Singapore Wealth Management – Market Sizing and Opportunities to 2027

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Singapore Wealth Management Report Overview

Singapore’s affluent segment (including HNW and mass affluent individuals) has grown steadily in recent years. Collectively, HNW and mass affluent individuals accounted for almost two-fifths of the total population in 2022. In Singapore, affluent individuals held 84% of the city-state’s total liquid assets in 2022, with mass affluents alone accounting for almost half. In addition, the larger role of deposits in the liquid asset mix helped prevent a loss of wealth among the affluent, who tend to be more exposed to variable assets such as equities.

The Singapore wealth management market research report offers a detailed analysis of wealth and retail savings and investment instruments, including deposits, mutual funds, equities, and bonds. The report also provides exhaustive information on where High Net Worth (HNW) individuals distribute their investments. Furthermore, the report assists in understanding offshore investment drivers for the mass affluent, emerging affluent, mass market, and HNW individuals.

Key Investment Preferences ·       Advisory Mandates

·        Discretionary Mandates

·        Execution-only Mandates

·        Robo-advisor Service

·        Others

Key Investment Channels ·        Advisors at Investors’ Main Banks

·        Advisors at Other Banks

·        Investment Platforms at Main Banks and Other Banks

·        Independent Financial Advisors (IFAS)

·        Investment Management Companies

·        Pension Companies

·        Robo-Advisors

Key Reasons for Holding Wealth Offshore ·        Better Returns

·        Better Investment Product Range Abroad

·        Tax Efficiency

Key Asset Allocation Classes ·       Deposits

·       Mutual funds

·       Equities

·       Bonds

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Singapore Wealth Management Market - Investment Preferences

The key investment preferences in the Singapore wealth management market are advisory mandates, discretionary mandates, execution-only mandates, and taking aid of the robo-advisor service, among others. In Singapore, advisory mandates have long been the most popular option among Singaporean HNW investors, making them a necessary offering for any wealth manager operating in the city-state. Wealth managers believe this is because HNW clients want control amid rising volatility but still value the expert advice of wealth managers.

Singapore Wealth Management Market Analysis by Investment Preferences, 2022 (%)

Singapore Wealth Management Market Analysis by Investment Preferences, 2022 (%)

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Singapore Wealth Management Market - Investment Channels

A few of the key investment channels in the Singapore wealth management market are advisors at investors’ main banks, advisors at other banks, investment platforms at main banks and other banks, independent financial advisors (IFAs), investment management companies, pension companies, and robo-advisors, among others. In 2022, robo-advisors was the most popular investment channel among retail investors in Singapore. This preference is mainly driven by the cost and convenience offered by such services compared to other options. Robo-advisors aims to provide holistic investment advice at significantly lower management fees compared to traditional wealth management firms. Retail investors are increasingly flocking to robo-advisors. In 2022, they became the most popular investment channel in the emerging affluent segment.

Singapore Wealth Management Market Analysis by Investment Channels, 2022 (%)

Singapore Wealth Management Market Analysis by Investment Channels, 2022 (%)

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Singapore Wealth Management Market - Reasons for Holding Wealth Offshore

The key motivating factors to hold wealth offshore in the Singapore wealth management market are better investment product range abroad, business interests, better returns, and access to a better range of investments, among others. In 2022, better product ranges overseas was the key driver for HNW offshoring. In addition, 68.2% of wealth managers cited better investment product ranges abroad and access to a superior range of investments as the key drivers for offshore investment growth. Wealth managers who can provide a diverse range of products and build confidence in both their offshoring capabilities and their local offerings has been at an advantage.

Singapore Wealth Management Market Analysis by Reasons for Holding Wealth Offshore, 2022 (%)

Singapore Wealth Management Market Analysis by Reasons for Holding Wealth Offshore, 2022 (%)

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Singapore Wealth Management Market - HNW Asset Allocation Classes

The major asset allocation classes for HNW investors in the Singapore wealth management market include property, cash, bonds, commodities, equities, and alternative payments. In 2022, property investments accounted for the single largest share of HNW assets. Singapore’s HNW investors favor property over all other asset classes. Fortunately, for wealth managers, property funds account for the highest proportion of HNW property investments, positively affecting wealth managers’ ability to generate fee income. The inclination toward property can be attributed to rising house prices, which is reflected in the increase in the city-state’s residential property price index in 2022.

Singapore Wealth Management Market Analysis by HNW Asset Allocation Classes, 2022 (%)

Singapore Wealth Management Market Analysis by HNW Asset Allocation Classes, 2022 (%)

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Segments Covered in the Report

Singapore Wealth Management Market Asset Classes Outlook (%, 2022)

  • Alternative Investments
  • Commodities
  • Equities
  • Bonds
  • Property
  • Cash

Singapore Wealth Management Market Investment Channel Outlook (%, 2022)

  • Advisors at Investors’ Main Banks
  • Advisors at Other Banks
  • Investment Platforms at Main Banks and Other Banks
  • Independent Financial Advisors (IFAS)
  • Investment Management Companies
  • Pension Companies
  • Robo-Advisors

Scope

• Savings account holdings among mass market investors dropped from 66% in 2021 to 53.2% in 2022.

• Robo-advisors are one of the most popular investment channels among retail investors in Singapore.

• Singaporean HNW individuals invest an average of 39.7% of their wealth offshore, which is just below the Asia-Pacific average.

Key Highlights

  • Savings account holdings among mass market investors dropped from 66% in 2021 to 53.2% in 2022.
  • Robo-advisors are one of the most popular investment channels among retail investors in Singapore.
  • Singaporean HNW individuals invest an average of 39.7% of their wealth offshore, which is just below the Asia-Pacific average.

Reasons to Buy

  • Make strategic decisions using top-level historical and forecast data on Singapore’s wealth industry.
  • Identify the most promising client segment by analyzing the penetration of affluent individuals.
  • Receive detailed insights into retail liquid asset holdings in Singapore.
  • Understand the changing market and competitive dynamics by learning about new competitors and recent deals in the wealth space.

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Table of Contents

The Singapore Wealth Market

Investor Insight

Resident Savings and Investments

Digital Disruptors

Recent Deals

Appendix

Frequently asked questions

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