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Singapore Wealth Soars: HNW Assets Hit $1.5M
22 Oct
Summary
- Average HNW assets in Singapore reached US$1.50 million, a 6% increase.
- Singapore leads Asia in mutual fund ownership among HNW investors.
- Estate planning is strong, with 76% of those 55+ having wills.
Singapore's wealth pool experienced steady expansion over the past year, with average assets for High Net Worth (HNW) clients reaching US$1.50 million. This represents a 6 percent increase from the previous year's figures.
Affluent clients in Singapore also saw growth, with average assets under management increasing by 5 percent to over US$565,000. This growth reinforces Singapore's position as a leading international wealth hub.
The study found that mutual fund ownership among Singapore's HNW investors is now at 31 percent, the highest in Asia. This indicates a shift towards professional fund management for investment decisions.
However, a significant portion of wealth, over 70 percent, remains in deposits, highlighting opportunities for portfolio diversification. Conversely, Singapore demonstrates strong estate planning, with 76 percent of individuals aged 55 and above having established wills or wealth succession plans.
