Wealth in Singapore: Sizing the Market Opportunity

Powered by

All the vital news, analysis, and commentary curated by our industry experts.


Singapore is one of the world’s pre-eminent offshore investment centers, with 81% of the wealth invested in funds sourced from non-residents. However, the onshore market is a major source of assets under management (AUM) in its own right, with 1.0 million affluent individuals despite the city state’s small population. As a regional trading hub Singapore’s growth rates are closely tied to the health of regional powerhouses such as China, India, and Indonesia; however, even with growth slowing in some of these economies, Singapore’s wealth market will continue to post rates that are the envy of the developed world.


HNW individuals totaled 29,600 in 2015, a tiny proportion of the overall population and well below the levels seen in the US or Switzerland.

 HNW liquid assets are expected to grow by roughly 7.5% a year between 2015 and 2019.

 Bonds will be the fastest-growing asset class, but more due to greater availability than client demand.

 While Singapore attracts significant offshore investment, residents are also keen to invest abroad – 34% of AUM is invested offshore.

Reasons to Buy

Benchmark your share of the Singaporean wealth market against the current market size.

Forecast your future growth prospects using our projections for the market to 2019.

Identify your most promising client segment by analyzing penetration of affluent individuals in Singapore.

Evaluate your HNW proposition by understanding the investment mix of the local onshore investment market.

Review your offshore strategy by learning HNW motivations for offshore investments and their preferred booking centers.

Table of Contents


Singapore's small domestic wealth market is as attractive as its large offshore sector

Key findings

Critical success factors


While primarily a major offshore center, Singapore also has a substantial onshore element

Offshore investors do not book in Singapore to keep their funds in deposits

In contrast, managed funds are dominated by offshore AUM

Favorable domestic conditions will drive further expansion in onshore wealth

A sizable proportion of Singapore's population will move into the affluent market in the coming years

The bulk of Singapore's onshore wealth is concentrated in the hands of the affluent

HNW portfolios above $10m in AUM will experience the highest growth


Total retail investments growth moderated in 2015 but should bounce back

Growth in retail savings and investments will rise and steady in the coming years

Onshore wealth is still largely a deposit game – a stabilizing factor for future savings and investments growth

Wealth invested directly in the equity and bond markets has risen, but deposits will have an enduring allure

Deposits have been a drag on wealth growth, and this is set to continue

Singaporeans tend to favor deposits, with little change forecast

GDP growth is moderating once again and inflation is negative

After a brief splurge, bond holdings will grow more slowly in the future

Equities and mutual funds have been held back by poor market performance

The STI has struggled to post solid year-on-year returns

The performance of the stock market has the ability to stampede retail equity investors

Mutual funds will only slowly regain their share of retail investors' portfolios, as inflows remain steady


Illiquid investments make up a significant percentage of onshore assets

Property holds a long-term attraction for HNW individuals

Private equity and hedge funds are also popular HNW investments

Offering commodity investments is a good strategy in what remains a regional trading hub

Offshore investments drain 34% of Singaporean HNW wealth from local institutions

Onshore banks need to offer offshore services to capture a greater share of HNW portfolios

A greater range of investment options is the top driver for offshoring wealth

Global links will help wealth managers capture much of the wealth booked offshore

Singapore has been more open to DTAs than TIEAs, but this is changing

Tax rates are low and stable in Singapore, making it an attractive destination for foreign and local wealth


Abbreviations and acronyms

Supplementary data











Liquid assets

Mutual funds





Verdict Financial's 2015 Global Wealth Managers Survey

Verdict Financial's 2014 Global Wealth Managers Survey

Global Wealth Model methodology

Global Retail Investments Analytics methodology


Further reading

About Verdict Financial



Table 1: Average monthly income from work per employed household member by deciles , 2000-15

Table 2: Personal income tax rates and charges, 2012?16

Table 3: Singapore: adult population segmented by affluent category and asset band (000s), 2010?14

Table 4: Singapore: adult population segmented by affluent category and asset band (000s), 2015e?19f

Table 5: Singapore: total liquid wealth segmented by affluent category and asset band ($bn), 2010-14

Table 6: Singapore: total liquid wealth segmented by affluent category and asset band ($bn), 2015e-19f

Table 7: Singapore-US dollar exchange rate, December 31, 2014 and December 31, 2015


Figure 1: Deposits are mainly an onshore market in Singapore

Figure 2: Funds see the strength of the offshore center shine through

Figure 3: The number of affluent individuals in Singapore grew well below average in 2015

Figure 4: 2016 will see a rebound in growth, but years of double digit increases are behind Singapore

Figure 5: Growth in retail wealth is slowing as economic growth has dipped

Figure 6: Lower growth will mean deposits creep up as a proportion of retail assets

Figure 7: All asset classes except bonds will see lower growth going forward

Figure 8: Singaporeans have returned to the deposit market as a store for their savings

Figure 9: Singaporean Savings Bonds have rebooted the retail bond market

Figure 10: Singapore's status as a financial hub can easily be seen in the dominance of financials

Figure 11: Local stock market performance has not encouraged investors into the market

Figure 12: Equity investments have become more important to the investment management community

Figure 13: Local direct property has reduced as a share of the non-traditional portfolio

Figure 14: Singaporean investors hold a significant proportion of their wealth offshore

Figure 15: Access to better investment options drives Singaporean HNW investors to offshore wealth

Figure 16: European wealth centers compete with Asian investment opportunities

Figure 17: Singapore has aggressively pursued tax agreements with partners around the world

Figure 18: Stamp duty is payable by both sellers and buyers of fixed property in Singapore

Frequently asked questions

Wealth in Singapore: Sizing the Market Opportunity standard reports
Currency USD

Can be used by individual purchaser only


Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

Undecided about purchasing this report?

Enquire Before Buying

Get in touch to find out about multi-purchase discounts

Tel +44 20 7947 2745

Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.

See what our customers are saying

“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

Marketing Intelligence Manager, Portugal Foods

Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.

I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.

I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.

Head of Customer Insight and Research, Standard Chartered

“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.

Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”

Head of Consumer Sensory Insights, Givaudan

GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise.  The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.

I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.

One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.

Senior Account Manager, TSYS
Financial Services
France Life Insurance Market Size and Trends by Line of…
$3,999 | June 2024
Financial Services
Wealth Management Trends and Themes in 2024
$5,250 | May 2024
Financial Services
Peru Insurance Industry - Key Trends and Opportunities to 2028
$1,450 | May 2024
Go even deeper with GlobalData Intelligence Center

Every Company Report we produce is powered by the GlobalData Intelligence Center.

Subscribing to our intelligence platform means you can monitor developments at Wealth in Singapore: Sizing the Market Opportunity in real time.

  • Access a live Wealth in Singapore: Sizing the Market Opportunity dashboard for 12 months, with up-to-the-minute insights.
  • Fuel your decision making with real-time deal coverage and media activity.
  • Turn insights on financials, deals, products and pipelines into powerful agents of commercial advantage.