Singapore emerges as leading wealth capital in Asia Pacific: Knight Frank
Worldwide recognition has been accredited to Singapore for its desirable population tally as the attractive wealth capital in Asia Pacific (Apac), lamented by Knight Frank. Singapore surpass many countries such as Dubai, Hong Kong, Sydney and Shanghai as the champion destination, In its inaugural Rise of the Super Wealth Hub report. The report collated compiled from an assessment of “super wealth hubs” in Apac using six key performance indicators crafted to dictate quality of live, work and play aspects. each hub Indicators are scored between 0 to 1, with 1 on behalf the most incredible scoring system. Singapore attained a median marks of 0.79. It fared the most incredible for indicators under the work aspect, including having a systematic and established legal system (0.98) and business establishment excellence (0.97). “Singapore has become attractive and famous destination for technology companies, manufacturers, international finance institutions, and multinational corporations. It delivers a systematic economy framework for innovation, governance, competitiveness, and socially sound factor has formatted it a captivating teammate in Southeast Asia, where it is leveraging on her enhanced middle-class populations of evolving economies,” the report states.
Under the play indicator, Singapore done extremely well in the lifestyle indicator (0.91), strengthened by its generous amount of expensive hotels, Michelin-star restaurants and retail therapy centres. On the other hand, it did extremely bad for the magnificence indicator (0.47), which Knight Frank anticipated and it is due to Singapore’s scarcity of land that forbidden the construction of land-extensive recreational facilities like golf courses, theme parks and breath-taking national park. Especially, the purpose to boost usage of land has led to retail outlets being placed in shopping malls instead of high-street recreational environment.
Under the live segment, Singapore scored 0.75 for urban prosperity and 0.69 for governance and talent. The scores portrays the country’s harmonious increase in standards of living backed by industrialization and commercial growth, as well as its tranquil 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 emerged 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.”
