Blood ties: Family members of the ultra-rich beat accountants in giving financial advice
Whom do Asia’s wealthiest trust?
Asia is experiencing unprecedented growth, and Asian businesses are riding this rising tide of wealth. But it seems that high net-worth Asian business owners still prefer to run to their family members for business counsel, sidelining lawyers, accountants, and private bankers in the process.
According to Standard Chartered and Campden Wealth Research’s report, most high net-worth individuals in Asia prefer to follow financial advice from their family members, while accountants come in second and advice from lawyers come in third.
Next in line are private bank advisors, independent asset managers, investment bankers, family offices and commercial bankers.
“Total trust, some participants explained, is reserved only for those individuals closest to the business--namely, family and long-time colleagues,” the report noted.
Here’s more from the report:
The role of family businesses in the development of the private sector across Asia is equally important. Family businesses account for 32% of the total stock market capitalisation of the regionand 34% of its gdp.
“[T]his is a crucial stage of the business and family members are more likely than external advisors to care about and nurture the business. Our commercial profts put the food on our table and provide for our wants and needs, so we are [invested] in sustaining it. . .” said one respondent.
Family businesses are also important players in growing international and inter-regional trade, and in assisting regional economic development through exports. On average, international sales represent up to 36%per cent of the total sales for family businesses in Asia, compared to 8 per cent in North America.
- See more at: http://sbr.com.sg/financial-services/news/blood-ties-family-members-ultra-rich-beat-accountants-in-giving-financial-a-1#sthash.mOo2K2Mp.dpuf
- wong chee tat :)
Showing posts with label Affluent Singaporeans. Show all posts
Showing posts with label Affluent Singaporeans. Show all posts
Monday, July 7, 2014
Monday, August 12, 2013
Don't sell your Toa Payoh flats: Ng Eng Hen
Don't sell your Toa Payoh flats: Ng Eng Hen
By Hetty Musfirah Abdul Khamid
POSTED: 11 Aug 2013 9:44 PM
Defence Minister Ng Eng Hen has urged residents of Toa Payoh Central not to sell their flats unless they have to.
SINGAPORE: Defence Minister Ng Eng Hen has urged residents of Toa Payoh Central not to sell their flats unless they have to.
Dr Ng, who is also MP for the area, said homes there may fetch a high selling price, but it will be hard to find a replacement, given its central location and accessibility.
Dr Ng was speaking at a National Day dinner celebration.
He said: "One is, if you sell your home from Toa Payoh, I worry that you are going to find it hard to find a replacement home that's better than Toa Payoh with the same amount of money.
"Second, I think that more likely than not, the prices of homes in Toa Payoh will go up. Why? Because if you look at the map, Toa Payoh is in the centre.
"North, south, east, west, whatever you build - roads and MRT - sooner or later they will have to cross Toa Payoh. That is why transportation is so easy here."
Dr Ng also said education is the best way to raise the standard of living of families.
He pledged to help children who may face difficulties.
One way is through fund-raising efforts, such as a marathon held in February where money raised helped children attend enrichment classes.
- CNA/ir
- wong chee tat :)
By Hetty Musfirah Abdul Khamid
POSTED: 11 Aug 2013 9:44 PM
Defence Minister Ng Eng Hen has urged residents of Toa Payoh Central not to sell their flats unless they have to.
SINGAPORE: Defence Minister Ng Eng Hen has urged residents of Toa Payoh Central not to sell their flats unless they have to.
Dr Ng, who is also MP for the area, said homes there may fetch a high selling price, but it will be hard to find a replacement, given its central location and accessibility.
Dr Ng was speaking at a National Day dinner celebration.
He said: "One is, if you sell your home from Toa Payoh, I worry that you are going to find it hard to find a replacement home that's better than Toa Payoh with the same amount of money.
"Second, I think that more likely than not, the prices of homes in Toa Payoh will go up. Why? Because if you look at the map, Toa Payoh is in the centre.
"North, south, east, west, whatever you build - roads and MRT - sooner or later they will have to cross Toa Payoh. That is why transportation is so easy here."
Dr Ng also said education is the best way to raise the standard of living of families.
He pledged to help children who may face difficulties.
One way is through fund-raising efforts, such as a marathon held in February where money raised helped children attend enrichment classes.
- CNA/ir
- wong chee tat :)
Monday, December 10, 2012
Bonuses drive year-end property demand: analyst
Bonuses drive year-end property demand: analyst
Posted: 08 December 2012 2107 hrs
SINGAPORE: December is normally a lull period for the property market, but some developers have now picked this period to launch their units and this includes three new executive condominiums (ECs).
The Topiary, an EC development in Sengkang, was launched on Friday. Within a day, more than 200 units were sold.
"Usually at the end of the year, people probably will travel and go for holidays. But the fact was that on the first day of launch which was yesterday, we sold 200 over units. It proves that there are still many people in Singapore waiting to buy houses," said Mark Teo, senior group division director at ERA.
"And of course, the second thing is that at the end of the year, usually we will have the certainty of getting some bonuses, so this is also another consideration."
Chris Koh, Chris International director, said: "Many of the developers who've launched their projects recently have reported good sales. So, for a developer, if you have everybody buying at this point of time, you wouldn't want to hold back your launch."
About 10 per cent of the Topiary are million-dollar units. These include the 4-bedroom apartments and 4-bedroom dual-key units.
So far, all 16 penthouse units have been sold.
"The purchasers of penthouses are both the first-timers as well as the upgraders," said Mr Teo. "But there is one common thing, which is usually, there are more family members and some of them may be multi-generation."
Two other developments located in Woodlands and Tampines will be open for bookings after Christmas.
Industry watchers said the low interest rates have contributed to the upbeat mood.
They added that it is one reason why so many buyers turn up for viewing during the weekends.
- CNA/xq
- wong chee tat :)
Posted: 08 December 2012 2107 hrs
SINGAPORE: December is normally a lull period for the property market, but some developers have now picked this period to launch their units and this includes three new executive condominiums (ECs).
The Topiary, an EC development in Sengkang, was launched on Friday. Within a day, more than 200 units were sold.
"Usually at the end of the year, people probably will travel and go for holidays. But the fact was that on the first day of launch which was yesterday, we sold 200 over units. It proves that there are still many people in Singapore waiting to buy houses," said Mark Teo, senior group division director at ERA.
"And of course, the second thing is that at the end of the year, usually we will have the certainty of getting some bonuses, so this is also another consideration."
Chris Koh, Chris International director, said: "Many of the developers who've launched their projects recently have reported good sales. So, for a developer, if you have everybody buying at this point of time, you wouldn't want to hold back your launch."
About 10 per cent of the Topiary are million-dollar units. These include the 4-bedroom apartments and 4-bedroom dual-key units.
So far, all 16 penthouse units have been sold.
"The purchasers of penthouses are both the first-timers as well as the upgraders," said Mr Teo. "But there is one common thing, which is usually, there are more family members and some of them may be multi-generation."
Two other developments located in Woodlands and Tampines will be open for bookings after Christmas.
Industry watchers said the low interest rates have contributed to the upbeat mood.
They added that it is one reason why so many buyers turn up for viewing during the weekends.
- CNA/xq
- wong chee tat :)
Tuesday, October 23, 2012
More executive condominiums selling for over S$1m: Savills
More executive condominiums selling for over S$1m: Savills
By Lynda Hong | Posted: 22 October 2012 2207 hrs
SINGAPORE : More executive condominiums (ECs) are now selling for more than S$1 million.
Research from real estate agency Savills Singapore has shown that over 300 new ECs were transacted above S$1 million, with half of these transacted in the first eight months of 2012.
The report said there are a "seemingly growing number of young, affluent buyers snagging bigger and more luxurious penthouses...".
Other factors like rock-bottom interest rates, rising incomes and many EC buyers escaping unscathed from the latest rounds of property curbs also helped prop up demand.
Savills said that with more resale HDB flats sold at higher prices, it also helped deepened the pockets of many HDB upgraders who now have more to spend on their next property.
The research pointed out that the average price of all new ECs reached a historical high of S$731 per square foot (psf) in the third quarter.
Still, the average price quantum for all new ECs was still below S$1 million, at S$822,000 in the second quarter of 2012.
There is also growing concern that EC buyers may be stretching beyond their affordability.
Based on a S$12,000 income limit, which is an income ceiling prerequisite for all EC buyers, a purchase of over S$1.1 million may begin to stretch wallets once interest rates rise above 3 per cent.
When this happens, monthly mortgage instalments are estimated to be between S$4,400 and S$5,000, amounting to possibly a cash top-up of S$2,100 to S$2,700.
Loan repayments of ECs priced below S$1 million would still be in the 'safe zone' should interest rates climb to 4 per cent.
In February this year, a new record was set for ECs when a new 958 sq ft EC at the Arc was sold at S$941 psf.
The trend follows more ECs being priced at over S$800 psf.
In the first three quarters of this year, the number jumped significantly to 215 units, up from 19 units in 2011 and 13 units in 2010.
- CNA/ms
- wong chee tat :)
By Lynda Hong | Posted: 22 October 2012 2207 hrs
SINGAPORE : More executive condominiums (ECs) are now selling for more than S$1 million.
Research from real estate agency Savills Singapore has shown that over 300 new ECs were transacted above S$1 million, with half of these transacted in the first eight months of 2012.
The report said there are a "seemingly growing number of young, affluent buyers snagging bigger and more luxurious penthouses...".
Other factors like rock-bottom interest rates, rising incomes and many EC buyers escaping unscathed from the latest rounds of property curbs also helped prop up demand.
Savills said that with more resale HDB flats sold at higher prices, it also helped deepened the pockets of many HDB upgraders who now have more to spend on their next property.
The research pointed out that the average price of all new ECs reached a historical high of S$731 per square foot (psf) in the third quarter.
Still, the average price quantum for all new ECs was still below S$1 million, at S$822,000 in the second quarter of 2012.
There is also growing concern that EC buyers may be stretching beyond their affordability.
Based on a S$12,000 income limit, which is an income ceiling prerequisite for all EC buyers, a purchase of over S$1.1 million may begin to stretch wallets once interest rates rise above 3 per cent.
When this happens, monthly mortgage instalments are estimated to be between S$4,400 and S$5,000, amounting to possibly a cash top-up of S$2,100 to S$2,700.
Loan repayments of ECs priced below S$1 million would still be in the 'safe zone' should interest rates climb to 4 per cent.
In February this year, a new record was set for ECs when a new 958 sq ft EC at the Arc was sold at S$941 psf.
The trend follows more ECs being priced at over S$800 psf.
In the first three quarters of this year, the number jumped significantly to 215 units, up from 19 units in 2011 and 13 units in 2010.
- CNA/ms
- wong chee tat :)
Monday, October 22, 2012
Foreign varsities still a big draw for students
Foreign varsities still a big draw for students
By Amanda Lee, TODAY | Posted: 22 October 2012 0608 hrs
SINGAPORE: More students from Singapore have been heading to universities in the United Kingdom, the United States and Australia in recent years, despite the growing plaudits for the Republic's education system and changes made to jazz up the tertiary sector here.
From 2008 to last year, the number of students from Singapore studying in the UK has grown by between 10 and 18 per cent each year.
This could be due to rising affluence coupled with smaller family sizes, the high quality of education of other countries, the strong Singapore dollar and students growing up in a globalised world, observers say.
The number of students who applied to study at a university in the US rose to 4,316 last year, from 3,039 in 2006.
Students TODAY spoke to said they chose to study abroad as they wanted a new learning experience in a different country.
Although she was offered a place in a local polytechnic after completing her O levels, Jac L chose to enrol in a university overseas.
"I was planning to go to a polytechnic, but it takes three years," said the 19-year-old.
"If I go to Australia, I would only need (to take) one year of foundation and then (I am able to) enter university.
"It is much faster and I don't have to go through the stressful and competitive education (system) in Singapore."
The second-year student at the University of New South Wales also felt that foreign universities are more internationally recognised and employers may view having "exposure" to a different environment as an asset.
Mr Kelly Koh, Director for Education at the British Council in Singapore, pointed out that the duration of studies have bearing on students' decisions.
The typical three-year undergraduate programmes with honours and the one-year master's courses in the UK "have always been an attraction" as they have impact on cost both financial and opportunity cost, he said.
"Other factors include the quality of student support, and even issues like the ease of obtaining visas and possibly post-work employment," he added. - TODAY
- wong chee tat :)
By Amanda Lee, TODAY | Posted: 22 October 2012 0608 hrs
SINGAPORE: More students from Singapore have been heading to universities in the United Kingdom, the United States and Australia in recent years, despite the growing plaudits for the Republic's education system and changes made to jazz up the tertiary sector here.
From 2008 to last year, the number of students from Singapore studying in the UK has grown by between 10 and 18 per cent each year.
This could be due to rising affluence coupled with smaller family sizes, the high quality of education of other countries, the strong Singapore dollar and students growing up in a globalised world, observers say.
The number of students who applied to study at a university in the US rose to 4,316 last year, from 3,039 in 2006.
Students TODAY spoke to said they chose to study abroad as they wanted a new learning experience in a different country.
Although she was offered a place in a local polytechnic after completing her O levels, Jac L chose to enrol in a university overseas.
"I was planning to go to a polytechnic, but it takes three years," said the 19-year-old.
"If I go to Australia, I would only need (to take) one year of foundation and then (I am able to) enter university.
"It is much faster and I don't have to go through the stressful and competitive education (system) in Singapore."
The second-year student at the University of New South Wales also felt that foreign universities are more internationally recognised and employers may view having "exposure" to a different environment as an asset.
Mr Kelly Koh, Director for Education at the British Council in Singapore, pointed out that the duration of studies have bearing on students' decisions.
The typical three-year undergraduate programmes with honours and the one-year master's courses in the UK "have always been an attraction" as they have impact on cost both financial and opportunity cost, he said.
"Other factors include the quality of student support, and even issues like the ease of obtaining visas and possibly post-work employment," he added. - TODAY
- wong chee tat :)
Monday, October 15, 2012
Rich S'poreans buck Asian trend in luxury spending: survey
Rich S'poreans buck Asian trend in luxury spending: survey
By Dylan Loh | Posted: 13 October 2012 2121 hrs
By Dylan Loh | Posted: 13 October 2012 2121 hrs
SINGAPORE: Wealthier Singaporeans seem to be buying more luxury goods, compared to the rich in other regional countries.
A survey of over 20,000 of the well-heeled across 11 countries, including Australia, South Korea and India, showed that purchases of designer goods by Singaporeans increased from 11 to 17 per cent over one year.
Those surveyed came from households with a minimum monthly income of S$13,000.
Singapore, Malaysia, Indonesia and Australia are among the countries where the well-to-do are not cutting back on luxury spending, according to a survey by research firm Ipsos.
Despite the global economic situation, wealthy Singaporeans are buying more watches worth over S$1,200.
Purchases of such timepieces are up from 19 per cent in 2011, to 24 per cent in 2012.
Buys of designer goods worth over S$1,200 by Singaporeans in the same period also rose by 6 per cent, said Steve Garton, executive director of Business Insights at Ipsos.
"People have got money, they've been careful with their money. There's no predicting what's going to happen in the future, except that they will continue to have assets, and will continue to want to have a quality of life that they can afford," he said.
Singaporeans seem to have also taken to fancy gadgets in a big way.
The survey said 33 per cent of them own tablet computers, with 29 per cent willing to buy one in the next year.
As for smartphones, 70 per cent of well-heeled Singaporeans own them now, up from 55 per cent in 2011.
- CNA/cc
- wong chee tat :)
Friday, April 3, 2009
Survey shows Singaporeans least optimistic about future
Survey shows Singaporeans least optimistic about future
Channel NewsAsia
Channel NewsAsia - Friday, April 3
SINGAPORE: Affluent Singaporeans are the most pessimistic in Asia when it comes to their future, according to a survey by life insurer AXA.
Eight Asian economies — China, Hong Kong, India, Indonesia, Malaysia, the Philippines, Thailand and Singapore — took part in the survey which was conducted between January and February.
The Philippines was ranked as the most upbeat, with a score of 84 on a scale of 100, followed by India’s 83.8 and China’s 66.9.
The survey polled 2,700 mass affluent residents between the ages of 25 and 50 on their views about life over the next five years. The study covered four aspects of life — career, retirement, family and health.
The 300 Singaporeans polled generally had the lowest scores in all four categories.
Angela Lau, head, Branding & Communications, AXA Life Insurance Singapore, said: "They’re not so confident about their health and career, and how they are going to cope with the challenges in life. For the career perspective, they are actually very concerned about job security.
"One in four is worried about whether they will have a job in the next year or so and in the next five years. That’s probably one of the reasons why they are not so optimistic about life at this juncture."
Ironically, Singaporeans also turned out to be the least affected by the economic turmoil, across the markets surveyed.
On how much they were impacted by the current economic crisis, Singaporeans rated six on a scale of one to ten — the lowest figure compared to their Asian counterparts.
The survey also showed that more than half of those polled planned to have children, and three in ten planned to have two or more children.
— CNA/so
We need to be stay positive and be strong in the current crisis! Do you agree?
- wong chee tat :)
Channel NewsAsia
Channel NewsAsia - Friday, April 3
SINGAPORE: Affluent Singaporeans are the most pessimistic in Asia when it comes to their future, according to a survey by life insurer AXA.
Eight Asian economies — China, Hong Kong, India, Indonesia, Malaysia, the Philippines, Thailand and Singapore — took part in the survey which was conducted between January and February.
The Philippines was ranked as the most upbeat, with a score of 84 on a scale of 100, followed by India’s 83.8 and China’s 66.9.
The survey polled 2,700 mass affluent residents between the ages of 25 and 50 on their views about life over the next five years. The study covered four aspects of life — career, retirement, family and health.
The 300 Singaporeans polled generally had the lowest scores in all four categories.
Angela Lau, head, Branding & Communications, AXA Life Insurance Singapore, said: "They’re not so confident about their health and career, and how they are going to cope with the challenges in life. For the career perspective, they are actually very concerned about job security.
"One in four is worried about whether they will have a job in the next year or so and in the next five years. That’s probably one of the reasons why they are not so optimistic about life at this juncture."
Ironically, Singaporeans also turned out to be the least affected by the economic turmoil, across the markets surveyed.
On how much they were impacted by the current economic crisis, Singaporeans rated six on a scale of one to ten — the lowest figure compared to their Asian counterparts.
The survey also showed that more than half of those polled planned to have children, and three in ten planned to have two or more children.
— CNA/so
We need to be stay positive and be strong in the current crisis! Do you agree?
- wong chee tat :)
Subscribe to:
Posts (Atom)