Singapore emerges as leading wealth capital in Asia Pacific: Knight Frank

Singapore has cemented its place as Asia-Pacific’s leading wealth capital according to Knight Frank, with their Rise of the Super Wealth Hub report demonstrating this with a score of 0.79 on a scale of 0 to 1. This score highlighted its robust legal framework and high level of enterprise excellence, indicating the strong reputation the nation has developed for innovation and ease of doing business.

The play aspect also saw Singapore score highly in the lifestyle indicator, due to its vast selection of luxury hotels, Michelin-star restaurants and shopping malls, though the small size of the city did restrict the score of the opulence indicator.

The live aspect of the report saw scores of 0.75 for urban prosperity and 0.69 for governance and talent, highlighting Singapore’s consistent increase in standards of living and safe environment.

Christine Li, head of research at Knight Frank Asia-Pacific, believes that the pandemic has changed the way we view cities worldwide, with decisive leadership and rapid action to contain the virus being the key to success. She believes that Singapore has successfully claimed the ‘crown’, citing its safe-haven status and status as a global business hub.

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Leonard Tay, head of research at Knight Frank Singapore, notes that Singapore has experienced an elevation of its safe-haven status after emerging from the pandemic. He notes that Singapore’s political stability, pro-business government and the vast potential of the Asian market have all contributed to its success in becoming a major wealth management and financial hub.