The greatest fear of Singapore's ultra rich men revealed

Indians and Hongkongers with over $100M net worth cite inflation and devaluation of money as major threats to their wealth but what about Singaporeans?

In terms of continued wealth creation, the world’s High Net Worth Individuals (HNWI) remain upbeat. Less than a quarter are pessimistic about their future wealth prospects, according to the results of The Wealth Report 2012 Attitudes Survey.

However, Tina Fordham, Senior Global Political Analyst at Citi, warns that the dissatisfaction with income inequality already being manifested in the Occupy Wall Street demonstrations will gain momentum, and that there could be a longterm recalibration between governments, businesses and society as a result. “It could take a decade or longer for the ‘new normal’ to emerge,” she says.

Indeed, at this year’s World Economic Forum in Davos, income inequality was among the issues at the top of the list of countries’ current concerns, leapfrogging environmental issues, which dominated the global agenda for many years before the financial crisis struck. Mr Buiter agrees, warning that the political backlash against income inequality, both in advanced and emerging economies, could strengthen. “Governments may use more taxation instruments and globally there may be a further attack on tax havens. Recent governmental and intergovernmental activity in these areas is not a passing phase,” he says. “It’s going to be a tougher playing field for the rich.”

Asian HNWIs are generally optimistic with only 12% of the population having negative feeling about their future wealth. 94% of them cites global economic factors as major threats.