For the last few years, the economy of Singapore has been expanding rapidly, and it is one of the top cities in Asia in terms of domestic wealth. Nevertheless, in order to become a wealth hub equal to Hong Kong in standard, it will take 17 years for Singapore, that is, in this point of time, Singapore is 17 years behind Hong Kong. Sharnie Wong, analyst, Bloomberg, stated, on the basis of the global wealth report 2022 of group AG, that Singapore’s domestic wealth increased at a rate of 9.2% in between 2019 and 2021. On the other hand, Hong Kong’s wealth is increasing at a rate of 2.3% only.
In 2021, Singapore’s wealth pool was approximately half of Hong Kong’s and the average wealth per adult was 35% less. The slow pace of Hong Kong’s economy was due to strict COVID-19 laws and political instability. Despite this, Singapore will take 17 years to reach Hong Kong’s position, that too, on a condition. It will happen only if Singapore’s economy increases at the same pace. Based on the data of Boston Counseling Group, Sharnie Wong has estimated that Hong Kong will become the world’s largest financial hub by the year 2023, and will leave Switzerland behind in this respect.
As per data from 2021, non-residents brought property worth 187 lakh crore rupees in Hong Kong, while in Singapore, this number is 122 lakh crore rupees. Singapore can also get benefited from the tension developing between the USA and China. On the other hand, Hong King gets benefited with being with China as far as bonds and stocks are concerned. It is also being estimated that Singapore, by 2023, will become the world’s largest cross-border financial centre.