The growth of HNWIs (high net-worth individuals) has stagnated somewhat in the United States and Europe, in comparison to the explosive growth in Asia where the number of millionaires has grown past 3.6 million in 2015.
This trend has led to the growth of private banking in Singapore, where HNWIs can expect tailored services in exchange for parking their considerable funds in a particular financial institution. Banking services not available in most retail banking solutions (above the deposit taking and payments) include:
- Discretionary asset management (fee-based investment managed account)
- Financial instruments brokerage
- Focused tax advisory services