Ultra HNWIs in Singapore to 2015

Ultra HNWIs in Singapore to 2015

Synopsis

This report is the result of WealthInsight's extensive research covering the UHNWI population and Wealth Management industry in Singapore. It provides market size and forecasts of the UHNWI population. By leveraging the WealthInsight HNWI Database, it provides key demographic breakdowns.

Summary

Singapore is rated as the top wealth management centre in Asia. This report provides historical trends and projections of the volume and wealth of Singapore's UHNWIs. The report also reviews these findings in an analysis of the local Wealth Management and Private Banking sector, and the opportunities therein.

Scope

The report features:

• Independent market sizing of Singapore's UHNWI
• Most up to date and thorough analysis of the demographic breakdown of Singapore's UHNWI
• Volume and wealth trends from 2007 to 2011-UHNWI volume and wealth forecasts to 2015
• Details of the development, challenges and opportunities of Singapore's Wealth Management and Private Banking sector
• Current insights into the drivers of HNWI wealth
• Family office information

Reasons To Buy

• The WealthInsight HNWI Database is an unparalleled resource and the leading database of its kind. Compiled and curated by a team of expert research specialists, the HNWI Database comprises up to one hundred data-points on over 100,000 HNWI around the world. With the HNWI Database as the foundation for our research and analysis, we are able obtain an unsurpassed level of granularity, insight and authority on the HNWI universe in each of the countries and regions we cover.
• Comprehensive forecasts to 2015.
• Information on sources of wealth for HNWIs in each major city, by industry and other measures.

Key Highlights

• There are over 3,150 UHNWIs in Singapore, with an average wealth of US$90 million per person and a combined wealth of US$283 billion. This average wealth figure is significantly lower than comparable Asian countries due the relatively large number of individuals in the affluent band.
• UHNWI wealth grew by 29% during the review period, while volumes grew by 33%. This was significantly higher than the growth in overall HNWI wealth of 24%. The wealth of the billionaire wealth band increased by a substantial 50%, the largest percentage of any wealth band.
• The high growth over the review period was fuelled by a large number of UHNWIs who moved to Singapore to set up businesses and take advantage of Singapore's favorable living environment and tax structure. Furthermore, strong performance in the local stock market in 2009 and a rebound in the local property market during 2010 helped to increase UHNWI wealth and volumes.
• Over the forecast period, we expect UHNWI volumes to rise by 50%, reaching over 4,700 individuals in 2015. UHNWI wealth is projected to increase by 49% to reach US$422 billion in 2015. This will be led by the centimillionaires, whose wealth will grow by 52% over the forecast period.
• Singapore is the second-largest offshore private banking center in the world, after Switzerland.
• The Asia-Pacific wealth management sector (excluding Japan and Australia) grew from assets under management (AuM) of US$650 billion in 2007 to over US$1.3 trillion in 2011. Singapore on its own constitutes 30% of this figure with AuM of over US$550 billion. This is significantly larger than Hong Kong's wealth management and private banking industry, which has US$250 billion in AuM.

Companies Mentioned

• American Express Bank
• ANZ Bank
• Bangkok Bank
• Bank of America
• Bank of China
• Bank of East Asia
• Bank of India
• Bank of Tokyo-Mitsubishi
• BNP Paribas Singapore
• Calyon
• Citibank Singapore
• Hong Leong Bank Berhad
• HSBC Singapore
• ICICI Bank
• Indian Overseas Bank
• MayBank
• PT Bank Negara Indonesia
• RHB Bank Berhad
• JPMorgan Chase
• Goldman Sachs
• Standard Chartered
• State Bank of India
• Bank of Singapore
• DBS Bank
• Far Eastern Bank
• Oversea-Chinese Banking Corp
• Singapore Island Bank
• The Islamic Bank of Asia
• United Overseas Bank
• Asiaciti Trust Singapore
• ATC Trustees (Singapore)
• Citco Singapore
• Credence Trust (Singapore)
• DBS Trustee
• EFG Trust Company (Singapore)
• Galaxias Fiduciary Services
• Scotia Capital
• Tricor Singapore
• Trust Co (Asia)
• Asia Fund Services
• ANZ-OCBC Bank
• Islamic Bank of Asia
• Financial Alliance
• Henley Group
• Meyado
• Pacific Asset Management
• Prime Partners
• Theoria Capital Management
• Tradition Singapore
• Vickers Ballas
• Alta Advisers
• Finova
• GS Wealth
• Hans Rausing
• IIFL Asia
• Jordans
• Makara Capital
• Tano Capital
• Swiss-Asia
• NQ International
• OAKS Family Office
• Tano Capital
• Tao Trust Group
• Trident Trust Company
• Unigestion
• VP Bank-Singapore
• Wynnes Family Office
• Nean Wealth Advisors Ltd

• 1 Introduction
• 2 Executive Summary
• 3 Wealth Sector Fundamentals
  • 3.1 Political Background of the Wealth Sector
  • 3.2 Economic Background to the Wealth Sector
  • 3.3 Benchmarking Singaporean Wealth in Context
  • 3.3.1 Distribution of wealth
• 4 Findings from the WealthInsight HNWI Database
  • 4.1 UHNWIs
  • 4.1.1 UHNWI volume trend analysis
  • 4.1.2 UHNWI wealth trend analysis
  • 4.1.3 UHNWI per capita net worth trend analysis
  • 4.1.4 Demographic breakdown of Singapore's UHNWIs
  • 4.2 UHNWIs - Billionaires
  • 4.2.1 Billionaires - volume trend analysis
  • 4.2.2 Billionaires - wealth trend analysis
  • 4.2.3 Billionaires - per capita net worth trend analysis
  • 4.2.4 Billionaires - breakdown by industry
  • 4.3 UHNWIs - Centimillionaires
  • 4.3.1 Centimillionaires - volume trend analysis
  • 4.3.2 Centimillionaires - wealth trend analysis
  • 4.3.3 Centimillionaires - per capita net worth trend analysis
  • 4.4 UHNWIs - Affluent Millionaires
  • 4.4.1 Affluent millionaires - volume trend analysis
  • 4.4.2 Affluent millionaires - wealth trend analysis
  • 4.4.3 Affluent millionaires - per capita net worth trend analysis
• 5 Competitive Landscape of the Wealth Sector
  • 5.1 Competitive Structure
  • 5.1.1 Wealth management and private banking industry - competitive structure
  • 5.1.2 Multinational banks
  • 5.1.3 Local banks
  • 5.1.4 Wealth managers
  • 5.1.5 Private banks
  • 5.1.6 Mergers and joint ventures
  • 5.1.7 Boutique and independent financial advisors
  • 5.1.8 Private trusts
  • 5.2 Family offices
  • 5.2.1 Multi-family offices
  • 5.2.2 Single-family offices
  • 5.3 Leading Companies in the Wealth Management and Private Banking Industry
  • 5.4 Singapore: An International Offshore Hub
  • 5.5 Islamic banking: A Topic of Discussion
  • 5.6 Singapore Wealth Management and Private Banking Industry - Behavioral Mapping
  • 5.7 Challenges and Opportunities for the Wealth Sector in Singapore
  • 5.7.1 Regulatory environment
  • 5.7.2 Tax structure
  • 5.7.3 Human resource availability for the wealth management industry
  • 5.7.4 Philanthropy
  • 5.7.5 Demand for intergenerational wealth transfer and younger clientele
• 6 Appendix
  • 6.1 Pertinent Regulations
  • 6.1.1 Regulations on banks
  • 6.1.2 Regulations related to Islamic banking
  • 6.1.3 Regulations related to capital requirements on banks
  • 6.1.4 Regulations related to taxes
  • 6.1.5 Regulations related to taxes on capital gains
  • 6.1.6 Regulations related to taxes on start-ups
  • 6.1.7 Regulations related to taxes on fund management activities
  • 6.1.8 Regulations related to fund management
  • 6.1.9 Regulations related to real estate
  • 6.1.10 Regulations related to the real estate business of a bank
  • 6.1.11 Regulations related to foreign investment
  • 6.1.12 Regulations related to capital investment
  • 6.1.13 Regulations related to private equity (PE) and venture capital investment (VC)
  • 6.1.14 Regulations related to hedge funds and fund management
  • 6.1.15 Regulations related to hedge fund subscription requirement
  • 6.1.16 Regulations related to investment and employment in Singapore
  • 6.2 Key Economic Trends and Drivers
  • 6.2.1 SG$ to US$ moving annual average exchange rate
  • 6.2.2 Real GDP growth
  • 6.2.3 Per capita GDP
  • 6.2.4 Gross savings rate as a percentage of GDP
  • 6.2.5 Housing price index
  • 6.2.6 Commodity index
  • 6.2.7 Foreign direct investment
  • 6.2.8 Investments of FIIs in equity products
  • 6.2.9 Inflation rate
  • 6.2.10 Repo rate
  • 6.2.11 Balance of payments
  • 6.2.12 Stock market performance
  • 6.2.13 HNWI wealth vs GDP ratio
  • 6.2.14 Capital formation as a percentage of GDP
  • 6.2.15 Disposable income as a percentage of GDP
• 7 About WealthInsight
• List of Tables
  • Table 1: HNWI Wealth Band and Group Definitions
  • Table 2: UHNWIs - Volume by Wealth Band, 2007-2015
  • Table 3: UHNWIs - Wealth by Wealth Band (US$ Billion), 2007-2015
  • Table 4: UHNWIs - Per Capita Net Worth (US$ Million), 2007-2015
  • Table 5: UHNWIs - Billionaires: Market Overview, 2007-2015
  • Table 6: UHNWIs - Centimillionaires: Market Overview, 2007-2015
  • Table 7: UHNWIs - The Affluent Millionaires: Market Overview, 2007-2015
  • Table 8: Major Companies in the Wealth Management Industry in Singapore
  • Table 9: SG$ to US$ Moving Annual Average Exchange Rate, 2006-2015
  • Table 10: Real GDP Growth Rate, 2006-2015
  • Table 11: GDP Per Capita, 2006-2015
  • Table 12: Gross Savings as a Percentage of Real GDP, 2006-2015
  • Table 13: Housing Price Index, 2006-2010
  • Table 14: Commodity Indices, 2006-2015
  • Table 15: Foreign Direct Investments, 2006-2015
  • Table 16: Investments of FIIs in Equity Products, 2006-2009
  • Table 17: Inflation Rate, 2006-2015
  • Table 18: Repo Rate, 2006-2015
  • Table 19: Balance of Payments, 2006-2010
  • Table 20: Stock Market Performance, 2006-2010
  • Table 21: HNWI Wealth vs GDP Ratio, 2006-2010
  • Table 22: Capital Formation as a Percentage of GDP, 2006-2015
  • Table 23: Disposable Income as a Percentage of GDP, 2006-2015
• List of Figures
  • Figure 1: UHNWIs - Analysis of Wealth Band Evolution, 2007-2015
  • Figure 2: UHNWIs - Volume by Wealth Band, 2007-2015
  • Figure 3: UHNWIs - Wealth by Wealth Band (US$ Billion), 2007-2015
  • Figure 4: UHNWIs - Per Capita Net Worth (US$ Million), 2007-2015
  • Figure 5: UHNWIs - Average Age of Wealth Bands, 2011
  • Figure 6: UHNWIs - Distribution by Primary Source of Wealth, 2011
  • Figure 7: UHNWIs - Sector Performance, 2007-2011
  • Figure 8: UHNWIs - Sector Forecasts, 2011-2015
  • Figure 9: UHNWIs - Entrepreneurs' Shares
  • Figure 10: UHNWIs - Performance by Job Title, 2007-2011
  • Figure 11: UHNWIs - Billionaires: Market Overview, 2007-2015
  • Figure 12: UHNWIs - Billionaires: Distribution by Primary Source of Wealth, 2011
  • Figure 13: UHNWIs - Centimillionaires: Market Overview, 2007-2015
  • Figure 14: UHNWIs - The Affluent Millionaires: Market Overview, 2007-2015
  • Figure 15: Singapore Wealth Management Industry - Behavioral Mapping, 2011
  • Figure 16: SG$ to US$ Moving Annual Average Exchange Rate, 2006-2015
  • Figure 17: Real GDP Growth (%), 2006-2015
  • Figure 18: GDP Per Capita, 2006-2015
  • Figure 19: Gross Savings as a Percentage of Real GDP, 2006-2015
  • Figure 20: Housing Price Index, 2006-2010
  • Figure 21: Commodity Indices, 2006-2015
  • Figure 22: Foreign Direct Investments, 2006-2015
  • Figure 23: Investments of FIIs in Equity Products, 2006-2009
  • Figure 24: Inflation Rate, 2006-2015
  • Figure 25: Repo Rate, 2006-2015
  • Figure 26: Balance of Payments, 2006-2010
  • Figure 27: Stock Market Performance, 2006-2010
  • Figure 28: HNWI Wealth vs GDP Ratio, 2006-2010
  • Figure 29: Capital Formation as a Percentage of GDP, 2006-2015
  • Figure 30: Disposable Income as a Percentage of GDP, 2006-2015