Synopsis
This report is the result of Company’s extensive research covering the HNWI population and Wealth Management industry in Singapore. This report provides detailed figures on the current and expected HNWI asset allocations of Singapore’s HNWI to 2015.

Executive Summary
This report provides the latest asset allocations of Singapore’s HNWI. The report also includes projections of the volume, wealth and asset allocation of Singapore’s HNWI to 2015 and a comprehensive and robust background of the local economy, including, uniquely, detailed analysis of economic and political risks to HNWI wealth creation

Scope
The report features:
• Independent market sizing of Singapore’s HNWI
• Volume, wealth and allocation trends from 2007 to 2011 • Volume, wealth and allocation forecasts to 2015
• Current insights into the drivers of HNWI wealth

Reasons To Buy
• The Company HNWI Database is an unparalleled resource and the leading database of its kind. Compiled and curated by a team of expert research specialists, the HNWI Database comprises up to one hundred data-points on over 100,000 HNWI around the world. With the HNWI Database as the foundation for our research and analysis, we are able obtain an unsurpassed level of granularity, insight and authority on the HNWI universe in each of the countries and regions we cover.
• Comprehensive forecasts to 2015.

Key Highlights
• There are just over 150,700 HNWIs in Singapore, with an average wealth of US$4.8 million per person and a combined wealth of US$730 billion.
• Singapore has the highest population density of HNWIs in the world; approximately one in 30 Singaporean residents is a HNWI.
• Real estate is the largest asset class for HNWIs in Singapore, accounting for 28% of total HNWI assets. It is followed by business interests with 26%, equities with 18.1%, cash with 11.3%, fixed-income with 10.9% and alternatives with 5.8%. Real estate allocations are significantly higher than the global and regional averages.
• Business interests and alternatives were the best performing segments over the review period (2007-2011), driven by an influx of investors from the mainland and a rise in commodity prices.
• Over the forecast period, Company expects a shift away from property and towards equities and business interests.

1 Introduction
1.1 What is this Report About?
2 Executive Summary
3 Wealth Sector Fundamentals
3.1 Political Background of the Wealth Sector
3.2 Economic Background to the Wealth Sector
3.3 Benchmarking Singaporean Wealth in Context
3.3.1 Distribution of wealth
4 Analysis of Singapore HNWI Investment
4.1 Analysis by Asset Class
4.1.1 Changing trends in liquid assets – equity, fixed–income, and cash and deposits
4.1.2 Trends in alternative assets
4.1.3 Trends in “art, wine and wheels”
4.1.4 Trends of investments in real estate
4.1.5 Trends of investments in cash and deposits
4.1.6 Trends of investments in fixed-income
4.1.7 Trends of investments in equity
4.1.8 Trends of investments in business interests
4.2 Analysis of foreign investments
4.2.1 Trend of investments in the rest of Asia
4.2.2 Trend of investments in North America and Europe
4.2.3 Trend of investments in Africa, Middle East and Latin America
5 Appendix
5.1 Pertinent Regulations
5.1.1 Regulations on banks
5.1.2 Regulations related to Islamic banking
5.1.3 Regulations related to capital requirements on banks
5.1.4 Regulations related to taxes
5.1.5 Regulations related to taxes on capital gains
5.1.6 Regulations related to taxes on start-ups
5.1.7 Regulations related to taxes on fund management activities
5.1.8 Regulations related to fund management
5.1.9 Regulations related to real estate
5.1.10 Regulations related to the real estate business of a bank
5.1.11 Regulations related to foreign investment
5.1.12 Regulations related to capital investment
5.1.13 Regulations related to private equity (PE) and venture capital investment (VC)
5.1.14 Regulations related to hedge funds and fund management
5.1.15 Regulations related to hedge fund subscription requirement
5.1.16 Regulations related to investment and employment in Singapore
5.2 Key Economic Trends and Drivers
5.2.1 SG$ to US$ moving annual average exchange rate
5.2.2 Real GDP growth
5.2.3 Per capita GDP
5.2.4 Gross savings rate as a percentage of GDP
5.2.5 Housing price index
5.2.6 Commodity index
5.2.7 Foreign direct investment
5.2.8 Investments of FIIs in equity products
5.2.9 Inflation rate
5.2.10 Repo rate
5.2.11 Balance of payments
5.2.12 Stock market performance
5.2.13 HNWI wealth vs GDP ratio
5.2.14 Capital formation as a percentage of GDP
5.2.15 Disposable income as a percentage of GDP
6 About Company

List of Tables
Table 1: HNWI Wealth Band and Group Definitions
Table 2: HNWIs – Liquid Asset Composition (%), 2007–2015
Table 3: HNWIs – Liquid Asset Composition (%), 2007–2015
Table 4: HNWIs – Trends of Investments in Alternative Assets (%), 2007–2015
Table 5: HNWIs – Alternative Asset Composition (%), 2007–2015
Table 6: HNWIs – Trends in “Art, Wine and Wheels”, 2006–2010
Table 7: HNWIs – Foreign Allocations by Asset Class, 2007–2015
Table 8: HNWIs – Trends of Foreign Investments, 2007–2015
Table 9: SG$ to US$ Moving Annual Average Exchange Rate, 2006–2015
Table 10: Real GDP Growth Rate, 2006–2015
Table 11: GDP Per Capita, 2006–2015
Table 12: Gross Savings as a Percentage of Real GDP, 2006–2015
Table 13: Housing Price Index, 2006–2010
Table 14: Commodity Indices, 2006–2015
Table 15: Foreign Direct Investments, 2006–2015
Table 16: Investments of FIIs in Equity Products, 2006–2009
Table 17: Inflation Rate, 2006–2015
Table 18: Repo Rate, 2006–2015
Table 19: Balance of Payments, 2006–2010
Table 20: Stock Market Performance, 2006–2010
Table 21: HNWI Wealth vs GDP Ratio, 2006–2010
Table 22: Capital Formation as a Percentage of GDP, 2006–2015
Table 23: Disposable Income as a Percentage of GDP, 2006–2015

List of Figures
Figure 1: HNWI Wealth Band Definitions
Figure 2: HNWI Wealth Sector Market Attractiveness, 2007–2015
Figure 3: HNWIs – Singapore vs RoW and Asia-Pacific
Figure 4: HNWIs – Asset Class Composition, 2007–2015
Figure 5: HNWIs – Changing Trends in Total Liquid Assets (as a Percentage of Total Assets), 2007–2015
Figure 6: HNWIs – Liquid Asset Composition (US$ Billion), 2007–2015
Figure 7: HNWIs – Trends of Investments in Alternative Assets (US$ Billion), 2007–2015
Figure 8: HNWIs – Trends in “Art, Wine and Wheels”, 2006–2010
Figure 9: HNWIs – 2015 Foreign Asset Allocation vs Growth
Figure 10: HNWIs – Global Distribution of Foreign Investments, 2007–2015
Figure 11: SG$ to US$ Moving Annual Average Exchange Rate, 2006–2015
Figure 12: Real GDP Growth (%), 2006–2015
Figure 13: GDP Per Capita, 2006–2015
Figure 14: Gross Savings as a Percentage of Real GDP, 2006–2015
Figure 15: Housing Price Index, 2006–2010
Figure 16: Commodity Indices, 2006–2015
Figure 17: Foreign Direct Investments, 2006–2015
Figure 18: Investments of FIIs in Equity Products, 2006–2009
Figure 19: Inflation Rate, 2006–2015
Figure 20: Repo Rate, 2006–2015
Figure 21: Balance of Payments, 2006–2010
Figure 22: Stock Market Performance, 2006–2010
Figure 23: HNWI Wealth vs GDP Ratio, 2006–2010
Figure 24: Capital Formation as a Percentage of GDP, 2006–2015
Figure 25: Disposable Income as a Percentage of GDP, 2006–2015

Companies Mentioned

American Express Bank
ANZ Bank
Bangkok Bank
Bank of America
Bank of China
Bank of East Asia
Bank of India
Bank of Tokyo-Mitsubishi
BNP Paribas Singapore
Calyon
Citibank Singapore
Hong Leong Bank Berhad
HSBC Singapore
ICICI Bank
Indian Overseas Bank
MayBank
PT Bank Negara Indonesia
RHB Bank Berhad
JPMorgan Chase
Goldman Sachs
Standard Chartered
State Bank of India
Bank of Singapore
DBS Bank
Far Eastern Bank
Oversea-Chinese Banking Corp
Singapore Island Bank
The Islamic Bank of Asia
United Overseas Bank
Asiaciti Trust Singapore
ATC Trustees (Singapore)
Citco Singapore
Credence Trust (Singapore)
DBS Trustee
EFG Trust Company (Singapore)
Galaxias Fiduciary Services
Scotia capital
Tricor Singapore
Trust Co (Asia)
Asia Fund Services
ANZ-OCBC Bank
Islamic Bank of Asia
Financial Alliance
Henley Group
Meyado
Pacific Asset Management
Prime Partners
Theoria Capital Management
Tradition Singapore
Vickers Ballas
Alta Advisers
Finova
GS Wealth
Hans Rausing
IIFL Asia
Jordans
Makara Capital
Tano Capital
Swiss-Asia
NQ International
OAKS Family Office
Tano Capital
Tao Trust Group
Trident Trust Company
Unigestion
VP Bank-Singapore
Wynnes Family Office
Nean Wealth Advisors Ltd