Monday, September 17, 2012

Singapore's rich become poorer: report

SINGAPORE: Singapore's super-rich watched their collective fortunes shrink by 8.8 per cent from August 1, 2011 to July 31, 2012.

According to industry researcher, Wealth-X, people with more than US$30 million in investable assets suffered mainly from the poor performance of the stock markets.

Still, Singapore's so-called ultra high net worth individuals are ranked seventh in Asia as a group.

With a combined wealth of US$155 billion, they have enough money to build 23 Marina Bay Sands or cover the debt of Hungary, the world's 56th largest economy.

Overall, the wealth of Asia's ultra rich dropped 6.8 per cent to US$6.3 trillion in the past 12 months.

And Wealth-X said low-interest rates mean more of Asia's rich will be driven to invest in property, defying government efforts to cool the market.

CEO of Wealth-X, Mykolas Rambus, said: "In Asia, there are almost 43,000 ultra high net worth individuals competing for the same property whether it's Hong Kong, Singapore, Shanghai - there're lots of assets that are available so I think we'll see property prices continue to go up because there is such demand.

"And increasingly we'll see ultra high net worth individuals invest further afield, whether it's in residential, commercial or industrial, looking for opportunities in the US and in Europe."

No comments:

Post a Comment

Related Posts Plugin for WordPress, Blogger...