Singapore Emerges as Asia Pacific’s Leading Super Wealth Hub
Singapore has positioned itself as the top super wealth hub in the Asia Pacific region, according to a report by renowned real estate consultancy Knight Frank. The report, titled The Rise of the Super Wealth Hub, highlights Singapore as the epicenter of the region’s rising wealth. This prestigious status is attributed to its robust legal framework, political and economic stability, elevated living standards, abundant talent pool, and undeniable allure for the affluent.
Knight Frank defines wealth hubs as financial centers that offer a range of advantages, including economic opportunities for career growth, an exceptional residential environment, and a dynamic array of leisure pursuits. They are characterized by strong governance, talent availability, urban prosperity, opulence, lifestyle amenities, and a reliable legal framework.
In assessing the super wealth hubs, the report uses six comprehensive indicators: governance, talent, urban prosperity, opulence, lifestyle, and legal framework. Each city is assigned a grade between 0 and 1, with 1 representing the highest score. Singapore emerged as the top performer in the Asia Pacific region, achieving an impressive overall score of 0.79. The report also acknowledged Dubai as a prominent wealth capital in the Middle East, while Sydney, Hong Kong, and Shanghai were recognized as regional wealth hubs with similar live-work-play attributes as Singapore and Dubai.
Singapore’s success in navigating the challenges posed by the COVID-19 pandemic was noted by Knight Frank. The country’s stability, even in times of global uncertainty, further solidifies its appeal. With its political stability, low corruption rates, and transparent public institutions, Singapore serves as a haven for global wealth management and financial activities. Its pro-business government makes it highly favored among businesses and investors looking to tap into the immense growth potential in Asia. Alongside careful planning and the development of modern infrastructure, the government has successfully shaped Singapore into an attractive, vibrant, and distinctive place to live, work, and play.
The report revealed Singapore’s outstanding scores in various metrics. The city-state received a near-perfect score of 0.99 for effective governance, ease of doing business, and real estate investment. In terms of financial market competitiveness, it garnered an impressive score of 0.98. However, Singapore fell short in the cost of living metric, receiving a score of 0.0. This comes as no surprise for a city that often tops the lists of the most expensive places to live.
The Knight Frank report also highlighted the resurgence of tourism in Singapore. With an estimate of 46 5-star hotels, 51 Michelin-starred restaurants, and over 200 shopping malls across the island, Singapore offers ample luxury accommodation, dining, and shopping options. Before the pandemic, the city attracted a record-high of 19.1 million tourist arrivals in 2019. Even in the first eight months of 2023, Singapore recorded 9.0 million international arrivals, exceeding the total of 6.3 million in 2022 when border controls were initially eased after the pandemic-induced restrictions.
Singapore’s emergence as the leading super wealth hub in the Asia Pacific region showcases its unparalleled assets and attractiveness to the affluent. The city-state’s commitment to innovation, stability, and a high quality of living solidify its position as a global financial and wealth management hub. With its alluring offerings, Singapore continues to captivate businesses, investors, and tourists alike.
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