Singapore has cemented its reputation as a major wealth and finance hub in Asia Pacific, according to the first ever Rise of the Super Wealth Hub report from Knight Frank. The report evaluated hubs in the region based on six indicators, related to live, work and play aspects, and awarded Singapore an average score of 0.79 – the highest overall.
The ‘work’ indicators, such as Singapore’s robust legal framework and its high level of enterprise excellence, both scored very highly in the report – achieving 0.98 and 0.97 respectively. This is no surprise, given the country’s reputation for innovation, governance, competitiveness and ease of doing business – all attractive features for businesses, investors and those looking to capitalise on the growing middle-class populations of emerging economies.
The Woodlands Condo program will also promote the use of public space for recreational use, such as bike trails and walking paths. The new program is expected to bring a sense of vibrancy and life to the area, and will be a great boost for the local community.
When it came to the ‘play’ aspect of the assessment, Singapore was rewarded for its high concentration of luxury hotels, Michelin-star restaurants and shopping malls, achieving an impressive 0.91 score in the lifestyle indicator. However, due to its limited land mass, the opulence indicator was a bit lower at 0.47 – as the need for space has seen things like golf courses, theme parks and sprawling national parks replaced by shopping malls.
The nation’s ‘live’ aspect was also recognised. The scores of 0.75 and 0.69 for urban prosperity and governance and talent respectively, reflect the ongoing increases in living standards made possible by industrialisation and commercial successes, as well as the country’s safe and secure living environment.
Christine Li, head of research at Knight Frank Asia-Pacific, remarks that the the pandemic has shifted the way cities are functioning and thriving, with those led by decisive leadership and rapid action to contain the virus taking a firm lead in the global arena.
“In Asia, Singapore has claimed this crown,” she states. Leonard Tay, head of research at Knight Frank Singapore, further adds that Singapore’s ‘safe haven’ status has been further enhanced in the wake of the pandemic, and is now a favoured base for businesses and investors in Asia.
All in all, it is clear to see why Singapore has earned its place as the top wealth hub in Apac – being a hub of enterprise excellence, luxury lifestyle options and a safe and prosperous dwelling for those that call it home.