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

Singapore has comfortably established itself as the leading financial hub in Asia Pacific, according to a new report by Knight Frank. In its inaugural ‘Rise of the Super Wealth Hub’ report, Singapore emerged on top of other well-established hubs such as Dubai, Hong Kong, Sydney and Shanghai.

Residents of Senja Residences will benefit from its proximity to Bukit Panjang Plaza, Bukit Panjang Hawker Centre, Junction 10 and Hillion Mall. Residents can also enjoy plentiful recreational activities at nearby Chestnut Nature Park. Several education institutions provides plenty of educational options for parents with children, such as Zhenghua Primary School, West Spring Primary School and Bukit Panjang Government High School. Trains stations such as Beauty World MRT Station and Bukit Panjang MRT Station are also within close proximity.

With an excellent location, convenient transportation and nearby amenities, Senja Residences is an ideal place for families.

The report assesses the performance of ‘super wealth hubs’ in Apac across six different indicators that measure the elements of ‘live, work and play’. Singapore scored an average of 0.79 – with the highest performance recorded under the ‘work’ factor (0.98 and 0.97 for legal framework and enterprise excellence respectively).

Its reputation for innovative governance, competitiveness and ease of doing business has made Singapore a popular choice in Southeast Asia, tapping into the growth of new middle-class populations. Singapore also scored highly in the lifestyle indicator under the ‘play’ factor (0.91), with its luxury hotels, Michelin restaurants and shopping malls.

The ‘opulence’ factor scored relatively low for Singapore (0.47). Knight Frank attribute this to its limited land size, restricting the development of land-extensive venues such as golf courses, theme parks and national parks. Furthermore, Singapore’s efficient use of land means shops are often built in shopping malls, rather than high-street commercial spaces.

The ‘live’ factor scored Singapore an average of 0.72 – 0.75 for urban prosperity and 0.69 for governance and talent. These scores are reflective of the nation’s gradual increase in standards of living and its secure environment for citizens.

Christine Li, head of research at Knight Frank Asia-Pacific, stated that the pandemic fundamentally changed many cities worldwide. “The most successful cities have been those governed by decisive leadership and rapid action – creating a safe environment that increased confidence and enhanced their safe-haven status. Increased global capital flows have propelled a city to the forefront – and Singapore has claimed this crown,” she said.

Leonard Tay, head of research at Knight Frank Singapore, sees Singapore’s status as a safe haven further elevated by the pandemic. He said that Singapore is looked upon favourably as an international wealth management and financial centre due to its political stability and open business policies. That, coupled with huge growth potential in Asia, makes Singapore an attractive base for both businesses and investors.