Singapore Banks Draw $61 Billion in New Wealth From Asia’s Rich
A LVMH Moet Hennessy Louis Vuitton SE store, center, and a Christian Dior SE store, right, at the Ion Orchard shopping mall along Orchard Road in Singapore.
Photographer: Ore Huiying/BloombergSingapore’s three biggest banks pulled in a combined S$77 billion ($61 billion) in net new wealth money last year as geopolitical tensions and trade uncertainty pushed Asia’s rich to move more assets to the city-state.
Oversea-Chinese Banking Corp. said Wednesday that net new money rose 30% to S$27 billion, lifting wealth assets under management to a record S$343 billion.