The most confident ones are actually from developing markets.
Singaporeans are optimist the economy will grow in the next year with most of them expect a pay rise, a recent study by Standard Chartered show. Furthermore, amidst favorable market expectation, property ownership is amongst their priorities.
Compared to emerging affluent peers however, Singaporeans appeared second least confident in owning a home in 10 years, only next to Hong Kong.
The study of 7,000 emerging affluent consumers across seven of Standard Chartered’s markets – Hong Kong, China, India, Indonesia, Kenya, Nigeria and Singapore –- offers new insights into the confidence levels, income expectations, saving plans, short and medium-term spending priorities, and long-term aspirations of people with rising incomes living in large cities.
A key finding in the study is a high level of confidence among the emerging affluent when it comes to the 10-year wealth goal. Respondents in six of the markets – Hong Kong, China, India, Indonesia, Nigeria and Singapore – say buying property is their top long-term financial aspiration, while launching their own business is the number one goal for the emerging affluent Kenyans.
Whether the 10-year wealth aspiration is to buy property or launch a business, on average as many as 87% of the emerging affluent believe they will achieve it. The figure is considerably higher in the developing markets, with 100% of Nigerians and at least nine in 10 Kenyans, Indians, Indonesians and Chinese saying they are confident about achieving their long-term financial goal.
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