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シンガポールの資産:富裕層 (HNW) 投資家

Wealth in Singapore: HNW Investors 2017

発行 GlobalData 商品コード 364721
出版日 ページ情報 英文 51 Pages
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シンガポールの資産:富裕層 (HNW) 投資家 Wealth in Singapore: HNW Investors 2017
出版日: 2017年06月30日 ページ情報: 英文 51 Pages
概要

シンガポールの富裕層 (HNW) 人口は、事業主や、勤労所得で財を成した人々が依然として優勢です。

当レポートでは、シンガポールの資産管理 (ウェルスマネジメント) 市場について調査分析し、富裕層 (HNW) における人口統計、投資の選好、サービスの需要など、体系的な情報を提供しています。

第1章 エグゼクティブサマリー

第2章 シンガポールのHNW投資家のプロファイル

  • 最大の特定セグメントは、勤労所得で財を成したHNW投資家
  • シンガポール市場では、外国人居住者専用サービスが必要

第3章 HNWの投資スタイルの選好

  • 利便性とプロ意識が強く求められる
  • すべての資産運用委託への需要は急増しない

第4章 シンガポールのHNW投資家間における資産配分の動向

  • ポートフォリオの多様化を希望

第5章 HNW製品とサービスの需要

第6章 付録

このページに掲載されている内容は最新版と異なる場合があります。詳細はお問い合わせください。

目次

Singapore's HNW population remains dominated by business owners and those who accumulated their wealth through earned income. HNW individuals invest around half of managed wealth with their main wealth manager, and the majority of wealth is held via discretionary mandates. Current investment demand is particularly pronounced for equities and corporate bonds; however, the latter are forecast to fall out of favor as investors are looking for new means of diversification in the alternative investment universe. Led by pension and financial planning, overall demand for planning services is moderate. However, going forward we expect increased demand for tax planning.

Singaporean HNW individuals have amassed their wealth mainly through earned income. However, taken together those who earned their wealth either through first-generation entrepreneurship or family business ownership constitute the largest segment. The most prominent industries from which HNW individuals have amassed wealth are property and financial services. Dedicated expat services are a necessity because Singapore's HNW expat population represents a larger opportunity compared to the rest of Asia Pacific. Also important is that government incentives still make Singapore an enticing hub for wealthy expatriate investors.

Key Findings include in this report -

  • Expats constitute half of Singapore's HNW population, hence constituting a lucrative target market.
  • Accelerated demand for discretionary mandates will be the pre-eminent trend over the coming year.
  • The average Singaporean HNW portfolio is biased towards equity and bond investments, with demand for the latter expected to fall as we are seeing a move into risk assets.
  • An above-average proportion of Singaporean HNW wealth is allocated to alternative investments - the majority of which is held in hedge funds. Alternatives should gain further traction.
  • Singaporean HNW investors currently show the strongest demand for financial planning, but demand for tax advice is forecast to experience the strongest rise in demand over the coming two years.

Critical success factors

  • Capitalize on expats: The Singaporean expat market is large and diverse enough to warrant dedicated country teams that increasingly serve Asian-origin clients rather than Europeans or Americans.
  • Develop your discretionary asset management proposition: Singaporean wealth managers need to ensure that saving time and effort (while still being attentive and trustworthy) is a core part of any discretionary service proposition.
  • Offer tax advice: The ever-increasing complexity of the global tax landscape is driving demand for tax advice globally and Singapore is no exception, given the highly international nature of the city-state's HNW community, which forces investors to navigate through different jurisdictions' tax systems.

The report "Wealth in Singapore: HNW Investors 2017" analyzes the investing preferences and portfolio allocation of Singaporean HNW investors. The report is based on our proprietary Global Wealth Managers Survey.

Specifically, this report allows the following -

  • Profiles the average Singaporean HNW investor in terms of their demographics and analyzes the expat opportunity in Singapore.
  • Analyzes which wealth management mandates are preferred among Singaporean HNW investors and how demand will develop looking forward.
  • Examines the allocation of Singaporean HNW investors' portfolios into different asset classes and how the allocation is expected to develop in the future.
  • Analyzes the product and service demand among Singaporean HNW investors.

Companies mentioned in this report: Standard Chartered Private Bank, HSBC, Citibank, DBS, OCBC, Bank of Singapore and Vontobel.

Scope

  • Expats constitute half of Singapore's HNW population, hence constituting a lucrative target market.
  • Accelerated demand for discretionary mandates will be the pre-eminent trend over the coming year.
  • The average Singaporean HNW portfolio is biased towards equity and bond investments, with demand for the latter expected to fall as we are seeing a move into risk assets.
  • An above-average proportion of Singaporean HNW wealth is allocated to alternative investments - the majority of which is held in hedge funds. Alternatives should gain further traction.
  • Singaporean HNW investors currently show the strongest demand for financial planning, but demand for tax advice is forecast to experience the strongest rise in demand over the coming two years.

Reasons to buy

  • Develop and enhance your client targeting strategies using our data on HNW profiles and source of wealth.
  • Give your marketing strategies the edge required and capture new clients using insights from our data on HNW investors' drivers for seeking investment advice vs self-directing.
  • Tailor your investment product portfolio to match the current and future demand for different asset classes among HNW individuals.
  • Develop your service proposition to match the service and product demand expressed by Singaporean HNW investors and react proactively to the forecasted change in demand.

Table of Contents

Table of Contents

  • 1. EXECUTIVE SUMMARY 1
  • 1.1. Key findings 1
  • 1.2. Critical success factors 1
  • 2. PROFILING THE SINGAPOREAN HNW INVESTOR 7
  • 2.1. HNW investors who have accumulated their fortunes through earned income remain the largest specific segment 7
  • 2.1.1. The vast majority of Singaporean HNW investors are approaching or have reached retirement age, making wealth preservation strategies key 7
  • 2.1.2. Professionals lead Singapore's wealth market, but entrepreneurs are also a lucrative target market 8
  • 2.1.3. Property is the main wealth generator among affluent Singaporeans, but financial services remain important too 10
  • 2.1.4. Singaporean HNW investors are more likely to hold director and shareholder roles than their regional peers 12
  • 2.2. Dedicated expat services are a necessity in the Singaporean market 13
  • 2.2.1. Expats account for half of the resident HNW population 13
  • 2.2.2. Government incentives still make Singapore a hub for wealthy expatriate investors 14
  • 2.2.3. HNW expats from the UK and Switzerland represent the largest target segments 14
  • 2.2.4. Expat offerings from the majors, such as Standard Chartered, are increasingly being challenged by start-ups and boutiques 15
  • 2.2.5. Expats settling in Singapore demand control over their investments 17
  • 3. HNW INVESTMENT STYLE PREFERENCES 18
  • 3.1. Convenience and professionalism should feature strongly in every wealth manager's targeting campaign 18
  • 3.1.1. Singaporean HNW investors use an average of three wealth management firms 18
  • 3.1.2. Lack of time and expertise motivate HNW investors to seek professional advice 19
  • 3.1.3. The overwhelming majority of HNW wealth is kept in discretionary mandates, and demand will remain strong 20
  • 3.1.4. Current demand is most pronounced for discretionary mandates 21
  • 3.2. Demand for all wealth mandates is not expected to spike significantly 23
  • 3.2.1. Accelerated demand for discretionary mandates will be the pre-eminent trend 23
  • 3.2.2. Investors' reluctance to relinquish control still underpins demand for advisory mandates, but lack of time is driving a skew towards discretionary 24
  • 3.2.3. HNW investors feel confident managing a small part of their wealth independently 26
  • 4. ASSET ALLOCATION TRENDS AMONG SINGAPOREAN HNW INDIVIDUALS 27
  • 4.1. A desire to diversify portfolios will drive uptake of alternatives among HNW investors 27
  • 4.1.1. Increasing demand for risk assets means investor education is becoming more important 27
  • 4.1.2. Equities constitute almost a third of Singaporean HNW investors' managed wealth 28
  • 4.1.3. Bond investments have declined in popularity over the past year, and will continue to do so 30
  • 4.1.4. HNW investors' desire to maintain liquidity is putting a strain on fee income 33
  • 4.1.5. Property remains a small element of Singaporean HNW investment portfolios 34
  • 4.1.6. Conservative Singapore has taken to alternative investment alternatives 36
  • 4.1.7. Commodity investments are of little interest to Singapore's HNW clients 39
  • 5. HNW PRODUCT AND SERVICE DEMAND 42
  • 5.1.1. Wealth managers should lead with financial planning services 42
  • 5.1.2. Wealth managers should consider including tax advice in their overall service propositions 43
  • 6. APPENDIX 45
  • 6.1. Abbreviations and acronyms 45
  • 6.2. Definitions 45
  • 6.2.1. Affluent 45
  • 6.2.2. HNW 45
  • 6.2.3. Liquid assets 45
  • 6.2.4. Mass affluent 45
  • 6.3. Methodology 46
  • 6.3.1. GlobalData's 2016 Global Wealth Managers Survey 46
  • 6.3.2. GlobalData's 2015 Global Wealth Managers Survey 46
  • 6.3.3. GlobalData's WealthInsight 46
  • 6.3.4. Exchange rates 47
  • 6.4. Bibliography 47
  • 6.5. Further reading 48

List of Figures

List of Figures

  • Figure 1: Singaporean HNW investors are typically male and above the age of 50 8
  • Figure 2: Earned income and business ownership are the most important generators of HNW wealth 10
  • Figure 3: Property and real estate account for by far the largest share of Singapore's HNW investors 11
  • Figure 4: Director is the most common title held by Singaporean HNW individuals 12
  • Figure 5: Expats' share of the Singaporean HNW population is more than twice that across the region 13
  • Figure 6: UK migrants dominate Singapore's sizable HNW expat market 15
  • Figure 7: Segmentation of its expat offering, and demonstration of its targeted credentials, keep Standard Chartered strong in this lucrative space 16
  • Figure 8: Control issues dominate the expatriation of wealth in Singapore 17
  • Figure 9: Singaporean HNW investors prefer to work with at least two wealth management firms 19
  • Figure 10: Lack of time and expertise drive financial advice uptake among affluent Singaporeans 20
  • Figure 11: The majority of Singapore's HNW wealth is now in discretionary mandates 21
  • Figure 12: Singaporean HNW individuals are showing strongest demand for discretionary mandates, reflecting a relatively newfound ability to relinquish some control 22
  • Figure 13: The recent skew towards discretionary asset management is expected to prevail in 2017-18 24
  • Figure 14: HNW investors are reluctant to relinquish control over their investments 25
  • Figure 15: Investors' reluctance to relinquish control completely means a small proportion of HNW wealth will remain unmanaged 26
  • Figure 16: Singapore HNW investors are increasing their exposure to risk assets 28
  • Figure 17: HNW investors prefer direct equity holdings, making market access a hygiene factor 29
  • Figure 18: Capital appreciation opportunities and dividend income are the top drivers of equity investments 30
  • Figure 19: HNW investors allocate just 7.3% of managed wealth to fixed-income products 31
  • Figure 20: Demand for fixed-income products is set to decrease 32
  • Figure 21: Just under a quarter of managed Singaporean HNW wealth is held in cash products 33
  • Figure 22: HNW demand for cash products is expected to stagnate 34
  • Figure 23: A lackluster property market in recent years continues to curb HNW investment in Singapore 35
  • Figure 24: Asset diversification is the key driver of the limited property investments occurring 36
  • Figure 25: Alternatives constitute a minor proportion of the typical HNW portfolio 37
  • Figure 26: Diversification benefits are driving demand for alternatives 38
  • Figure 27: Commodities are of little interest to affluent Singaporean investors 40
  • Figure 28: Commodity holdings are forecast to remain low 41
  • Figure 29: Demand for financial planning services is recording the strongest demand levels in a market where demand levels are highly polarized 43
  • Figure 30: Already strong HNW demand for financial and pension planning services is forecast to increase further 44
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