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Strong AUM Growth in Singapore Retail Banking Sector

May 2016, Gurgaon
• Ultra-high net worth individuals fall in number in Singapore in 2015
• Assets under management has shown strong growth year-on-year
Ken Research announced its latest publication titled, “Wealth in Singapore: Sizing the Market Opportunity” which provides a detailed analysis of the Singapore wealth management and distribution market. Category-wise coverage of different segments in the industry is also included in the report. The report enables the reader to interpret future outlook on how the market will shape up by the end of this decade.
Singapore is the world’s fastest growing wealth hub and has overtaken Switzerland as the world’s largest offshore wealth centre. The Singaporean multimillionaire status has been acquired from being a CEO of bank, hedge fund, private investment, wealth advisory. The centre for Asia Pacific private banking is considered to be Singapore. Wealth managers in Singapore target mass affluent, which includes young, upwardly mobile professionals with more than USD 6,000 earning a month. The fastest growing asset class will be bonds because of greater availability not due to client demand.
With 81% of the wealth invested in funds sourced from non-residents, Singapore has become one of the world’s pre-eminent offshore investment centres. Singapore is set to sign FATCA in 2017 and bring changes in its tax structure. There are 1.0 million affluent individuals despite the city state’s small population making the onshore market a major source of assets under management (AUM). 34% of AUM is invested offshore, showing interests if the residents to invest abroad. China, India and Indonesia greatly influence Singapore’s growth rates being a regional trading hub. Even with growth slowing in some of these countries, Singapore’s wealth market will continue to post high growth rates.
A fall in the number of Ultra-high net worth individuals in Singapore has been observed in 2015. The reason behind this is the global 3% decline in total number of UHNWIs. However, the forecast shows that the population of UHNWI will increase by 48% over next 10 years. Singapore is at third position in the world for its importance to UHNWIs in 2016. HNW liquid assets are forecasted to grow approximately by 7.5% a year between 2015 and 2019. Singapore’s asset under management has been showing 30% year-on-year growth. The reasons attributed to this growth are positive asset inflows from Asia and Singapore’s position as asset management hub.

Global Wealth Market
The global wealth market is on continuous growth path. The affluent population is growing and is expected that by end of this year there will be more than 10 million HNW investors. The US will remain the largest wealth market.

Key Topics Covered in the Report
• Detailed analysis of Singapore’s Wealth Market
• Value and volume analysis for Singapore’s investors
• Historic and Forecast value analysis by category
• Key issues in the market
• Investor trend framework
• Analysis of mega-trends

To know more on coverage, click on the link below:
Related Reports:
2020 Foresight: Non Resident Indians
Advisory Mandates: Implications for Wealth Managers
Ken Research
Ankur Gupta, Head Marketing & Communications