Singapore’s affluent hold up to 74pc of assets in cash despite rising wealth

SINGAPORE, Oct 27 — Singapore’s wealthy are showing greater interest in artificial intelligence and mutual funds, but cash remains their dominant holding, highlighting the challenge of getting clients to put more of their money into investments.

A report by Citi Wealth and research firm RFI Global, released on October 22 and reported by The Straits Times , found that cash and liquid deposits accounted for 72 per cent of affluent clients’ assets held in Singapore and 74 per cent of those booked offshore.

The study found that average assets under management among high-net-worth clients in Singapore rose 6 per cent to US$1.5 million (RM6.1 million) in the first half of 2026, from US$1.41 million in the corresponding period last year. The average among affluent clients increased 5 per cent to more than US$565,000, from US$537,710.

High-net-worth clients are defined as those with at least US$1 million in assets under management, including liquid investible assets, while affluent clients have between US$100,000 and US$1 million.

The preference for cash stands out against the investment habits of wealthy Americans, who allocate 58 per cent of their assets to long-term investments and 42 per cent to deposits, according to the report. Comparable cash-holding figures for Singapore’s high-net-worth segment were not provided.

There has nevertheless been a marked increase in mutual fund ownership among Singapore’s high-net-worth investors, rising from 11 per cent in 2022 to 31 per cent in 2026. This was the highest adoption rate in Asia, the report said.

Mutual funds let investors spread their money across a range of assets, including shares and bonds, with professional fund managers handling the portfolio. Their growing use, however, has not displaced cash as the main store of wealth among Singapore’s affluent clients.

The country’s appeal to international clients is also reflected in cross-border banking figures. Indonesia accounted for 41 per cent of such customers in Singapore, followed by Malaysia at 36 per cent.

Citibank Singapore chief executive Yeo Wenxian attributed the city-state’s appeal as a wealth management centre to its stable operating environment and strong connections to global markets.

“As wealth becomes increasingly international, clients are looking for opportunities that extend beyond their home markets, while seeking trusted advice to help them navigate an increasingly complex investment landscape,” said Yeo, who also heads wealth for Asia South, comprising the UAE and Singapore.

Technology is emerging as another part of the wealth management picture. The survey found that 58 per cent of high-net-worth clients and 51 per cent of affluent clients were comfortable exploring artificial intelligence for personalised financial insights, particularly when comparing products and screening investment portfolios.

Their interest in AI did not translate into a willingness to give up decision-making authority. Retaining full control was the leading consideration for adopting the technology, cited by 31 per cent of respondents, while 22 per cent wanted the option of consulting a human adviser.

The results point to continued demand for personal guidance alongside digital services. Citi’s relationship manager Net Promoter Score, which measures how likely customers are to recommend their relationship manager, improved from +19 in 2022 to +31 in 2026.

Yeo said trust remained central to financial decisions, including assessing investment opportunities and preparing to transfer wealth across generations.

Planning for that transfer is already common among older affluent clients in Singapore. The report found that 76 per cent of the group aged 55 and above had established wills or wealth succession plans, compared with 41 per cent in Hong Kong. Across Singapore’s broader affluent population, about three in four had made such arrangements or intended to do so.

Financial adviser recommendations and health concerns were each cited by 41 per cent of respondents as reasons for starting succession planning. Retirement, marriage or divorce, and the birth of a child were other triggers.

Protecting family assets was the leading estate-planning priority, cited by 51 per cent of respondents. Avoiding family disputes and ensuring fair distribution among heirs each ranked next, at 45 per cent.

Yeo said wealth management increasingly needed to account for clients’ family circumstances, personal ambitions and desired legacy, as well as the assets they held.

Singapore, Indonesia to set up joint task force to tackle firms linked to forest fires

Marina Bay pursuit: Singapore driver fleeing traffic police crashes into two vehicles, faces six charges

Singapore aims to strengthen haze law, may introduce new legislation where necessary, says minister

WCE heading south? Zahid says Banting-Masjid Tanah extension a priority, Johor next on the cards

Open-channel admissions won’t reduce UPU quotas at public universities, says Zambry

Tiger on the prowl? Suspected paw prints found near Gerik homes, Perhilitan trap activated

新加坡，10 月 27 日——新加坡的富裕阶层对人工智能和共同基金表现出越来越浓厚的兴趣，但现金仍然是他们的主要资产，这凸显了如何让客户将更多资金投入投资所面临的挑战。

花旗财富和研究公司 RFI Global 于 10 月 22 日发布的一份报告（《海峡时报》对此进行了报道）显示，现金和流动存款占富裕客户在新加坡持有资产的 72%，占离岸资产的 74%。

研究发现，新加坡高净值客户的平均资产管理规模在2026年上半年增长了6%，达到150万美元（610万令吉），高于去年同期的141万美元。富裕客户的平均资产管理规模增长了5%，从53.771万美元增至超过56.5万美元。

高净值客户是指管理资产（包括流动可投资资产）至少达到 100 万美元的客户，而富裕客户的资产则在 10 万美元到 100 万美元之间。

报告显示，与美国富裕人士的投资习惯相比，新加坡人更倾向于持有现金。美国富裕人士通常将58%的资产配置于长期投资，42%配置于存款。报告并未提供新加坡高净值人群的现金持有量数据。

尽管如此，新加坡高净值投资者持有共同基金的比例仍显著增加，从2022年的11%上升到2026年的31%。报告称，这是亚洲最高的采用率。

共同基金允许投资者将资金分散投资于包括股票和债券在内的多种资产，并由专业的基金经理管理投资组合。然而，尽管共同基金的使用日益普及，但现金在新加坡富裕客户中仍是主要的财富储存方式。

该国对国际客户的吸引力也体现在跨境银行业务数据中。在新加坡，印尼客户占此类客户总数的41%，马来西亚客户占比36%。

花旗银行新加坡首席执行官杨文贤将新加坡作为财富管理中心的吸引力归功于其稳定的经营环境和与全球市场的紧密联系。

“随着财富日益国际化，客户正在寻求超越其本土市场的机会，同时寻求值得信赖的建议，以帮助他们应对日益复杂的投资环境，” Yeo说道，他同时也是包括阿联酋和新加坡在内的亚洲南部地区的财富主管。

科技正逐渐成为财富管理领域的重要组成部分。调查发现，58%的高净值客户和51%的富裕客户乐于探索人工智能在个性化财务分析方面的应用，尤其是在比较产品和筛选投资组合时。

他们对人工智能的兴趣并未转化为放弃决策权的意愿。31%的受访者表示，保留完全控制权是他们采用这项技术的首要考虑因素，而22%的受访者则希望可以选择咨询人类顾问。

结果表明，除了数字化服务外，客户对个性化指导的需求依然存在。花旗银行客户经理净推荐值（NPS，衡量客户向他人推荐其客户经理的可能性）从2022年的+19提升至2026年的+31。

Yeo表示，信任仍然是财务决策的核心，包括评估投资机会和准备将财富跨代转移。

在新加坡，年长的富裕客户中，进行财富传承规划已十分普遍。报告发现，55岁及以上人群中，76%已立下遗嘱或制定财富传承计划，而香港的这一比例为41%。在新加坡更广泛的富裕人群中，约四分之三的人已经做出或打算做出此类安排。

41%的受访者表示，财务顾问的建议和健康方面的担忧是他们开始制定继承计划的原因。退休、结婚或离婚以及子女的出生也是促使他们开始制定继承计划的因素。

保护家庭资产是遗产规划的首要任务，51%的受访者将其列为首要任务。避免家庭纠纷和确保继承人之间公平分配遗产并列第二，占比45%。

Yeo表示，财富管理越来越需要考虑客户的家庭情况、个人抱负和希望传承的遗产，以及他们拥有的资产。

新加坡和印尼将成立联合工作组，打击与森林火灾有关的企业。

滨海湾追逐：新加坡司机逃避交警追捕撞上两辆车，面临六项指控

新加坡部长表示，新加坡旨在加强雾霾防治法，必要时可能会出台新的立法。

WCE向南？阿末扎希表示万津-丹那清真寺扩建是首要任务，柔佛是下一个

赞布里表示，开放招生渠道不会减少公立大学的万国邮政联盟（UPU）名额。

老虎出没？在格里克居民区附近发现疑似虎爪印，Perhilitan 陷阱已启动