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Singapore’s centi-millionaire count is soaring, with 3,500 new arrivals expected in 2024. (Photo: Getty Images)
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Singapore is set to welcome thousands of new centi-millionaires, highlighting its growing global wealth status, according to Henley & Partners. Asian cities are outpacing Europe centres, which are facing sluggish growth amid shifting dynamics. Emerging markets are on the rise, poised to change the global wealth distribution by 2040. Here's why Singapore is a preferred destination for crazy rich individuals.
Singapore’s electronics industry is booming, with exports up 35.1% in August, marking the fastest growth since 2010. This surge is driven by strong global demand for chips and media products. The city-state’s pivotal role in the tech supply chain, coupled with shifting global trade dynamics, underscores its growing importance. More on Singapore's electronics exports hitting its fastest growth in 15 years here.
It’s the end of an era as Times Bookstore closes its last Singapore branch at Jelita Shopping Centre on Sunday (22 Sept). With a moving out sale offering up to 80 per cent off, the store bids farewell to a loyal customer base. The closure follows a series of recent store shut-downs and highlights the broader trend of physical bookstores struggling in a digital world. Read more about Times Bookstore bidding Singapore goodbye here.
DBS Group Holdings Ltd has reported a remarkable 300 per cent growth in semi-liquid fund sales to Greater China investors this year, driven by a shift towards alternative assets. These funds offer liquidity and target double-digit returns, attracting professional investors. The popularity of these products reflects a broader trend in private wealth management, where investors prefer accessible options. Chinese clients are increasingly diversifying away from equities, prompting DBS to expand its private banking division and solidify its position as Asia’s third-largest private bank. More on DBS's semi-liquid funds growth in Greater China here.
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In a bid to enhance digital banking security, the Monetary Authority of Singapore and several major banks are rolling out Singpass Face Verification (SFV) over the next three months. This initiative aims to combat phishing scams and protect customers’ financial information. The face scan will be required in higher-risk scenarios, making it tougher for scammers to take over accounts. Customers can register for Singpass to take advantage of this new security measure. Read on how you can protect yourself better against online fraud here.
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MAS, major banks roll out Singpass Face Verification to combat scams
Singapore's banks will soon use Singpass Face Verification (SFV) for digital token setup, enhancing security against scams and protecting customer accounts. (Photo: Getty Images)
The Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) are implementing Singpass Face Verification (SFV) to enhance digital banking security.
Over the next three months, Singapore's major banks are rolling out that will be required for higher-risk scenarios, making it harder for scammers to hijack accounts.
The initiative aims to combat phishing scams and protect customers’ financial information.
Customers can register for Singpass to participate, while banks are phasing out OTPs and introducing a Money Lock feature for added protection.
Raffles Hotel and Capella Singapore named in World’s 50 Best Hotels 2024 list
The World’s 50 Best Hotels 2024 has officially recognised Singapore’s Raffles Hotel (left) and Capella Singapore, ranking them 6th and 33rd, respectively. (Photos: Getty Images)
Singapore's iconic Raffles Hotel climbed 11 places to 6th this year from last year's 17th position.
Sentosa luxury hotel Capella Singapore came in 33rd in 2024, slightly down five places from its 28th ranking in 2023.
Claiming the top position is Capella Bangkok, which ascended from 11th place last year.
The hotel is celebrated for its stunning views of the Chao Phraya River, luxurious amenities, and personal butler service, offering guests an intimate yet opulent experience in the heart of Bangkok.
The top 10 hotels list features a strong Asian presence, including Rosewood Hong Kong at 3rd and Four Seasons Bangkok at Chao Phraya River at 14th.
Other notable entries include Aman Tokyo at 7th and Soneva Fushi in the Maldives at 8th.
This year’s rankings reflect the increasing dominance of Asian hotels in the luxury sector.
Southeast Asia also shines with multiple hotels making the cut.
In addition to Raffles and Capella Singapore, the Four Seasons Bangkok and Mandarin Oriental Bangkok are featured prominently, further establishing the region as a luxury travel hub.
Singapore is a top destination for crazy rich centi-millionaires
Singapore is on a wealth streak, with a projected influx of 3,500 centi-millionaires in 2024. (Photo: Getty Images)
Singapore is set to see a notable increase in its centi-millionaire population, with projections suggesting 3,500 new arrivals in 2024, according to a report by Henley & Partners.
"Centi-millionaire" is a term used to describe high-net worth individuals with assets of more than US$100 million.
Singapore has 336 centi-millionaires out of 29,350 residing in various cities across the world.
This positions Singapore, the only Southeast Asian city in the rankings, as a leading destination for the ultra-wealthy in Asia, following closely behind the United Arab Emirates and the United States in attracting high-net-worth individuals.
The city's status as a financial hub and its favourable tax environment are significant factors driving this influx.
According to New World Wealth, centi-millionaire businesses have “significant spillover effect on the middle-class” due to the creation of large numbers of better-paying jobs in the country where they operate.
Across Asia, cities like Beijing, Shanghai, and Hong Kong are also experiencing substantial growth in their centi-millionaire populations.
The region is outpacing Europe in terms of super-rich growth, reflecting a shift in the global wealth epicentre towards Asia.
In contrast, Europe’s wealth landscape is stagnating, with London and Paris showing slower growth rates compared to their Asian counterparts.
This shift is indicative of a broader trend where European cities are losing their former dominance in the global wealth arena.
DBS reports a 300 per cent growth in semi-liquid fund sales to Greater China, driven by investor interest in alternative assets and a strategic expansion in private banking. (Photo: Getty Images)
DBS Group Holdings Ltd has reported a remarkable 300 per cent increase in sales of its semi-liquid fund products to investors in Greater China this year.
DBS attributed this surge to a growing interest among investors in alternative assets.
The bank's semi-liquid funds, which offer more frequent redemption opportunities compared to traditional close-ended funds, are designed to meet the capital needs of businesses while providing liquidity to investors.
DBS’s clients have shown a strong preference for semi-liquid products due to their quarterly accessibility, as opposed to more illiquid private equity investments.
The growth in this segment reflects a broader trend where private wealth is increasingly driving the demand for semi-liquid funds, which reached US$350 billion in global assets by the end of the previous year.
Furthermore, Chinese investors are moving away from equity-focused investments, opting instead for diversified exposures in the US and European markets.
This shift is part of a larger strategy by DBS to enhance its private banking operations, particularly in Hong Kong, to attract wealth from mainland China, Taiwan, and other North Asian markets.
As a result of these efforts, DBS has overtaken Credit Suisse to become the third-largest private bank in Asia, excluding onshore China, with around US$201 billion in assets under management.
Times Bookstore ends Singapore era with last outlet's closure
Times Bookstore, a staple in Singapore for nearly 50 years, will close its last outlet at Jelita Shopping Centre on 22 September 2024. (Photo: Times Bookstore/Facebook)
Times Bookstore, a cherished fixture in Singapore’s book retail scene since 1978, is closing its last outlet at Jelita Shopping Centre on Sunday (22 Sept).
The bookstore, which has served Singaporean readers for nearly 50 years, announced its farewell on Instagram, thanking customers for their support over the decades.
The closure follows a series of other store closures, including its Centrepoint, Marina Square, Paragon, Plaza Singapura, and Waterway Point locations in recent years.
The store's final day will feature a moving out sale with discounts of up to 80 per cent on books, stationery, and gifts.
This marks the end of an era for the bookstore chain, which once boasted prominent outlets like the large Centrepoint store that shut down in 2019.
Times Bookstore's closing reflects broader trends in retail and digital reading habits, with physical bookstores facing increasing challenges.
Many Singaporeans have expressed their nostalgia and sadness over the bookstore's closure on social media, reminiscing about the significant role Times Bookstore played in their reading lives.
The store has been a beloved destination for book lovers, offering a wide range of books and contributing to the local reading culture.
Singapore electronics exports hit new high in over a decade
The Factory Control Center of Fab7 at the Globalfoundries Inc. semiconductor fabrication facility in Singapore, on Tuesday, 18 May 18 2021. (Photo: Lauryn Ishak/Bloomberg via Getty Images)
Singapore’s electronics sector has experienced significant growth in recent months, marking its fastest rise in 14 years.
August’s electronics exports surged by 35.1 per cent year-over-year, driven by strong international demand for integrated circuits and disc media products.
This boom is attributed to the broader tech industry's expansion and a shift in global supply chains away from China and Taiwan due to geopolitical tensions.
Singapore's growth aligns with the city-state's goal of meeting its GDP forecast, which projects growth at the upper end of the 1 per cent to 3 per cent range.
The electronics boom is part of a larger trend where Southeast Asia is benefiting from global tech investments.
Companies are diversifying their supply chains out of China and Taiwan, leading to increased investments in the region.
Singapore's status as a key chip manufacturing hub positions it well to capitalise on these shifts, especially as global tech firms expand their presence in Southeast Asia.
Non-oil domestic exports, while showing growth, still fall short of forecasts, indicating a cautious outlook for the city-state's trade-dependent economy.
The trade recovery is uneven, with some regions and sectors performing better than others.
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