By Andrew Batt:
Singapore, Hong Kong and South Korea are home to Asia’s least happiest millionaires while those in Malaysia, Indonesia and Thailand are the most contented, according to a new report.
The findings, part of the Futurepriority Report 2012 published by Scorpio Partnership and supported by Standard Chartered Priority Bank, gathered views from individuals worth more than US$1.4 million (S$1.8 million).
“The results are striking. The Malaysian, Indonesian and Thai markets have shown positive exuberance in these tough markets when it comes to wealth creation, and is matched only by Indian millionaires. The linkage between happiness and confidence in wealth creation ambitions is significant,” said Catherine Tillotson, Managing Partner at Scorpio Partnership.
Some 89 percent of the 2,800 survey participants wanted more guidance about how to manage their investments, while 86 percent specified a need for more education about how best to manage their wealth.
Banks dominate when it comes to money management, with 69 percent of Asia’s wealthy having this relationship. Financial advisors, online investment firms, private banks and wealth advisors all jostle for second place in terms of popularity.