The Lion City’s status as a safe haven rose following the grueling coronavirus pandemic, according to a Knight Frank report, contributing to it securing the top rank as APAC’s leading wealth hub.
Singapore ranked as the top wealth hub in the Asia Pacific region, according to an assessment score by Knight Frank linked to factors related to working conditions and lifestyle.
Based on six indicators – legal framework (0.98), high enterprise excellence (0.97), luxurious lifestyle (0.91), thriving urban prosperity (0.75) and strong governance and talent (0.69) and opulence (0.47) – Singapore achieved an average score of 0.79.
Work, Live and Play
According to Knight Frank, the indicators can be classified into three broader factors related to working, living and recreation. While the city-state scores highly on the former two factors, it is relatively weaker in the latter factor.
«[I]n the play segment, Singapore’s small size limits the development of land-extensive recreational facilities such as golf courses, theme parks and sprawling national parks,» the report said.
«Additionally, the importance of shipping and port facilities has also limited the number and length of beaches for recreational use on the island. The need to maximize land use has also led to the shops being housed in shopping malls instead of high-street shopping.»
Post-Covid Status
In recent years, the political and business environment has faced increasing uncertainty in various markets, especially during and after the pandemic. According to Knight Frank researcher Leonard Tay, Singapore has actually come out stronger.
«Singapore emerged from the COVID-19 pandemic with its safe-haven status enhanced,» said Tay who is Knight Frank Singapore’s head of research.
«Known for its stability even in the midst of global uncertainty, Singapore is unique as a global wealth management and financial hub that is characterized by political stability and a pro-business government. As such, it is a favored base for businesses and investors seeking to be part of the huge growth potential in Asia.»
Hong Kong
On the other hand, rival hub Hong Kong achieved an average score of under 0.76. Compared to Singapore, the city ranked lower in governance and talent (0.64), legal framework (0.89), enterprise excellence (0.81) and lifestyle (0.84).
Hong Kong ranked relatively higher than Singapore with regard to urban prosperity (0.86) and opulence (0.49).