SINGAPORE (Dec 20): Growing wealth is no longer the sole focus of Singapore’s new rich. Instead, the ‘salaried millionaires’ of Singapore are seeking personal enrichment, alongside wealth accumulation.
New research from HSBC that shows Singapore has the highest proportion (along with France) of salaried millionaires in the world. According to the research, these individuals prioritise self-enrichment over wealth accumulation. The research also found that 40% of Singapore HNWIs list salary and bonuses as main income source, while 77% see personal growth as more important than increasing their wealth.
In light of this, HSBC Singapore has ramped up the preposition offered to their ‘jade’ customers, who are their high-net worth individuals (HNWI), by launching their ‘Enrich List in a one-of-a-kind event where their clients were given a curated experience with four fundamental pillars, such as curated adventures, ultimate wellbeing, creating purposeful lives and game-changing.
The Enrich List is a portfolio of 50 unique global experiences with a focus on self-discovery and personal growth, and will support these “salaried millionaires” needs for self-enrichment. Alice Fok, Head of Customer Proposition and Marketing, HSBC Bank (Singapore) explained, “Jade Passport was created to facilitate seamless access to our banking services in the key Asia cities where we see a lot of cross markets activities, while the Enrich List aims to be a source of inspiration for them to live a more purposeful life.”
“Our research points to Singaporeans becoming more comfortable with their economic status. They are starting to shift their primary pursuit from material wealth to other more altruistic experiences which impacts the way they spend and invest. Jade Passport and The Enrich List were developed to respond to this shift.”