Singapore emerges as leading wealth capital in Asia Pacific: Knight Frank
/ EdgeProp Singapore |
Singapore has cemented its position as the nerve centre and leading wealth capital in Asia Pacific (Picture: Albert Chua/The Edge Singpore)
SINGAPORE (EDGEPROP) - Singapore has cemented its position as the leading wealth capital in Asia Pacific (Apac), according to Knight Frank. In its inaugural Rise of the Super Wealth Hub report, Singapore emerged as the top destination, beating other hubs in the region such as Dubai, Hong Kong, Sydney and Shanghai. The report presents findings from an assessment of “super wealth hubs” in Apac using six indicators designed to measure live, work and play aspects. Indicators are scored between 0 to 1 for each hub, with 1 representing the highest achievement.
Source: Knight Frank
Singapore achieved an average score of 0.79. It scored the highest for indicators under the work aspect, including having a robust legal framework (0.98) and high enterprise excellence (0.97). "Singapore has become an attractive destination for technology companies, manufacturers, international finance institutions, and multinational corporations. Its reputation for innovation, governance, competitiveness, and ease of doing business has made it a standout player in Southeast Asia, where it is tapping into the growing middle-class populations of emerging economies," the report states.
Under the play aspect, Singapore score highly in the lifestyle indicator (0.91), bolstered by its large pool of luxury hotels, Michelin-star restaurants and shopping malls. On the other hand, it scored lower for the opulence indicator (0.47), which Knight Frank attributes to Singapore’s small size that limits the development of land-extensive recreational facilities suchs as golf courses, theme parks and sprawling national park. In addition, the need to maximise land use has led to shops being housed in shopping malls instead of high-street shopping areas.
Under the live aspect, Singapore scored 0.75 for urban prosperity and 0.69 for governance and talent. The scores recognise the country's consistent increase in standards of living backed by industrialisation and commercial growth, as well as its safe living environment.
Christine Li, head of research at Knight Frank Asia-Pacific, notes that the fabric and make-up of cities worldwide have been recast in the wake of the pandemic and evolving demand drivers. “The most successful cities have been those governed by decisive leadership and rapid action to contain the virus, which fostered confidence, bolstered their safe-haven status, and thrust them to the forefront of global businesses and the world’s elite, reshaping global capital flows. In Asia, Singapore has claimed this crown,” she explains.
Leonard Tay, head of research at Knight Frank Singapore, adds that Singapore has emerged from the pandemic with its status as safe haven enhanced. “Singapore is unique as a global wealth management and financial hub that is characterised by political stability and a pro-business government. As such, it is a favoured base for businesses and investors seeking to be part of the huge growth potential in Asia."
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