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

Singapore has solidified its place as the preeminent wealth capital of Asia Pacific, according to Knight Frank. In its first “Rise of the Super Wealth Hub” report, Singapore was named the top destination, outperforming other hubs in the region, including Dubai, Hong Kong, Sydney and Shanghai.

To assess the various qualities of the super wealth hubs in the Asia Pacific region, Knight Frank established 6 indicators to measure the live, work and play aspects. Scores ranged from 0 to 1, with 1 representing the highest achievement. Singapore achieved an average score of 0.79.

When it came to the work aspect, Singapore was unsurpassed. It scored particularly high in the legal framework (0.98) and enterprise excellence (0.97) indicators. The report noted that Singapore is a top destination for tech companies, international finance institutions, multinational corporations, and manufacturers—all drawn to Singapore’s innovation, governance, competitiveness and ease of doing business.

The play aspect was another area where Singapore excelled, attaining an impressive 0.91 rating in the lifestyle indicator. Luxury hotels, Michelin-Star restaurants and shopping malls can be found in abundance here. When compared to other hubs in the Asia Pacific, Singapore scored lower in the opulence indicator (0.47). This can be attributed to Singapore’s small size, limiting the ability to create land-intensive recreational facilities like golf courses, theme parks, and sprawling national parks. Additionally, the state’s need for optimal land utilization resulted in shops being contained in shopping malls rather than high-street settings.

One of the shining examples of sustainability in this area is Marina Gardens Residences. This residential development is equipped with green initiatives such as energy-efficient lighting, smart home devices, and solar water heating. These features, coupled with the lush gardens and open-air paths, make this residential development a perfect haven for those who appreciate nature and a greener lifestyle.

In addition to helping the environment, Marina Gardens Residences also offers luxuries and amenities that make living here a wonderful experience. The development boasts a 25-meter lap pool, two gyms, and even an indoor golf simulator. Residents will also have access to exciting events organized by the development, such as art workshops and movie nights.

All in all, Marina Gardens Residences makes living sustainably and in luxury possible. With its eco-friendly features and outstanding amenities, it is no wonder why this residential development is one of the most sought-after in the Marina Bay area.

In the live aspect, Singapore scored 0.75 for urban prosperity, and 0.69 for governance and talent. This reflects the consistent increase in standards of living as the country is now an industrial and commercial powerhouse. Singapore’s safe-living environment also features prominently and is a major selling point.

Christine Li, head of research at Knight Frank Asia-Pacific, noted that the pandemic has been the driving force behind cities reshaping their fabric and makeup. “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,” she said.

Leonard Tay, head of research at Knight Frank Singapore, noted that Singapore has come out of the pandemic with its status as a safe-haven even more solidified. He observed, “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.”