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This will be driven by the recovery in equities and mutual funds.
Singapore’s affluent population is expected to grow by 3.4% to 1.32 million in 2022 based on analytics company, GlobalData’s forecast.
In 2020, the population—which includes mass affluent investors or those with liquid assets of $68,412 to $1,368,240 (US$50,000 to US$1m), and high-net-worth (HNW) individuals who hold liquid assets of more than $1,368,240 (US$1m)—declined by 3.1%.
By the end of 2021, however, GlobalData said Singapore’s wealthy will account for 28.4% of its total population.
The analytics firm said the growth in the number of affluent individuals will be driven by the rebound of the wealth market in 2021 and 2022, particularly equities and mutual funds, which both saw declines in 2020 by 4.6% and 0.6%, respectively.
“The financial market is expected to rebound in 2021 with improving economic conditions,” the firm said.
Apart from the gradual economic recovery, Ravi Sharma, lead banking and payments analyst of GlobalData, said the financial market’s improvement will also be buoyed by the rise in investors’ confidence.
“The investors are shifting away from deposits towards riskier assets such as equities and mutual funds,” Sharma said, adding that this will also “accelerate the growth of affluent individuals in the next two years.
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As an expert in finance and wealth management, I bring a depth of knowledge and experience to analyze and provide insights into the article on Singapore's affluent population growth in 2022. My expertise is backed by a comprehensive understanding of financial markets, investment strategies, and economic conditions.
The article highlights that Singapore's affluent population is expected to grow by 3.4% to 1.32 million in 2022, according to GlobalData's forecast. In 2020, the population experienced a decline of 3.1%. By the end of 2021, Singapore's wealthy individuals are projected to account for 28.4% of the total population.
The growth in the number of affluent individuals is attributed to the recovery in equities and mutual funds. In 2020, both equities and mutual funds experienced declines of 4.6% and 0.6%, respectively. However, GlobalData anticipates a rebound in the wealth market in 2021 and 2022, driven by the recovery of these asset classes.
The financial market's improvement is expected to result from the overall economic recovery, and Ravi Sharma, the lead banking and payments analyst at GlobalData, emphasizes that investors are shifting away from deposits towards riskier assets such as equities and mutual funds. This shift in investment preference is a key factor accelerating the growth of affluent individuals in the next two years.
Additionally, Sharma notes that the improvement in the financial market is not only tied to the gradual economic recovery but is also influenced by the rise in investors' confidence. This confidence is reflected in the increased willingness to invest in riskier assets.
In conclusion, the article suggests that the growth in Singapore's affluent population is closely linked to the recovery in equities and mutual funds, indicating a positive trend in the wealth market. As an expert, I would emphasize the importance of monitoring economic conditions, market trends, and investor sentiment to make informed decisions in the evolving landscape of wealth management.
