Last year was a bloodbath in global markets. Every asset class, with the exception of commodities and the US dollar, took a beating. This year, a recession in parts of the world, including the United States, is a distinct possibility.
Yet, amid the wealth destruction, Sentosa Golf Club – Singapore’s most prestigious golf course – has never had it so good. The cost for an expatriate to join the exclusive club has more than doubled since the eruption of the Covid-19 pandemic to S$840,000 (US$637,000). For citizens and permanent residents, the membership price has shot up to S$500,000, up 90 per cent since the end of 2019, according to Bloomberg data.
The dramatic increase is indicative of one of the most conspicuous trends in Asian finance: Singapore’s emergence as an international wealth hub. According to data from Knight Frank, the number of ultra-high-net-worth individuals – those with at least US$30 million of net assets – in the city state surged 158 per cent between 2016 and 2021, to 4,206 and is set to rise a further 43 per cent by 2026.
Chinese money has already made its presence felt in the city’s residential property market. According to data from OrangeTee & Tie, Chinese buyers – both foreign nationals and those with permanent residency – were the top foreign purchasers of non-landed properties last year, as well as the leading overseas buyers of luxury homes in prime districts.