Market Analysis of Singapore Wealth Sector Represents Challenges & Opportunities for the Coming Years
A report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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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, the 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.
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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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