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More than 90% of Singapore and Hong Kong’s ultra-rich investing in crypto

Southeast Asia’s ultra-rich are starting to embrace the new asset class as part of the portfolio diversification strategies and crypto’s potential high returns.

Image by: Wikimedia Commons

Tue, 25 Oct 2022, 06:25 am UTC

The current depressed prices of Bitcoin (BTC), Ether (ETH), and other cryptos have not dampened wealthy investors’ interest in crypto assets. In fact, a recent survey revealed that more than 90 percent of Hong Kong and Singapore’s family offices and high-net-worth individuals (HNWI) are interested in investing or have already invested in the digital assets space.

This was revealed in a KPMG report titled “Investing in Digital Assets” released in October 2022. While most retail investors are cautious due to the market downturn, Southeast Asia’s ultra-rich are starting to embrace the new asset class as part of the portfolio diversification strategies and crypto’s potential high returns.

“Digital assets have evolved to an alternative asset class in recent years, with a market capitalization of more than USD 1 trillion,” KPMG wrote in the report. “Family offices and high-net-worth individuals in Hong Kong and Singapore have embraced this new asset class, with more than 90 percent of our survey respondents already investing in the space or planning to do so. The prospects of high returns and portfolio diversification have driven the growth in interest, while the increased participation by mainstream institutional investors has helped to spur confidence in digital assets.”

The report revealed that 58 percent of family offices and HNWIs interviewed have already invested in digital assets. Meanwhile, 34 percent of the survey participants said that they are planning in doing so. The survey was conducted by interviewing 30 HNWIs and family offices in Singapore and Hong Kong with assets between $10 million and $500 million.

The increasing participation by the ultra-rich, along with increasing institutional adoption, has increased confidence in the sector.

“Over the last 18 months, we have seen a huge increase in institutional investor interest in digital assets. For the Asian private wealth management industry, digital assets represent an emerging asset class with opportunities that are unrivaled within other financial products,” Yang He CEO/Co-founder, Aspen Digital, said.

Digital currencies have become more accessible as a number of traditional financial institutions have started offering crypto-related services. For instance, Singapore’s DBS announced in September that they are expanding the crypto offerings on its digital exchange and making them accessible to the bank’s 100,000 wealth clients who meet the criteria when it comes to income, according to Cointelegraph.

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