Singapore's wealthy clients see growing assets over past year, Citi report says
Singapore's wealthy clients see growing assets over past year, Citi report says Oct 22 (Reuters) - Singapore's domestic and overseas wealth pool has expanded steadily over the past year, with average assets among the country's high-net-worth clients rising 6% to $1.5 million, a white paper prepared by Citi Wealth and independent research firm RFI Global showed on Thursday.
Assets among Singapore's affluent clients increased 5% to more than $565,000, according to the study, aimed at exploring how Singapore compares with other global wealth markets
The study found that mutual fund ownership among Singapore's high-net-worth investors has nearly tripled from 11% in 2022 to 31% in 2026, the highest adoption level in Asia, outpacing countries like India and South Korea
However, a large portion of portfolios remain held in cash, with 72% of onshore affluent assets and 74% of offshore booked assets concentrated in cash and liquid deposits
The findings were similar across other Asia hubs, reflecting investors' continued preference for liquidity
The study found Singapore leading in intergenerational wealth preparedness, with 76% of individuals aged 55 and above having established wills or wealth succession plans
(Reporting by Sumedha Mukherjee in Bengaluru; Editing by Christian Schmollinger)
((Sumedha.Mukherjee2@thomsonreuters.com))
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