Singapore 2013 Wealth Book

Publisher Name :
Date: 5-Sep-2013
No. of pages: 101

Synopsis

  • This report is the result of WealthInsight’s extensive research covering the high net worth individual (HNWI) population and wealth management market in Singapore.
  • The report focuses on HNWI performance between the end of 2007 (the peak before the global financial crisis) and the end of 2012. This enables us to determine how well the country’s HNWIs have performed through the crisis.

Summary

There were 183,000 HNWIs and 3,867 UHNWIs in Singapore in 2012. This report reviews the performance and asset allocations of HNWIs and Ultra HNWIs in Singapore and highlights top-performing cities. It also includes an evaluation of the local wealth management market.

Scope

  • Independent market sizing of Singapore HNWIs across five wealth bands
  • HNWI volume, wealth and allocation trends from 2008 to 2012
  • HNWI volume, wealth and allocation forecasts to 2017
  • HNWI and UHNWI asset allocations across 13 asset classes
  • Geographical breakdown of all foreign assets
  • Alternative breakdown of liquid vs. investable assets
  • Number of UHNWIs in major cities
  • Number of wealth managers in each city
  • City wise ratings of wealth management saturation and potential
  • Details of the development, challenges and opportunities for the Wealth Management and Private Banking sector in Singapore
  • Size of the Singaporean wealth management industry
  • Largest domestic private banks by AuM
  • Detailed wealth management and family office information
  • Insights into the drivers of HNWI wealth

Key highlights

  • There were just over 183,000 HNWIs in Singapore in 2012. These HNWIs collectively held US$857 billion in wealth, which equated to 85.7% of the total individual wealth held in the country.
  • Singaporean HNWIs outperformed the global average during the review period – worldwide HNWI volumes decreased by 0.3% while Singapore HNWI numbers increased almost by 100%.
  • In 2012, Singapore HNWI numbers rose by 21.7%, following an increase of 4.2% in 2011.
  • There were 3,867 UHNWIs in Singapore in 2012, with an average wealth of US$86 million per person, making them a prime target group for wealth sector professionals. Of this total, there were 14 billionaires, 947 centimillionaires and 2,906 affluent millionaires in 2012.
  • During the review period, the number of Singaporean HNWIs who acquired their wealth through the financial services industry grew by 163% – more than any other major sector.

Reasons to buy

  • The WealthInsight Intelligence Center Database is an unparalleled resource and the leading resource of its kind. Compiled and curated by a team of expert research specialists, the database comprises dossiers on over 60,000 HNWIs from around the world.
  • The Intelligence Center also includes tracking of wealth and liquidity events as they happen and detailed profiles of major private banks, wealth managers and family offices in each market.
  • With the Database as the foundation for our research and analysis, we are able obtain an unsurpassed level of granularity, insight and authority on the HNWI and wealth management universe in each of the countries and regions we cover.
  • Report includes comprehensive forecasts to 2017.
  • Also provides detailed information on UHNWIs in each major city.

Singapore 2013 Wealth Book

Table of Contents

1.1 Details of this Report
1.2 Definitions

2 Executive Summary

3 Wealth Sector Fundamentals
3.1 Political Background
3.2 Economic Background
3.3 Social Background
3.4 Benchmarking Singapore Wealth in Context
3.4.1 World statistics
3.4.2 Distribution of wealth in Singapore
3.5 HNWI Volume and Wealth Trends

4 Findings from the WealthInsight HNWI Database
4.1 Trends in HNWI Wealth to 2017
4.1.1 HNWI trend analysis
4.1.2 Trends of the wealth bands
4.1.1 Demographic breakdown of HNWI
4.1.2 HNWIs – job titles
4.1.3 HNWIs – industry breakdown
4.1.4 HNWIs – industry performance
4.2 UHNWIs
4.2.1 UHNWI volume trend analysis
4.2.2 UHNWI wealth trend analysis
4.2.3 Demographic breakdown of UHNWIs
4.2.4 UHNWIs – sector breakdown
4.3 UHNWIs – Billionaires
1.1.1 Billionaire volume trend analysis
1.1.2 Billionaire wealth trend analysis
1.1.3 Billionaire per capita net worth trend analysis
1.1.4 List of billionaires
4.4 UHNWIs – Centimillionaires
4.4.1 Centimillionaire volume trend analysis
4.4.2 Centimillionaires wealth trend analysis
4.4.3 Centimillionaires per capita net worth trend analysis
4.5 UHNWIs – Affluent Millionaires
4.5.1 Affluent millionaire volume trend analysis
4.5.2 Affluent millionaire wealth trend analysis
4.5.3 Affluent millionaire per capita net worth trend analysis
4.6 Core HNWIs
4.6.1 Core HNWI volume trend analysis
4.7 Core HNWIs – Mid-Tier Millionaires
4.7.1 Mid-tier millionaire volume trend analysis
4.7.2 Mid-tier millionaire wealth trend analysis
4.7.3 Mid-tier millionaire per capita net worth trend analysis
4.8 Core HNWIs – Lower-Tier Millionaires
4.8.1 Lower-tier millionaire volume trend analysis
4.8.2 Lower-tier millionaire wealth trend analysis
4.8.3 Lower-tier millionaire per capita net worth trend analysis

5 Analysis of Singaporean HNWI Investments
5.1 Analysis by Asset Classes
5.1.1 Trends in alternative assets
5.1.2 Trends in “art, wine and wheels”
5.1.3 Trends of investments in real estate
5.1.4 Trends of investments in cash and deposits
5.1.5 Trends of investments in fixed-income
5.1.6 Trends of investments in equities
5.1.7 Trends of investments in business interests
5.2 Analysis of Foreign Investments
5.2.1 Investments in Europe
5.2.2 Investments in North America (Including the US, Mexico and the Caribbean)
5.2.3 Investments in Asia-Pacific
5.2.4 Investments in South America
5.2.5 Investments in the Middle East
5.2.6 Investments in Africa
5.3 Alternative Breakdown: Liquid vs Investable Assets
5.4 Analysis of Singaporean UHNWI Investments

6 Competitive Landscape of the Wealth Sector
6.1 Competitive Landscape
6.1.1 Private banks
6.1.2 Wealth managers
6.1.3 Family Offices
6.1.4 Single-family offices
6.1.5 Financial advisors
6.2 Developments in Singapore’s Private Banking Industry
6.3 Wealth Management Industry – Clientele Model and Maturity
6.4 Behavioral Mapping of Wealth Management and Private Banking in Singapore
6.5 Porter’s Five Force Analysis – The Singaporean Wealth Management Industry
6.6 Financial Services Review
6.6.1 Retail banks
6.6.2 Hedge funds

7 Appendix
7.1 Additional Components of the Wealth Sector in Singapore
7.1.1 Philanthropy
7.1.2 Demand for Intergenerational Wealth Transfer
7.1.3 Human Resource Availability for the Wealth Management Industry
7.2 Regulations on Taxes
7.3 Regulations Related to Immigration, Investment and Employment
7.4 Economic Indicators
7.4.1 LC to US$ exchange rate
7.4.2 Real GDP growth
7.4.3 Per capita GDP
7.4.4 Domestic market capitalization
7.4.5 Commodity index
7.4.6 Foreign direct investment
7.4.7 Inflation rate
7.4.8 Interest rate
7.4.9 Balance of payments
7.4.10 Government debt
7.4.11 Stock market performance
7.4.12 Wealth Breakdowns

8 About WealthInsight

List of Tables

Table 1: HNWI Wealth Band and Group Definitions
Table 2: Main Regions in Singapore
Table 3: Singaporean HNWIs – Volume Distribution Wealth Pyramid, 2012
Table 4: Singaporean HNWIs – Wealth Distribution Wealth Pyramid (Percentage share), 2012
Table 5: Singapore HNWI Sector Performance, 2008–2012
Table 6: Singapore UHNWI –Gender Performance, 2008- 2012
Table 7: Singapore UHNWI –Source of Wealth (Percentage), 2012
Table 8: Singapore Billionaires – Market Overview (US$ Billions) 2008–2017
Table 9: Singapore Top-10 Billionaires (US$ Billions), 2012
Table 10: Singapore Billionaire Wealth Growth, 2008−2012
Table 11: Singapore Centimillionaires – Market Overview, 2008–2017
Table 12: Singapore Affluent Millionaires – Market Overview, 2008–2017
Table 13: Singaporean Mid-Tier Millionaires – Market Overview, 2008–2017
Table 14: Singapore Lower-Tier Millionaires – Market Overview, 2008–2017
Table 15: Singaporean Allocations of HNWI Assets, 2008−2017
Table 16: Singaporean HNWIs − Holdings Growth (%), 2008–2017
Table 17: Singaporean HNWIs – Trends of Investments in Alternative Assets (%), 2008–2017
Table 18: Singaporean HNWIs – Alternative Asset Composition (%), 2008–2017
Table 19: Singapore Trends in “Art, Wine and Wheels”, 2008–2012
Table 20: Global Prime Real Estate Prices Per Square Meters, US$ Terms, 2012
Table 25: Global: Prime International Cities Performance (%), 2007–2012
Table 22: Singaporean HNWIs – (Percentage) Foreign Allocation, 2008–2017
Table 23: Singaporean HNWIs – Liquidity Breakdown (US$ Billion), 2008–2017
Table 24: Singaporean HNWIs – Liquidity Breakdown (%), 2008–2017
Table 25: Singapore UHNWIs – Allocations and Share of HNWI Assets, 2012
Table 26: Top Private Banks in Singapore, 2012
Table 27: Colombia: 10 most populous departments, 2012
Table 28: Singapore City Multi-Family Office
Table 29: Singaporean Single-Family Offices
Table 30: Wealth Management Industry – Recent Deal Activity in Singapore, 2013
Table 31: Major Banks in Singapore, 2012
Table 32: Colombia: Allocations of HNWI Assets (%), 2007−2017
Table 33: SGD to US$ Exchange Rate, 2008–2017
Table 34: Singapore Real GDP Growth, 2008–2017
Table 35: Singapore GDP Per Capita, 2008–2017
Table 36: Singapore Domestic Market Capitalization (US$ Billions) 2008–2012
Table 37: Singapore Commodity Indices, 2008–2017
Table 38: Singapore Foreign Direct Investments (US$ Billions) 2008–2017
Table 39: Singapore Inflation Rate, 2008–2017
Table 40: Singapore Money Market Rate, 2008–2017
Table 41: Singapore Balance of Payments (US$ Billions) 2008–2012
Table 42: Singapore Government Debt to GDP, 2008–2017
Table 43: Singapore Stock Market Performance, 2008–2012
Table 44: Singapore HNWI Wealth vs GDP Ratio, 2008–2017
Table 45: Singapore Appendix One
Table 46: Singapore Appendix Two

List of Figures

Figure 1: HNWI Wealth Band Definitions
Figure 2: Map of Singapore
Figure 3: Singapore: Asset Price Performance, 2008–2012
Figure 4: Singapore HNWI Performance, 2008–2017
Figure 5: Singaporean HNWIs vs the World
Figure 6: Colombia: HNWIs – Growth Factor Correlation, 2007–2012
Figure 7: Singaporean HNWIs – Volume Distribution Wealth Pyramid, 2012
Figure 8: Singaporean HNWIs – Wealth Distribution Wealth Pyramid (Percentage Share), 2012
Figure 9: Singaporean HNWIs – Age Distribution, 2012
Figure 10: Singaporean HNWIs – Job Titles, 2008–2012
Figure 11: Singaporean HNWIs – Distribution by Industry, 2012
Figure 12: Singaporean UHNWIs – Wealth Share vs Volume Growth, 2008–2012
Figure 13: Singapore UHNWIs – Volume by Wealth Band, 2008–2017
Figure 14: Singaporean UHNWIs – Wealth by Wealth Band (US$ Billion), 2008–2017
Figure 15: Singapore UHNWIs – Age Distribution (Percentage Share), 2012
Figure 16: Singapore UHNWIs – Distribution by Industry, 2012
Figure 17: Singapore Billionaires – Market Overview, 2008–2017
Figure 18: Singapore Centimillionaires – Market Overview, 2008–2017
Figure 19: Singapore Affluent Millionaires – Market Overview, 2008–2017
Figure 20: Singaporean Mid-Tier Millionaires – Market Overview, 2008–2017
Figure 21: Singapore Lower-Tier Millionaires – Market Overview, 2008–2017
Figure 22: Singaporean HNWIs – Asset Class Composition, 2008–2017
Figure 23: Singaporean HNWIs – Trends in Alternative Assets (in US$ Billion), 2008–2017
Figure 24: Singapore Trends in “Art, Wine and Wheels”, 2008–2012
Figure 25: Singaporean HNWIs – Foreign Investment Allocation and Growth (Percentage), 2012–2017
Figure 26 Singaporean HNWIs – Global Distribution of Foreign Investments, 2008–2017
Figure 27: Singaporean HNWIs – Liquidity Breakdown (%), 2008–2017
Figure 28: Singapore UHNWIs – Asset Class Composition, 2008–2017
Figure 29: Singapore: Wealth Management Industry – Maturity Level of Players
Figure 30: Singapore: Behavioral Mapping of HNWIs, 2012
Figure 31: Singaporean Wealth Management Industry – Five Forces Analysis
Figure 32: SGD to US$ Exchange Rate, 2008–2017
Figure 33: Singapore Real GDP Growth (%), 2008–2017
Figure 34: Singapore GDP Per Capita, 2008–2017
Figure 35: Singapore Domestic Market Capitalization (US$ Billions) 2008–2012
Figure 36: Singapore Commodity Indices, 2008–2017
Figure 37: Singapore Foreign Direct Investments (US$ Billions) 2008–2017
Figure 38: Singapore Inflation Rate, 2008–2017
Figure 39: Singapore: Money Market Rate, 2008-2017
Figure 40: Singapore Balance of Payments (US$ Billions) 2008–2012
Figure 41: Singapore Government Debt to GDP, 2008–2017
Figure 41: Singapore Government Debt to GDP, 2008–2017
Figure 43: Singapore HNWI Wealth vs GDP Ratio, 2008–2017
Figure 44: Singaporean HNWIs – Volume by Wealth Band, 2008–2017
Figure 45: Singaporean HNWIs – Wealth by Wealth Band (in US$ Billions), 2008–2017
Figure 46: Singaporean HNWIs – Wealth Per Capita (in US$ Billions), 2008–2017

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