http://www.businesstimes.com.sg/arch...duals-20130312

Published March 12, 2013

S'pore still a top choice of high net worth individuals

But it lags in quality of life, along with other Asian cities

By benjamin aw


[SINGAPORE] Singapore remains a top city of choice for the world's high net worth individuals (HNWIs), according to a survey in Knight Frank's annual Wealth Report.

The survey of individuals with at least US$30 million in net assets found that the city-state is ranked sixth internationally, based on the level of economic activity, political power, quality of life, as well as knowledge and influence of the cities.

The Republic took third place in the knowledge and influence category, up from eighth place last year, owing to the strong knowledge base and accessibility to education here.

However, when it comes to quality of life, Singapore was ranked 22nd. Other top Asian cities were also ranked poorly, with Tokyo taking 23rd place and Hong Kong in 26th spot.

Said Nicholas Halt, regional head of research of Knight Frank Asia Pacific: "(Asian cities) significantly lag behind western cities in terms of quality of life - an area we expect policymakers to increasingly address in the coming years."

Another survey conducted under the Wealth Report, known as the Attitudes Survey, examined the responses of 400 private bankers representing 15,000 HNWIs globally for their views on which cities were the most important to their clients presently and in the future.

It found that Singapore was the most important city to HNWIs in Asia. Globally, it came in third currently, and is expected to come in second, ahead of New York, in 10 years. These represent a climb from fifth place for both rankings last year, surpassing Hong Kong and Paris.

Singapore's attractiveness to HNWIs stems from political and economic stability and a well-regulated financial sector, said Renato de Guzman, CEO of Bank of Singapore.

Said Png Poh Soon, head of research at Knight Frank Singapore: "The 10-year forecast affirms Singapore's place in the global scene in the future as a city of choice for HNWIs."

He said he expected the population of HNWIs here to increase by "more than 40 per cent" in the next decade.

The Attitudes Survey also found that other Asian cities were increasingly important to HNWIs globally. In 10 years' time, it is expected that, along with Singapore, Hong Kong, Shanghai and Beijing will dominate the top positions of importance to HNWIs.

"The rise of the Asian global cities is in parallel to what many are now calling 'The Asian Century'," said Mr Holt.