Singapore's wealthy clients see growing assets over past year, Citi report says
Singapore's domestic and overseas wealth pool has expanded steadily over the past year, with average assets among the country's high-net-worth clients rising six per cent to US$1.5 million (S$1.9 million), a white paper prepared by Citi Wealth and independent research firm RFI Global showed on Thursday (Oct 22).Assets among Singapore's affluent clients increased five per cent to more than US$565,000, according to the study, aimed at exploring how Singapore compares with other global wealth marketsThe study found that mutual fund ownership among Singapore's high-net-worth investors has nearly tripled from 11 per cent in 2022 to 31 per cent in 2026, the highest adoption level in Asia, outpacing countries like India and South KoreaHowever, a large portion of portfolios remain held in cash, with 72 per cent of onshore affluent assets and 74 per cent of offshore booked assets concentrated in cash and liquid depositsThe findings were similar across other Asia hubs, reflecting investors' continued preference for liquidity