Diving deep into APAC’s leading wealth hub: Singapore

Ultra rich families are driving the luxury residential market.

Singapore has maintained its reputation as a leading hub for capital in Asia Pacific thanks to its safe-haven status, political stability and innovation prowess, according to Knight Frank.

In the country edition of its Rise of the Super Wealth Hub report, the property agency said the city-state’s wealth management and financial hub offerings are anchored in “political stability, low corruption rates and transparent public institutions.”

“The country’s pro-business government also makes it a favoured base for businesses and investors seeking to capture the huge growth potential in Asia,” it added.

Another major appeal is the city-state’s high ranking in innovation, competitiveness and ease of doing business despite its lacking natural sources and a relatively small land area. Tech firms, manufacturers, financial institutions and multinational companies are also drawn to its highly educated and English-speaking workforce.

Singapore plays a key role in international trade as well, being one of the most connected countries in the world and its location along major trade, shipping and aviation routes at
the Southern tip of the Malaysian peninsula.

The Lion City scored an average of 0.79 – the highest in Asia Pacific – in the Rise of the Super Wealth Hub report assessing the life, work and play aspects of the largest wealth hubs in the world. The cities were measured against a scale of 0 to 1, with 1 representing the highest attainment and zero the lowest.

READ MORE: SG becomes the leading wealth capital in APAC

That rate of progress, however, comes with a price as the city-state ranks as one of the most expensive cities to live in globally amid ballooning housing prices and rising cost of living. 

While recreational facilities are limited, high-end accommodation, posh shopping malls and other luxury offerings are still abundant.

“Singapore’s reputation as a safe haven in a contemporary cosmopolitan urban setting also attracted many HNWIs and families who have historically been active in the luxury home market in the prime areas,” Knight Frank said.