Singapore wealthy see assets grow 6% to US$1.5m: Citi report
A white paper by Citi Wealth and RFI Global shows average assets among Singapore's high-net-worth clients rose 6 per cent to US$1.5 million over the past year. Mutual fund ownership nearly tripled to 31 per cent, the highest in Asia, but most assets remain in cash.
Singapore's pool of domestic and overseas wealth has expanded steadily over the past year, with average assets among the country's high-net-worth clients rising 6 per cent to US$1.5 million (HK$11.7 million), a white paper by Citi Wealth and independent research firm RFI Global showed on 22 October.
Assets among Singapore's affluent clients increased 5 per cent to more than US$565,000, according to the study, which explored how Singapore compares with other global wealth markets.
The study found that mutual fund ownership among Singapore's high-net-worth investors has nearly tripled from 11 per cent in 2022 to 31 per cent in 2026, the highest adoption level in Asia, outpacing countries including India and South Korea.
However, a large portion of portfolios remain held in cash, with 72 per cent of onshore affluent assets and 74 per cent of offshore booked assets concentrated in cash and liquid deposits. The findings were similar across other Asian hubs, reflecting investors' continued preference for liquidity.
The study also found Singapore leading in intergenerational wealth preparedness, with 76 per cent of individuals aged 55 and above having established wills or wealth succession plans.