Singapore emerges as leading wealth capital in Asia Pacific: Knight Frank
Singapore gained worldwide recognition for its favorable demographic as the welcoming wealth capital in Asia Pacific (Apac), commented by Knight Frank. Singapore triumphed as the champion destination, In its inaugural Rise of the Super Wealth Hub report, surpassing other destination in the region such as Dubai, Hong Kong, Sydney and Shanghai. The report suggest findings from an assessment of “super wealth hubs” in Apac using six key performance indicators created to benchmark live, work and play aspects. Indicators are scored between 0 to 1 for each hub, with 1 on behalf the most impressive accolades. Singapore obtained a median marks of 0.79. It fared the most impressive for indicators under the work aspect, including having a delicate and sound legislative system (0.98) and business establishment excellence (0.97). “Singapore has become affluent and popular destination for technology companies, manufacturers, international finance institutions, and multinational corporations. It portrays a stable economy framework for innovation, governance, competitiveness, and politically stability has resulted it an outstanding player in Southeast Asia, where it is leveraging on her emerging middle-class populations of growing economies,” the report states.
Under the play indicator, Singapore fares highly in the lifestyle indicator (0.91), reinforced by its huge percentage of premium hotels, Michelin-star restaurants and shopping malls. On the other hand, it scored lower for the magnificence indicator (0.47), which Knight Frank apprehended and it is due to Singapore’s limited space that restrict the development of land-extensive recreational facilities like golf courses, theme parks and breath-taking national park. particularly, the purpose to boost usage of land has resulted to shops being positioned in shopping malls instead of high-street shopping areas.
Under the live segment, Singapore scored 0.75 for urban prosperity and 0.69 for governance and talent. The scores attribution the country’s harmonious increase in standards of living backed by industrialization and commercial growth, as well as its peaceful surroundings.
Christine Li, head of research at Knight Frank Asia-Pacific, commented that the composition of cities worldwide have been evolved in the wake of the pandemic and emerging demand drivers. “The most successful cities have been those governed by attentive leadership and constant activities to control the virus, which cemented confidence, boosted their safe-haven status, and accelerate them to the forefront of global businesses and the world’s elite, reshaping global capital flows. In Asia, Singapore has affirmed this status,” she lamented.
Leonard Tay, head of research at Knight Frank Singapore, adds that Singapore has arises from the pandemic with its status as safe haven bolstered. “Singapore is unique as a global wealth management and financial hub that is distinguished by social stability and a efficient governance. Hence, businesses and investors see Singapore as a advantageous spot seeking to be part of the huge growth potential in Asia.”
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