Singapore 2nd most competitive amongst wealth management centres

The country is highly competitive in the mass affluent, high-net-worth segments.

Singapore ranked second in terms of competitiveness in the latest edition of the International Wealth Management Centre Ranking.

The country’s rank remained unchanged from 2018. The number one in competitiveness and overall rankings was Switzerland.

Deloitte, which made the study, said Singapore is particularly highly competitive in the mass affluent and high-net-worth segments.

“It is a Southeast Asian hub servicing many high net-worth individual clients, and can also leverage its status as a major business and lifestyle destination for Chinese clients. 

As a hub servicing many high net-worth individual clients, Mohit Mehrotra, Monitor Deloitte Asia Pacific leader, said Singapore can leverage its “status as a major business and lifestyle destination for Chinese clients.”

“It is also a neutral business hub, with a strong track record for innovation, as shown by its first place in the ranking for FinTechs,” Mohit added.

Deloitte said Singapore is also in an advantageous position, especially with the continued growth of wealth in the Asian region, which then leads to further development of Asian international finance centres.

Overall, the wealth management market grew to 10.6%, the highest recorded since the past decade.