Singapore emerges as leading wealth capital in Asia Pacific: Knight Frank
Singapore has clearly inched ahead as the leading wealth centre in Asia Pacific (Apac), as per Knight Frank’s first Rise of the Super Wealth Hub report. Amongst other regional hubs such as Dubai, Hong Kong, Sydney and Shanghai, the report granted Singapore the top spot by analysing six indicators designed to evaluate the live, work and play aspects in these hubs. The indictors were scored from 0 to 1, with 1 indicating the highest achievement.
The work aspect was where Singapore held the highest scores, with 0.98 for having a robust legal framework and 0.97 for having enterprise excellence. The report shows that many technology companies, manufacturers, international finance institutions, and multinational corporations have consequently chosen Singapore as an attractive destination, due to its innovative and competitive environment, as well as the country’s conducive climate for doing business.
On the play aspect, Singapore scored well for lifestyle (0.91), due to its many luxury hotels and Michelin star restaurants, as well as numerous shopping malls. However, its opulence score (0.47) was lower, which has been attributed to Singapore’s small size that has restricted the development of expansive recreational facilities like golf courses, theme parks and large national parks. Additionally, the need to optimise the use of land has led to many stores being housed in shopping malls instead of high-street shopping areas.
Under the live aspect, Singapore achieved 0.75 for urban prosperity and 0.69 for governance and talent. The scores stand as a proof of the country’s persisting increase in standards of living, as well as its secure living conditions.
Christine Li, head of research at Knight Frank Asia-Pacific, has pointed out that cities across the world have been re-configured by the pandemic and by changing demand drivers. According to her, “The most successful cities have been those governed by decisive leadership and rapid action to contain the virus, which fostered confidence, bolstered their safe-haven status, and thrust them to the forefront of global businesses and the world’s elite, reshaping global capital flows. In Asia, Singapore has claimed this crown.”
The development also features a spacious, fully equipped gym and a Jacuzzi to complete the experience.For the convenience of residents, Orchard Boulevard Condo is a short distance away from numerous amenities such as shopping malls, schools, and parks. Ease of access to major transportation routes and the city center ensure residents of the development can enjoy their daily routine with great convenience.This impeccably designed urban oasis provides luxury living in the heart of Singapore. From its vast array of first-class facilities to its convenient location, there is no better place to call home.
Leonard Tay, head of research at Knight Frank Singapore, has also added that Singapore has come out of the pandemic with an even more solidified status as a safe haven. He further observed that, “Singapore is unique as a global wealth management and financial hub that is characterised by political stability and a pro-business government. As such, it is a favoured base for businesses and investors seeking to be part of the huge growth potential in Asia.”
Overall, Singapore’s impressive scores in Knight Frank’s inaugural Rise of the Super Wealth Hub report, measuring work, play and live aspects, confirm the country’s reputation of being an innovative, competitive, and easy place to do business. It is clear that Singapore has solidified its position as an acknowledged leader in the wealth capital of Asia Pacific.