Singapore isn't the powerhouse of the ultra rich.
According to Wealth-X's WORLD ULTRA WEALTH REPORT 2012 - 2013, While Singapore has emerged as a global wealth management hub, it is Indonesia that has topped the subregion as the powerhouse of Ultra High Net Worth individuals's wealth and population growth.
Indonesia's total wealth change in 2012 jumped more than 40% while Singapore's dropped by 8.8%.
South East Asia has displayed financial resilience amidst the ongoing global crisis, that is a legacy of the 1997 Asian financial crisis. The sub-region’s economies expanded 4.3% in Q1 2012, according to the Asian Development Bank. Growth largely came from the strong rebound in Thailand after the flood-related disruptions of 2011 and robust growth in the Philippines.
Large-scale investments in infrastructure and burgeoning private consumption, driven by a growing middle class and social reforms, are key drivers of growth in the sub-region. Strong domestic demand has helped offset weaker export figures as consumer confidence increased across
the region, particularly in Thailand and Indonesia.
Luxury consumption across the sub-region has remained stable despite the global uncertainty and natural disasters, a reflection of the strength of the economies that form the regional subset. South East Asian equity markets continue to see IPO activity, despite a slowdown in equity markets elsewhere, with Indonesia as a star performer.
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