hutsutau
21-06-13, 19:42
Hong Kong now has more millionaires than Singapore.
Hong Kong has climbed past Singapore both in number of millionaires and their total pool of wealth, fueled partly by the tear in Asian stock markets in 2012, according to a new report from RBC Wealth Management and Capgemini.
The combined wealth of Hong Kong’s high-net-worth population, defined as those with investable wealth greater than $1 million, soared 37% in 2012 to $560 billion, surpassing the wealth of Singapore millionaires which now stands at $489 billion, the report released Wednesday said.
That is a reversal from 2011, when the wealth of Singapore millionaires stood at $438.6 billion, edging Hong Kong millionaires at $408.2 billion, according to the report.
The difference, according to RBC Wealth Management emerging markets head Barend Janssens, was partly the stellar performance of Asian stock markets last year. Hong Kong’s rich are more aggressive investors as a whole than those in Singapore and therefore more exposed to equity markets, he said.
Hong Kong has climbed past Singapore both in number of millionaires and their total pool of wealth, fueled partly by the tear in Asian stock markets in 2012, according to a new report from RBC Wealth Management and Capgemini.
The combined wealth of Hong Kong’s high-net-worth population, defined as those with investable wealth greater than $1 million, soared 37% in 2012 to $560 billion, surpassing the wealth of Singapore millionaires which now stands at $489 billion, the report released Wednesday said.
That is a reversal from 2011, when the wealth of Singapore millionaires stood at $438.6 billion, edging Hong Kong millionaires at $408.2 billion, according to the report.
The difference, according to RBC Wealth Management emerging markets head Barend Janssens, was partly the stellar performance of Asian stock markets last year. Hong Kong’s rich are more aggressive investors as a whole than those in Singapore and therefore more exposed to equity markets, he said.