Hong Kong again has more millionaires than Singapore

Hong Kong had more and richer millionaires in 2012.

A report from RBC Wealth Management and Capgemini shows that the combined wealth of Hong Kong’s high net worth (HNW) population soared 37% in 2012 to US$560 billion, surpassing the wealth of Singapore millionaires standing at US$489 billion. HNWs are defined as those with investable wealth greater than US$1 million,

This latest finding reverses the result from 2011 when the wealth of Singapore millionaires stood at US$439 billion compared to the wealth of Hong Kong millionaires at US$408 billion.

The rise in Hong Kong wealth, said RBC Wealth Management, was partly due to the stellar performance of Asian stock markets in 2012. Hong Kong’s rich are generally more aggressive investors than those in Singapore and are more exposed to equity markets.

Asian investors are more likely to want to deal directly with multiple bankers within that firm to help with their investment needs. Only 24% said they prefer to deal with a single point of contact at their wealth manager, versus 51% in North America and 31% in Europe.

The report surveyed 4,400 HNW individuals in 21 countries about their investment preferences and attitudes.