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市場調查報告書

新加坡的資產運用:測量市場機會

Wealth in Singapore: Sizing the Market Opportunity

出版商 Verdict Financial 商品編碼 357704
出版日期 內容資訊 英文 45 Pages
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新加坡的資產運用:測量市場機會 Wealth in Singapore: Sizing the Market Opportunity
出版日期: 2016年05月10日 內容資訊: 英文 45 Pages
簡介

新加坡國內資產有81%來自非居住者的投資,是全球有名的外國投資中心,同時,儘管國內市場僅有少數居民,卻是擁有約一百萬名富裕階級的運用資產寶庫。作為一個地區貿易樞紐,其成長雖然和鄰近各國──中國、印度、印尼等急速成長國的健全性息息相關,但即使在各國減速成長中,新加坡的資產運用市場仍將保有已開發國家羨慕的成長率。

本報告以新加坡的資產運用市場為焦點,除了探討其人口規模,流動資產額以外,更彙整國內個人投資家趨勢與其影響,對於避險基金和資產運用,期貨投資等非流動投資的措施態度,投資市場發展要素分析預測等獨家最新資訊。

摘要整理

  • 雖然是小規模但也具有與大型海外部門匹敵之魅力的新加坡國內資產運用市場
  • 重要發現
  • 成功的決策係數

檢測·預測新加坡資產運用市場規模

  • 第一要義雖是大型外國投資中心,但卻也擁有穩固的國內要素之新加坡
  • 新加坡國內未留下存款的國外投資者
  • 對比鮮明,佔聯合運用基金大半的國外運用資產
  • 由於有利的國內情況加速,預測國內資產將擴大
  • 預計今後數年新加坡將有相當大比例人口流入資產運用市場
  • 手中握有大部分新加坡國內資產的富裕階級
  • 預測將空前大幅度擴大的運用資產1000萬美元富裕階級組合

新加坡資產運用市場成長推動要素

  • 個人投資整體成長進入2015年開始鈍化,預計今後四年中將復甦
  • 個人存款·個人投資成長率上升·穩定
  • 國內資產運用在很大程度上仍是存款遊戲 - 為未來儲蓄和投資成長的一個穩定因素
  • 股票·公司債市場的直接投資資產迄今一直擴大,今後也將是具有踏實魅力的存款
  • 阻礙資產擴大的存款─這個情況將持續下去
  • 新加坡人傾向於存款,預測不會有什麼變化
  • 國內生產總值再次朝向緩慢成長,通貨膨脹預測為負
  • 債券在一個簡短的盛況後,債券持有將在未來更加緩慢增長
  • 市場表現不佳阻礙股票和共同基金
  • 致力於寫下穩定的一年同期回報率(新加坡股票指數)
  • 具有力量鼓動個人資產投資者的股市數量
  • 在資金流入保持穩定中,共同基金只能慢慢恢復他們的零售投資者的投資組合中所佔的比例

富裕階級的投資趨勢

  • 在國內資產中佔相當構成比的低流體投資
  • 針對個人富裕階級具有長期向心力的資產運用
  • 私募股權和避險基金也是個人富裕階級受歡迎的投資對象
  • 身為仍是地區貿易樞紐的城市期貨投資的提案也是良策
  • 透過國外投資新加坡的富裕階級國內機關持有資產流出了34%
  • 國內銀行的富裕階級組合構成比擴大成為提供國外服務的必要條件
  • 投資選擇的領域擴大成為國外資產運用的最優先推動策略
  • 全球鏈接將幫助資產管理機關捕獲多少國外資產運用契約
  • 比TIEA對DTA更開放的新加坡也在變化中
  • 低且穩定的稅率是新加坡對國內外投資的魅力

附錄

  • 簡稱·縮寫
  • 補充資料
  • 用語定義
  • 調查·分析方法
  • 編者經歷
  • 相關文獻
  • 關於Verdict Financial
  • 免責聲明

圖表一覽

目錄
Product Code: VF0017CI

Summary

Singapore is one of the world's pre-eminent offshore investment centers, with 81% of the wealth invested in funds sourced from non-residents. However, the onshore market is a major source of assets under management (AUM) in its own right, with 1.0 million affluent individuals despite the city state's small population. As a regional trading hub Singapore's growth rates are closely tied to the health of regional powerhouses such as China, India, and Indonesia; however, even with growth slowing in some of these economies, Singapore's wealth market will continue to post rates that are the envy of the developed world.

Key Findings

  • HNW individuals totaled 29,600 in 2015, a tiny proportion of the overall population and well below the levels seen in the US or Switzerland.
  • HNW liquid assets are expected to grow by roughly 7.5% a year between 2015 and 2019.
  • Bonds will be the fastest-growing asset class, but more due to greater availability than client demand.
  • While Singapore attracts significant offshore investment, residents are also keen to invest abroad - 34% of AUM is invested offshore

Synopsis

Verdict Financial's "Wealth in Singapore: Sizing the Market Opportunity" analyzes the Singaporean wealth and retail savings and investments markets, with a focus on the HNW segment. The report is based on our proprietary datasets.

Specifically the report:

  • Sizes the affluent market (both by the number of individuals and the value of their liquid assets) using our proprietary datasets.
  • Analyzes which asset classes are favored by Singaporean retail investors and how their preferences impact the growth of the total savings and investments market.
  • Examines HNW clients' attitudes towards non-liquid investments, such as hedge funds, property and commodities.
  • Identifies key drivers and booking centers for offshore investments by Singaporean HNW clients.

Reasons To Buy

  • Benchmark your share of the Singaporean wealth market against the current market size.
  • Forecast your future growth prospects using our projections for the market to 2019.
  • Identify your most promising client segment by analyzing penetration of affluent individuals in Singapore.
  • Evaluate your HNW proposition by understanding the investment mix of the local onshore investment market.
  • Review your offshore strategy by learning HNW motivations for offshore investments and their preferred booking centers.

Table of Contents

EXECUTIVE SUMMARY

  • Singapore's small domestic wealth market is as attractive as its large offshore sector
  • Key findings
  • Critical success factors

SIZING AND FORECASTING THE SINGAPOREAN WEALTH MARKET

  • While primarily a major offshore center, Singapore also has a substantial onshore element
  • Offshore investors do not book in Singapore to keep their funds in deposits
  • In contrast, managed funds are dominated by offshore AUM
  • Favorable domestic conditions will drive further expansion in onshore wealth
  • A sizable proportion of Singapore's population will move into the affluent market in the coming years
  • The bulk of Singapore's onshore wealth is concentrated in the hands of the affluent
  • HNW portfolios above $10m in AUM will experience the highest growth

DRIVERS OF GROWTH IN THE SINGAPOREAN WEALTH MARKET

  • Total retail investments growth moderated in 2015 but should bounce back
  • Growth in retail savings and investments will rise and steady in the coming years
  • Onshore wealth is still largely a deposit game - a stabilizing factor for future savings and investments growth
  • Wealth invested directly in the equity and bond markets has risen, but deposits will have an enduring allure
  • Deposits have been a drag on wealth growth, and this is set to continue
  • Singaporeans tend to favor deposits, with little change forecast
  • GDP growth is moderating once again and inflation is negative
  • After a brief splurge, bond holdings will grow more slowly in the future
  • Equities and mutual funds have been held back by poor market performance
  • The STI has struggled to post solid year-on-year returns
  • The performance of the stock market has the ability to stampede retail equity investors
  • Mutual funds will only slowly regain their share of retail investors' portfolios, as inflows remain steady

HNW INVESTMENT PREFERENCES

  • Illiquid investments make up a significant percentage of onshore assets
  • Property holds a long-term attraction for HNW individuals
  • Private equity and hedge funds are also popular HNW investments
  • Offering commodity investments is a good strategy in what remains a regional trading hub
  • Offshore investments drain 34% of Singaporean HNW wealth from local institutions
  • Onshore banks need to offer offshore services to capture a greater share of HNW portfolios
  • A greater range of investment options is the top driver for offshoring wealth
  • Global links will help wealth managers capture much of the wealth booked offshore
  • Singapore has been more open to DTAs than TIEAs, but this is changing
  • Tax rates are low and stable in Singapore, making it an attractive destination for foreign and local wealth

APPENDIX

  • Abbreviations and acronyms
  • Supplementary data
  • Definitions
  • Affluent
  • Bonds
  • Cash
  • Deposits
  • Domicile
  • DTA
  • Equities
  • FATCA
  • HNW
  • Liquid assets
  • Mutual funds
  • Onshore
  • Residency
  • TIEAs
  • Methodology
  • Verdict Financial's 2015 Global Wealth Managers Survey
  • Verdict Financial's 2014 Global Wealth Managers Survey
  • Global Wealth Model methodology
  • Global Retail Investments Analytics methodology
  • Bibliography
  • Further reading
  • About Verdict Financial
  • Disclaimer

List of Tables

  • Table 1: Average monthly income from work per employed household member by deciles , 2000-15
  • Table 2: Personal income tax rates and charges, 2012?16
  • Table 3: Singapore: adult population segmented by affluent category and asset band (000s), 2010?14
  • Table 4: Singapore: adult population segmented by affluent category and asset band (000s), 2015e?19f
  • Table 5: Singapore: total liquid wealth segmented by affluent category and asset band ($bn), 2010-14
  • Table 6: Singapore: total liquid wealth segmented by affluent category and asset band ($bn), 2015e-19f
  • Table 7: Singapore-US dollar exchange rate, December 31, 2014 and December 31, 2015

List of Figures

  • Figure 1: Deposits are mainly an onshore market in Singapore
  • Figure 2: Funds see the strength of the offshore center shine through
  • Figure 3: The number of affluent individuals in Singapore grew well below average in 2015
  • Figure 4: 2016 will see a rebound in growth, but years of double digit increases are behind Singapore
  • Figure 5: Growth in retail wealth is slowing as economic growth has dipped
  • Figure 6: Lower growth will mean deposits creep up as a proportion of retail assets
  • Figure 7: All asset classes except bonds will see lower growth going forward
  • Figure 8: Singaporeans have returned to the deposit market as a store for their savings
  • Figure 9: Singaporean Savings Bonds have rebooted the retail bond market
  • Figure 10: Singapore's status as a financial hub can easily be seen in the dominance of financials
  • Figure 11: Local stock market performance has not encouraged investors into the market
  • Figure 12: Equity investments have become more important to the investment management community
  • Figure 13: Local direct property has reduced as a share of the non-traditional portfolio
  • Figure 14: Singaporean investors hold a significant proportion of their wealth offshore
  • Figure 15: Access to better investment options drives Singaporean HNW investors to offshore wealth
  • Figure 16: European wealth centers compete with Asian investment opportunities
  • Figure 17: Singapore has aggressively pursued tax agreements with partners around the world
  • Figure 18: Stamp duty is payable by both sellers and buyers of fixed property in Singapore
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