Finance Watch

Singapore banks target region’s emerging affluent segment

Singapore ranked 10th highest in mean wealth per adult globally, with US$332,995 in 2020.ST PHOTO: LIM YAOHUI

SINGAPORE - Wealth managers are taking advantage of the Covid-induced consumer shift to digital by blending technology and human capabilities to expand their reach to the fast-growing emerging affluent segment across Asia.

Growth of household wealth in Asia is likely to outpace the rest of the world with more people in Singapore expected to see their net worth cross the million dollar mark by 2025, studies show.

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