Wealth of the rich in sg increases while average singaporeans continue to struggle

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An honorable member of the Coffee Shop Has Just Posted the Following:

WEALTH OF THE RICH IN SG INCREASES WHILE AVERAGE SINGAPOREANS CONTINUE TO STRUGGLE

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21 Oct 2014 - 7:19pm








According to the latest Asia-Pacific Wealth Report 2014, the number of high net worth individuals (HNWI) in Singapore grew by 4.5% to 105,000 people in 2013.

At the same time, the total wealth of these HNWIs grew 6.8% to US$523 billion.

HNWIs are people who have investable assets of over US$1 million. This is wealth excluding their primary residence, collectibles and consumables.

The report compiled by Capgemini and RBC Wealth Management was released on Tuesday and it found that the wealth of HNWIs in Singapore grew at a slower rate than that of HNWIs in other countries in the region.

In the whole Asia Pacific, there were 17% more HNWIs than in 2012 and total wealth grew 18%.​







The countries with the most HNWIs was China and Japan with about 85% of the new HNWIs in the Asia Pacific coming from these two countries.

Another interesting thing that the survey found was that most of Singapore’s rich cares more about growing their wealth rather than protecting it. This was evident from the high allocation of their portfolios in cash and cash equivalent assets which are generally higher return but higher risk than other investment types such as property. Wealthy Singaporeans had about 27% on average parked in cash and cash equivalent assets.

While the rich in Singapore continue to get richer, the same cannot be said about the poor who are left to struggle in the face of rapidly rising cost of living.

Do you feel rich living in a country with so many HNWIs?


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