SINGAPORE, June 20 Singapore overtook Hong Kong
as home to Asia's wealthy last year as declining stock markets
hit the former British territory a lot harder than its Southeast
Asian rival, according to Capgemini and RBC Wealth Management.
Hong Kong, whose stock market capitalisation slumped 16.7
percent last year, saw a sharper drop in the ranks of people
with more than $1 million to invest as a larger proportion of
that wealth was locked in equity.
Southeast Asia also shows stronger signs of resilience to
global turbulence than the rest of Asia as buoyant domestic
spending offsets struggling exports.
The number of high-net-worth individuals in Hong Kong fell
17.4 percent to 83,600 last year, compared with a decline of 7.8
percent to 91,200 people in Singapore, RBC Wealth's head of
emerging markets Barend Janssens told reporters in Singapore on
Hong Kong had leapfrogged Singapore in 2010 after falling
behind in 2008.
Faster-growing Asia had for the first time more millionaires
than North America last year, according to Capgemini
and RBC Wealth's latest world wealth report released on Tuesday.
The report did not provide estimates on the number of
wealthy people in Singapore and Hong Kong.
Singapore, home to more Indonesian millionaires than
Jakarta, has in recent years also attracted many rich people
from around the world, including Facebook co-founder
Eduardo Saverin who earlier this year gave up his U.S.