Led by pension and financial planning, overall demand for planning services is moderate. However, going forward we expect increased demand for tax planning.

Singaporean HNW individuals have amassed their wealth mainly through earned income. However, taken together those who earned their wealth either through first-generation entrepreneurship or family business ownership constitute the largest segment. The most prominent industries from which HNW individuals have amassed wealth are property and financial services. Dedicated expat services are a necessity because Singapore’s HNW expat population represents a larger opportunity compared to the rest of Asia Pacific. Also important is that government incentives still make Singapore an enticing hub for wealthy expatriate investors.

Key Findings include in this report –

  • Expats constitute half of Singapore’s HNW population, hence constituting a lucrative target market.
  • Accelerated demand for discretionary mandates will be the pre-eminent trend over the coming year.
  • The average Singaporean HNW portfolio is biased towards equity and bond investments, with demand for the latter expected to fall as we are seeing a move into risk assets.
  • An above-average proportion of Singaporean HNW wealth is allocated to alternative investments – the majority of which is held in hedge funds. Alternatives should gain further traction.
  • Singaporean HNW investors currently show the strongest demand for financial planning, but demand for tax advice is forecast to experience the strongest rise in demand over the coming two years.

Critical success factors

  • Capitalize on expats: The Singaporean expat market is large and diverse enough to warrant dedicated country teams that increasingly serve Asian-origin clients rather than Europeans or Americans.
  • Develop your discretionary asset management proposition: Singaporean wealth managers need to ensure that saving time and effort (while still being attentive and trustworthy) is a core part of any discretionary service proposition.
  • Offer tax advice: The ever-increasing complexity of the global tax landscape is driving demand for tax advice globally and Singapore is no exception, given the highly international nature of the city-state’s HNW community, which forces investors to navigate through different jurisdictions’ tax systems.

The report “Wealth in Singapore: HNW Investors 2017” analyzes the investing preferences and portfolio allocation of Singaporean HNW investors. The report is based on our proprietary Global Wealth Managers Survey.

Specifically, this report allows the following –

  • Profiles the average Singaporean HNW investor in terms of their demographics and analyzes the expat opportunity in Singapore.
  • Analyzes which wealth management mandates are preferred among Singaporean HNW investors and how demand will develop looking forward.
  • Examines the allocation of Singaporean HNW investors’ portfolios into different asset classes and how the allocation is expected to develop in the future.
  • Analyzes the product and service demand among Singaporean HNW investors.

Companies mentioned in this report: Standard Chartered Private Bank, HSBC, Citibank, DBS, OCBC, Bank of Singapore and Vontobel.

Scope

  • Expats constitute half of Singapore’s HNW population, hence constituting a lucrative target market.
  • Accelerated demand for discretionary mandates will be the pre-eminent trend over the coming year.
  • The average Singaporean HNW portfolio is biased towards equity and bond investments, with demand for the latter expected to fall as we are seeing a move into risk assets.
  • An above-average proportion of Singaporean HNW wealth is allocated to alternative investments – the majority of which is held in hedge funds. Alternatives should gain further traction.
  • Singaporean HNW investors currently show the strongest demand for financial planning, but demand for tax advice is forecast to experience the strongest rise in demand over the coming two years.

Reasons to buy

  • Develop and enhance your client targeting strategies using our data on HNW profiles and source of wealth.
  • Give your marketing strategies the edge required and capture new clients using insights from our data on HNW investors’ drivers for seeking investment advice vs self-directing.
  • Tailor your investment product portfolio to match the current and future demand for different asset classes among HNW individuals.
  • Develop your service proposition to match the service and product demand expressed by Singaporean HNW investors and react proactively to the forecasted change in demand.
Filed in: Banking & Finance, Wealth Management
Publisher : GlobalData
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