Rich Singaporeans look to LatAm for wealth prospects

More than half of Singaporeans expect prospects to improve globally in the next five years.

According to a release, the FuturePriority Report 2012 is a study by Standard Chartered Bank and Scorpio Partnership which captures sentiments of over 2,700 affluent individuals across nine markets in Asia, including 300 individuals from Singapore with an average annual income of USD 126,000. The survey found that the affluent Singaporeans’ wealth confidence has dipped due to an uncertain economic landscape. While they remain more bullish on Asia, they see increased potential in other regions like the Middle East and Africa (MEA) and North and Latin America in the longer term, making them adopt a more international perspective. They also prefer taking a diversified and long term approach to investments.

Foo Mee Har, Global Head of Priority and International Banking, Standard Chartered Bank, said: "Over the past two consecutive years, we have seen double-digit growth in Priority Banking balances in Singapore and we expect this trend to continue.”

The study reveals that while Asia is top of mind for both the short and long term, the affluent are also not discounting opportunities beyond their doorstep. While they are bullish on Asia, about a third of Asian respondents view Europe and North America as offering good wealth creation prospects in the next 12 months. These numbers rise substantially over a five year horizon, particularly for Middle East and Africa and Latin America, showing that the Asian affluent investor takes a balanced, sophisticated and global view to wealth creation.

The affluent Singaporean expects prospects to improve globally over the next five years, particularly for North and Latin America:

•Asia – 75% (versus 68% over the next 12 months)

•Singapore – 53% (versus 45% over the next 12 months)

•North America – 28% (versus 17% over the next 12 months)

•Europe – 21% (versus 16% over the next 12 months)

•Latin America – 29% (versus 19% over the next 12 months)

•Middle East and Africa – 30% (versus 19% over the next 12 months)

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