Singapore Wealth Report 2015

Despite unfavourable world market conditions, the wealth management market in Singapore is emerging. The Singaporean market is attractive not only for local development, but also to foreign institutions. Much of the growth in Singapore’s wealth management and private banking sector during the last decade was driven by the country’s volume of HNWIs and UHNWIs. Experts expect private banks and institutions to reinforce and centralize their operations over the forecast period, as well as allocate more resources to better understand their client base and provide higher levels of service.

HNWIs with ‘Shareholder’ in their job title accounted for 19.9% of Singaporean HNWIs by sample size in 2014, while those with ‘Executive Director’ and ‘Managing Director’ accounted for 6.6% and 5.4% respectively. Globally, HNWIs with ‘Chairman’ in their title tend to be older than those with other job titles, while those in the president job category tend to be even older. These individuals tend to have large ownership stakes, and their wealth is therefore linked to company performance rather than salary.

The highest growth in volumes during the review period was among those in the Managing Director position, at a rate of 23.7%, while the number of HNWIs with ‘Chief Executive Officer’ in their title grew by 20.6%.

Scope

•An independent market sizing of Singaporean HNWIs across five defined wealth bands

•Analysis of HNWI volume, wealth and allocation trends in Singapore, from 2010 to 2014

•A detailed forecast of HNWI volume, wealth and allocation to 2019

•A breakdown of the asset allocations of HNWIs and UHNWIs in13 asset classes

•A geographical breakdown of all foreign assets held by Singapore’s HNWIs.

•An alternative breakdown of liquid vs. investable assets

•An assessment of the size of the Singaporean wealth management industry

•Detail on the largest private banks by asset under management

•Detailed wealth management and family office information

•Insights into the key drivers of HNWI wealth in Singapore

Key Highlights

How many HNWIs were there in Singapore in 2014? What is the total wealth held by these HNWIs in US$ billion?

By what percentage did the volume of Singaporean HNWIs rise in 2014? What was the corresponding increase in 2013?

How are HNWI wealth and numbers expected to perform over the forecast period?

What is the forecast growth percentage for Singaporean HNWIs? What is the total number of Singaporean HNWIs expected to be in 2019? How is HNWI wealth projected to grow by 2019? What is their total wealth forecast to be by the same year?

Reasons to buy

• Analyze the asset allocations of HNWIs and ultra-HNWIs, including projections of their volume, wealth and asset allocations to 2019. Identify those segments predicted to grow substantially over the forecast period and develop your product propositions to target maximum commercial gain.

• Investigate a comprehensive analysis of the private banking and wealth management sector in Singapore and deliver your strategy to clients based on the most current market information.

• Gain an understanding of the regulatory developments in the Singapore wealth management market to align your operations and minimize your risks in relation to the increasing burden of compliance costs.

• Assess the proliferation of family offices in the Singapore wealth market to identify where the competitive balance offers you the best chance to implement your expansion strategy.

• Investigate the five wealth bands detailed in the report to identify the preferences for wealth management services in each of these respective segments. Establish where your opportunities are in the market whilst minimizing your exposure to risk.

Companies mentioned

UBS Wealth Management

Citi

Credit Suisse

HSBC Private Bank

Deutsche Asset and Wealth Management

Julius Baer

JP Morgan Wealth Management

Morgan Stanley Wealth Management

Table of Contents

1 Introduction

1.1 Details of this Report

1.2 Definitions

2 Executive Summary

3 Singapore Key Facts

4 Distribution of Wealth in Singapore

4.1 HNWI Volume and Wealth Trends

5 Findings from the WealthInsight HNWI Database

5.1 Trends in HNWI Wealth to 2019

5.1.1 HNWI trend analysis

5.1.2 Wealth band trends

5.1.3 Demographic breakdown of HNWIs

5.1.4 HNWIs – job titles

5.1.5 HNWIs – industry breakdown

5.1.6 HNWIs – industry performance

5.2 UHNWIs

5.2.1 UHNWI volume trend analysis

5.2.2 UHNWI wealth trend analysis

5.2.3 Demographic breakdown of UHNWIs

5.2.4 UHNWIs – industry breakdown

5.3 UHNWIs – Billionaires

5.3.1 Billionaire volume trend analysis

5.3.2 Billionaire wealth trend analysis

5.3.3 Billionaire per capita net worth trend analysis

5.3.4 List of billionaires

5.4 UHNWIs – Centimillionaires

5.4.1 Centimillionaire volume trend analysis

5.4.2 Centimillionaire wealth trend analysis

5.4.3 Centimillionaire per capita net worth trend analysis

5.5 UHNWIs – Affluent Millionaires

5.5.1 Affluent millionaire volume trend analysis

5.5.2 Affluent millionaire wealth trend analysis

5.5.3 Affluent millionaire per capita net worth trend analysis

5.6 Core HNWIs

5.6.1 Core HNWI volume trend analysis

5.7 Core HNWIs – Mid-Tier Millionaires

5.7.1 Mid-tier millionaire volume trend analysis

5.7.2 Mid-tier millionaire wealth trend analysis

5.7.3 Mid-tier millionaire per capita net worth trend analysis

5.8 Core HNWIs – Lower-Tier Millionaires

5.8.1 Lower-tier millionaire volume trend analysis

5.8.2 Lower-tier millionaire wealth trend analysis

5.8.3 Lower-tier millionaire per capita net worth trend analysis

6 Analysis of Singaporean HNWI Investments

6.1 Analysis by Asset Class

6.1.1 Trends in alternative assets

6.1.2 Trends in ‘art, wine and wheels’

6.1.3 Trends of investment in real estate

6.1.4 Trends of investment in cash and deposits

6.1.5 Trends of investment in fixed-income

6.1.6 Investment trends in equity

6.1.7 Investments trends in business interests

6.2 Analysis of Foreign Investments

6.2.1 Investments in Europe

6.2.2 Investments in North America (including the US, Mexico and Caribbean)

6.2.3 Investments in Asia-Pacific

6.2.4 Investments in South America

6.2.5 Investments in the Middle East

6.2.6 Investments in Africa

6.3 Alternative Breakdown: Liquid vs. Investable Assets

6.4 Analysis of Singaporean UHNWI Investments

7 Competitive Landscape

7.1 Additional Components of the Wealth Sector in Singapore

7.1.1 Domestic private banks

7.1.2 Foreign private banks

7.1.3 Wealth managers

7.1.4 Family offices

7.2 Key Drivers

7.2.1 SGD to US$ exchange rate

7.2.2 Real GDP growth

7.2.3 Per capita GDP

7.2.4 Domestic market capitalization

7.2.5 Commodity index

7.2.6 Foreign direct investments (FDI) – inflows and outflows

7.2.7 Inflation rate

7.2.8 Interest rate

7.2.9 Balance of payments

7.2.10 Government debt

7.2.11 Stock market performance

7.3 Wealth Breakdowns

8 About WealthInsight

List of Tables

Table 1: HNWI Wealth Band and Group Definitions

Table 2: Singaporean HNWIs – Volume Distribution (%), 2014

Table 3: Singaporean HNWIs – Wealth Distribution Wealth Pyramid (%), 2014

Table 4: Singaporean HNWIs – Industry Performance (%), 2010–2014

Table 5: Singaporean HNWI Source of Wealth (%), 2014

Table 6: Singaporean UHNWI Gender Performance (%), 2010–2014

Table 7: Singaporean Billionaires Market Overview (Volume and US$ Billions) 2010–2019

Table 8: Singaporean Billionaire Wealth Growth (US$ Billion), 2010−2014

Table 9: Singaporean Top-10 Billionaires (US$ Billion), 2014

Table 10: Singaporean Centimillionaires Market Overview (Volume and US$ Million/Billion), 2010–2019

Table 11: Singaporean Affluent Millionaires Market Overview (Volume and US$ Million/Billion), 2010–2019

Table 12: Singaporean Mid-Tier Millionaires Market Overview (Volume and US$ Million/Billion), 2010–2019

Table 13: Singaporean Lower-Tier Millionaires Market Overview (Volume and US$ Million/Billion), 2010–2019

Table 14: Singaporean Allocations of HNWI Assets (%), 2010–2019

Table 15: Singaporean HNWIs − Holdings Growth (%), 2010–2019

Table 16: Singaporean HNWI Alternative Asset Composition (%), 2010–2019

Table 17: Singaporean HNWI Trends of Investments in Alternative Assets (%), 2010–2019

Table 18: Singaporean Trends in ‘Art, Wine and Wheels’, 2010–2014

Table 19: Global Prime Real Estate Prices per m2 (US$), 2014

Table 20: Singaporean HNWI Foreign Investment Allocations (%), 2010–2019

Table 21: Singaporean HNWI Liquidity Breakdown (US$ Billion), 2010–2019

Table 22: Singaporean HNWI Liquidity Breakdown (%), 2010–2019

Table 23: Singaporean UHNWI Allocations and Share of HNWI Assets (%), 2014

Table 24: SGD to US$ Exchange Rate, 2010–2019

Table 25: Singaporean Real GDP Growth (%), 2010–2019

Table 26: Singaporean GDP Per Capita (US$), 2010–2019

Table 27: Singaporean Domestic Market Capitalization (US$ Billion), 2010–2014

Table 28: Singaporean Commodity Indices, 2010–2019

Table 29: Singaporean Foreign Direct Investments (US$ Billion), 2010–2019

Table 30: Singaporean Inflation Rate (%), 2010–2019

Table 31: Singaporean Money Market Rate (%), 2010–2019

Table 32: Singaporean Balance of Payments (US$ Billion), 2010–2014

Table 33: Singaporean Government Debt as a Percentage of GDP (%), 2010–2019

Table 34: Singaporean Stock Market Performance (Index), 2010–2014

Table 35: Singaporean HNWI Wealth vs. GDP Ratio (%), 2010–2019

Table 36: Singapore – Appendix One

Table 37: Singapore – Appendix Two

List of Figures

Figure 1: HNWI Wealth Band Definitions

Figure 2: Map of Singapore

Figure 3: Singaporean Asset Price Performance (%), 2010–2014

Figure 4: Singaporean HNWI Performance (US$ Billion and HNWI Volume), 2010–2019

Figure 5: Singaporean vs Global HNWIs (%), 2010–2019

Figure 6: Singaporean HNWIs – Growth Factor Correlation, 2010–2014

Figure 7: Singaporean HNWIs – Wealth Pyramid (Volume Distribution), 2014

Figure 8: Singaporean HNWIs – Wealth Pyramid (Volume Distribution), 2014

Figure 9: Singaporean HNWIs – Age Distribution (%), 2014

Figure 10: Singaporean HNWIs – Job Titles (%), 2010–2014

Figure 11: Singaporean HNWIs – Distribution by Industry (%), 2014

Figure 12: Singaporean UHNWIs Wealth Share vs Volume Growth (%), 2010–2014

Figure 13: Singaporean UHNWIs Volume by Wealth Band (Thousand), 2010–2019

Figure 14: Singaporean UHNWI Wealth by Wealth Band (US$ Billion), 2010–2019

Figure 15: Singaporean UHNWI Age Distribution (Percentage Share), 2014

Figure 16: Singaporean UHNWI Distribution by Industry (%), 2014

Figure 17: Singaporean Billionaires Market Overview (Volume and US$ Billion), 2010–2019

Figure 18: Singaporean Centimillionaires Market Overview (Volume and US$ Million/Billion), 2010–2019

Figure 19: Singaporean Affluent Millionaires Market Overview (Volume and US$ Million/Billion), 2010–2019

Figure 20: Singaporean Mid-Tier Millionaires Market Overview (Volume and US$ Million/Billion), 2010–2019

Figure 21: Singaporean Lower-Tier Millionaires Market Overview (Volume and US$ Million/Billion), 2010–2019

Figure 22: Singaporean HNWI Asset Class Composition (%), 2010–2019

Figure 23: Singaporean HNWI Trends in Alternative Assets (US$ Billion), 2010–2019

Figure 24: Singaporean Trends in ‘Art, Wine and Wheels’, 2010–2014

Figure 25: Singaporean HNWI Foreign Investment Allocation and Growth (%), 2014

Figure 26: Singaporean HNWIs – Global Distribution of Foreign Investments (%), 2010–2019

Figure 27: Singaporean HNWI Liquidity Breakdown (%), 2010–2019

Figure 28: Singaporean UHNWI Asset Class Composition (%), 2010–2019

Figure 29: Singaporean Exchange Rate – SGD to US$, 2010–2019

Figure 30: Singaporean Real GDP Growth (%), 2010–2019

Figure 31: Singaporean GDP Per Capita (US$), 2010–2019

Figure 32: Singaporean Domestic Market Capitalization (US$ Billion), 2010–2014

Figure 33: Singaporean Commodity Indices, 2010–2019

Figure 34: Singaporean Foreign Direct Investments (US$ Billion), 2010–2019

Figure 35: Singaporean Inflation Rate (%), 2010–2019

Figure 36: Singaporean Money Market Rate (%), 2010–2019

Figure 37: Singaporean Balance of Payments (US$ Billion), 2010–2014

Figure 38: Singaporean Government Debt as a Percentage of GDP (%), 2010–2019

Figure 39: Singaporean Stock Market Performance (Index), 2010–2014

Figure 40: Singaporean HNWI Wealth vs. GDP Ratio (%), 2010–2019

Figure 41: Singaporean HNWIs – Volume by Wealth Band, 2010–2019

Figure 42: Singaporean HNWIs – Wealth by Wealth Band (US$ Billion), 2010–2019

Figure 43: Singaporean HNWIs – Wealth per Capita (US$ Million), 2010–2019

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