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Survey shows Singapore HNWs preference for wealth creation

currency banknotesA survey has highlighted the different attitudes to wealth among high net worth investors (HNWs) in Hong Kong and Singapore. Research from Quilter International showed that while the majority (55%) of HNWs in Singapore favour wealth creation, the majority (69%) of HNWs in Hong Kong are more concerned with wealth creation. The survey also showed differences in the choice of asset classes. While the use of traditional asset classes is broadly the same, Singapore investors are more likely to invest in private equity and twice as likely to invest in commodities such as gold and precious metals. Ian Kloss, Singapore chief executive for Quilter International, said that one of the reasons for the difference in investment strategies is that Singapore has “more policies and infrastructures to encourage entrepreneurship”. Furthermore, the research shows that almost three times as many Singapore HNWs run their own business compared to their counterparts in Hong Kong – 29% compared to 10%.   Kloss also cites the younger average age of HNWs in Singapore as a reason for favouring more aggressive investment strategies as well as an environment which “supports wealth creation strategies”. © 2020 funds global Asia

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