Hong Kong & Singapore Increases 2021 GDP Forecast to 6.5% and 7%, Total AUM at $7.97 Trillion
13th August 2021 | Hong Kong
Asia’s leading financial centres Hong Kong and Singapore have revised their 2021 GDP forecasts with Hong Kong 2021 GDP to grow between 5.5% to 6.5% (Previous: 5.5%) and Singapore 2021 GDP to grow between 6% to 7% (Previous: 4% to 6%). In 2020, Hong Kong has an estimated total GDP of $365 billion with 7.47 million population and Singapore has an estimated GDP of $372 billion with 5.69 million population. In 2020, both Hong Kong and Singapore managed a combined total AUM (Assets under Management) of $7.97 trillion. (GDP ~ Gross Domestic Product)
“ Hong Kong & Singapore Increases 2021 GDP Forecast, Total AUM at $7.97 Trillion “
Hong Kong & Singapore ~ Combined AUM $7.97 Trillion
Hong Kong & Singapore are Asia’s leading financial centres managing a combined total AUM (Assets under Management) of $7.97 trillion in 2020.
In 2020, the total Asset & Wealth Management AUM in Hong Kong is at $4.49 trillion (HKD 34.931 trillion), growing 25% Year-on-Year (YOY). 942 firms reported conducting asset management, fund advisory, private banking and private wealth management business or trust services in Hong Kong. The total headcount in asset and wealth management is 48,006. (Assets under Management)
The total Private Banking & Private Wealth Management AUM in Hong Kong is at $1.46 trillion (HKD11.316 trillion), growing 25% Year-on-Year (YOY). Hong Kong clients contributed to 48% of AUM and non-Hong Kong clients contributed to 52% of AUM. 96% ($1.4 trillion) of Private Bank & Private Wealth AUM came from Professionals Investors. 4% ($58.4 billion) came from Non-Professional / Retail Investors.
In 2020, Singapore Assets under Management (AUM) grew 17% to $3.48 trillion (S$4.7 trillion), with the financial services sector growing 5.1%.