Knight Frank indicates London remained the top location for global cross-border private capital in 2022, with Singapore ranking second.
Singapore was the only Asian city making it to the top ranks for global cross-border private capital in 2022, according to Knight Frank's 2023 Wealth Report.
According to them, it ranked second globally with $1.8 billion in such capital, behind first-placed London, which had $2.5 billion.
Regional Opportunity
This year is expected to pose a unique opportunity for private clients looking to enter the private capital market as rising debt costs may lead to less institutional activity, indicated Neil Brookes, Knight Frank’s global head of capital markets in Singapore.
Singapore will remain among the most active markets for overseas investors due to its reputation as a safe haven. On the other hand, Japan is also to experience high rates of activity given its weak currency and comparatively low interest rates, as will Australia, given its reputation for transparency and also as a result of easing prices.
«Asia-Pacific will be a hotspot with milder inflation and more robust GDP growth than other regions,» Brookes said.
Wealth Hubs
Going forward, Singapore, along with Dubai are emerging as critical global wealth hubs, said Pier Masters, a partner at the Charles Russell Speechlys, an international law firm that focuses on private capital.
«Singapore is developing a very attractive tax and regulatory framework which will serve to attract not only more Asian, but also global, wealthy residents,» he added.
In response to this, Charles Russell Speechlys is planning to open an office in Singapore later in the year.
