Singaporeans amongst top luxury home buyers abroad

Only 3 Asian nationalities made it to the top 10 list but don’t be surprised to see Filipinos and Mongolians catching up the list soon.

According to Knight Frank and Citi Private Bank's, of all the luxury market trends that have played out since the launch of The Wealth Report five years ago, it is the growth of global wealth flows that has done most to shape the leading prime markets.

When asked which nationalities will become most important as prime property buyers over the next five years, Chinese, Russian, Middle Eastern, Latin American and those from other growth economies consistently top advisors’ lists.

At the Wealth Report 2012, only 3 Asian nationalities made it to the top 10 list namely HongKongers, Chinese and Singaporeans. Emerging economies in Asia are also growing importance namely India, Malaysia, and Indonesia while Philippines and Vietnam are included in economies to watch for.

According to the report, the problem in so many emerging-world countries is governance which propels their high net worth individuals of above $100m to move to other locations.

"The newly enriched become aware of the potential impacts of corruption and arbitrary rule changes on their ability to plan for inter-generational wealth transfers. In extreme cases, as wealth steadily increases, so too do the perceived risks from falling out of political favour," the report read.

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