Synopsis
This report is the result of Company’s extensive research covering the HNWI population and Wealth Management industry in Singapore. It provides market size and forecasts of the HNWI population. By leveraging the Company HNWI Database, it provides key demographic breakdowns.

Executive Summary
This report provides projections of the volume and wealth of Singapore’s HNWI and a comprehensive background of the Singapore economy. This includes demographic trends (2007-2011) and findings of the proprietary Company HNWI Database.

Scope
The report features:
• Independent market sizing of Singapore’s HNWI
• Most up to date and thorough analysis of the demographic breakdown of Singapore’s HNWI
• Volume and wealth trends from 2007 to 2011
• Volume and wealth forecasts to 2015
• Current insights into the drivers of HNWI wealth

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

Key Highlights
• Singapore has the highest population density of HNWIs in the world; approximately one in 30 Singaporean residents is a HNWI.
• 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.
• The wealth of Singapore’s HNWIs increased by 24% (5.5% per annum) over the review period (2007-2011), boosted by particularly strong growth in 2009 and 2010 of 33% and 24% respectively. This was aided by strong growth in the local stock market in 2009 – the Singapore Exchange went up by 76% – and a rebound in the local property market during 2010.
• Over the forecast period, total HNWI wealth is forecast to grow by 47% (10.1% per annum), reaching US$1.1 trillion in 2015.

1 Introduction
1.1 What is this Report About?
2 Wealth Sector Fundamentals
2.1 Political Background of the Wealth Sector
2.2 Economic Background to the Wealth Sector
2.3 Benchmarking Singaporean Wealth in Context
2.3.1 Distribution of wealth
3 Findings from the Company HNWI Database
3.1 Trends in HNWI Wealth to 2015
3.1.1 HNWI trend analysis
3.1.2 HNWI volume trend analysis
3.1.3 HNWI wealth trend analysis
3.1.4 Per capita HNWI net worth trend analysis
3.1.5 Trends of the wealth bands
3.1.6 Demographic breakdown of Singapore’s HNWIs
4 Appendix
4.1 Pertinent Regulations
4.1.1 Regulations on banks
4.1.2 Regulations related to Islamic banking
4.1.3 Regulations related to capital requirements on banks
4.1.4 Regulations related to taxes
4.1.5 Regulations related to taxes on capital gains
4.1.6 Regulations related to taxes on start-ups
4.1.7 Regulations related to taxes on fund management activities
4.1.8 Regulations related to fund management
4.1.9 Regulations related to real estate
4.1.10 Regulations related to the real estate business of a bank
4.1.11 Regulations related to foreign investment
4.1.12 Regulations related to capital investment
4.1.13 Regulations related to private equity (PE) and venture capital investment (VC)
4.1.14 Regulations related to hedge funds and fund management
4.1.15 Regulations related to hedge fund subscription requirement
4.1.16 Regulations related to investment and employment in Singapore
4.2 Key Economic Trends and Drivers
4.2.1 SG$ to US$ moving annual average exchange rate
4.2.2 Real GDP growth
4.2.3 Per capita GDP
4.2.4 Gross savings rate as a percentage of GDP
4.2.5 Housing price index
4.2.6 Commodity index
4.2.7 Foreign direct investment
4.2.8 Investments of FIIs in equity products
4.2.9 Inflation rate
4.2.10 Repo rate
4.2.11 Balance of payments
4.2.12 Stock market performance
4.2.13 HNWI wealth vs GDP ratio
4.2.14 Capital formation as a percentage of GDP
4.2.15 Disposable income as a percentage of GDP
5 About Company

List of Tables
Table 1: HNWI Wealth Band and Group Definitions
Table 2: HNWIs – Volume by Wealth Band, 2007–2015
Table 3: HNWIs – Wealth by Wealth Band, 2007–2015
Table 4: HNWIs – Per Capita Net Worth (US$ Million), 2007–2015
Table 5: HNWIs – Volume Distribution Wealth Pyramid, 2011
Table 6: HNWIs – Wealth Distribution Wealth Pyramid, 2011
Table 7: SG$ to US$ Moving Annual Average Exchange Rate, 2006–2015
Table 8: Real GDP Growth Rate, 2006–2015
Table 9: GDP Per Capita, 2006–2015
Table 10: Gross Savings as a Percentage of Real GDP, 2006–2015
Table 11: Housing Price Index, 2006–2010
Table 12: Commodity Indices, 2006–2015
Table 13: Foreign Direct Investments, 2006–2015
Table 14: Investments of FIIs in Equity Products, 2006–2009
Table 15: Inflation Rate, 2006–2015
Table 16: Repo Rate, 2006–2015
Table 17: Balance of Payments, 2006–2010
Table 18: Stock Market Performance, 2006–2010
Table 19: HNWI Wealth vs GDP Ratio, 2006–2010
Table 20: Capital Formation as a Percentage of GDP, 2006–2015
Table 21: 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 – Growth Factor Correlation, 2007–2011
Figure 5: HNWIs – Volume by Wealth Band, 2007–2015
Figure 6: HNWIs – Wealth by Wealth Band, 2007–2015
Figure 7: HNWIs – Per Capita Net Worth (US$ Million), 2007–2015
Figure 8: HNWIs – Volume Distribution Wealth Pyramid, 2011
Figure 9: HNWIs – Wealth Distribution Pyramid, 2011
Figure 10: HNWIs – Average Age by Wealth Band, 2011
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