Singapore set to remain fastest-growing private wealth hub in next 5 years
Bloomberg Intelligence said Singapore “retains a unique edge with deep Southeast Asia connectivity."
Singapore is expected to remain among the world’s fastest-growing cross-border private-wealth hubs over the next five years, with cross-border assets in both centers projected to rise by about 12% annually, according to a new Bloomberg Intelligence (BI) report.
BI said Singapore “retains a unique edge with deep Southeast Asia connectivity,” underscoring its regional pipeline for client flows and deal opportunities.
Across Asia’s private-banking industry, 85% of surveyed senior practitioners expect assets under management and net new money to grow by at least 6% a year over the next five years; roughly a quarter foresee double-digit gains, BI reported.
Respondents expect client acquisition to be driven in part by Mainland China, which could account for 30% of new clients over the next three to five years, compared to 26% currently, with incremental contributions from the Middle East.
Risk appetite appears to be rising: half of respondents said their clients have become more risk-on over the past 12 months, with allocations expected to tilt toward equities, private equity, digital assets, and hedge funds in the year ahead.
Technology was cited as the top driver of future inflows — and the biggest cost item — as firms invest in more integrated systems. BI added that 57% see AI as most improving client-data insights, whilst only 3% expect staff reductions from AI adoption.