For ultra-high net worth individuals (UHNWI’s), Singapore ranks as one of the world’s most popular locations. In a recent study by Citi Private Bank-Knight Frank Wealth Report, the island ranks as the second favourite country for the rich to purchase a second home, and the number one for owning a principle residence. The main factor for Singapore’s popularity lies in its excellent quality of education, as well as a steady political and economic climate.
(Singapore: it's a rich's man world. Image courtesy of Singapore Tourism Board.)
Apart from the education factor, which particularly attracted Indian and Chinese individuals, Singapore’s generous tax schemes and low pricing of luxury properties were reasons to set up a base in the country. Comparatively-sized homes in Hong Kong, Tokyo, Paris and Monaco, for example, cost much more. The 2011 report was based on a survey completed by 160 Citi Private Bank wealth advisers who, in total, work with close to 5,000 UHNWI’s from 36 countries. The average net worth of each high net-worth individual was US$100 million.
Rupert Hoogewerf, who publishes the China-based Hurun Report which profiles rich individuals in the country, explained to Business Times that the condition of property markets is often a decision-maker for individuals assessing universities. “A property for [university-going] children to live in is an obvious step to take and a very popular investment option,” he said.
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Related Categories: Market Reports, General
Tags: Chinese property buyers, Foreign buyers, high net worth individuals, high-end property, Indian property buyers, Knight Frank Wealth Report, overseas buyers, property investment, property Singapore, singapore property, Singapore property market
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