Wealth Management - Singapore

Singapore

Assets under Management in the Wealth Management market are projected to reach €182.00bn in 2024.
Financial Advisory dominates the market with a projected market volume of €180.60bn in 2024.
Assets under Management are expected to show an annual growth rate (CAGR 2024-2029) of 0.33%, resulting in a market volume of €185.00bn by 2029.

Key regions: United States, United Kingdom, Germany, Hong Kong, Singapore

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Wealth Management market in Singapore has been experiencing significant growth in recent years.

Customer preferences: Customers in Singapore have shown a strong preference for wealth management services due to the country's high savings rate and focus on long-term financial planning. Singaporeans are known for their disciplined approach to saving and investing, and they value the expertise and guidance that wealth managers can provide. Additionally, the growing affluence of the population has led to an increased demand for sophisticated wealth management solutions that can help individuals grow and protect their wealth.

Trends in the market: One of the key trends in the wealth management market in Singapore is the rise of digital wealth management platforms. These platforms offer convenient and cost-effective ways for individuals to access wealth management services, and they have gained popularity among tech-savvy Singaporeans. Digital wealth management platforms leverage technology such as artificial intelligence and machine learning to provide personalized investment advice and portfolio management. This trend is driven by the increasing demand for digital solutions and the desire for greater transparency and control over investment decisions. Another trend in the market is the growing interest in sustainable and socially responsible investing. Singaporeans are becoming more conscious of the environmental and social impact of their investments, and they are seeking wealth management solutions that align with their values. This trend is in line with the global shift towards sustainable investing and reflects a growing awareness of the importance of environmental, social, and governance (ESG) factors in investment decision-making.

Local special circumstances: Singapore's position as a global financial hub and its favorable regulatory environment have also contributed to the growth of the wealth management market. The country has a well-developed financial infrastructure, strong rule of law, and a stable political and economic environment, which make it an attractive destination for wealth management firms and investors. Additionally, the government has implemented various initiatives to promote the growth of the wealth management industry, such as the introduction of tax incentives and the establishment of the Singapore Variable Capital Company (VCC) framework.

Underlying macroeconomic factors: Several macroeconomic factors have played a role in the development of the wealth management market in Singapore. The country's strong economic growth, high savings rate, and low unemployment rate have created a favorable environment for wealth accumulation. Additionally, Singapore's aging population and the growing need for retirement planning have increased the demand for wealth management services. Furthermore, the country's strategic location in Southeast Asia and its proximity to fast-growing economies have attracted foreign investors and wealth management firms looking to tap into the region's growth opportunities. In conclusion, the Wealth Management market in Singapore has experienced significant growth due to customer preferences for long-term financial planning, the rise of digital wealth management platforms, the growing interest in sustainable investing, Singapore's position as a global financial hub, and favorable macroeconomic factors. These trends and circumstances have created a conducive environment for the development and expansion of the wealth management industry in Singapore.

Methodology

Data coverage:

The data encompasses B2C enterprises. The figures are based on gross revenues, assets under management, and user & advisor data of relevant services and products offered within the Wealth Management market.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, publicly available databases, and survey results from primary research activities (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as: GDP, gross national income (GNI), consumer spending, total investment (% of GDP), high income (% of population), and number of high-net-worth individuals (HNWI). This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.

Additional notes:

The market is updated twice a year in case market dynamics change. The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).