Study Finds Nearly 60% of Hong Kong and Singapore’s Super Rich Have Invested in Digital Assets

Study Finds Nearly 60% of Hong Kong and Singapore’s Super Rich Have Invested in Digital Assets

According to a study jointly published by KPMG China and Aspen Digital, about 58% of Singapore and Hong Kong’s family offices and high-net-worth individuals have invested in digital assets. Reports suggest the info shows the crypto market downturn has not diminished the super-rich’s interest in digital assets, and is unlikely to dissuade them from increasing their holdings of these assets.

Singapore and Hong Kong’s Super-Rich Increasingly Interested in NFTs

Nearly 60% of family offices and high-net-worth individuals (HNWI) from Hong Kong and Singapore have invested in digital assets, while 34% are planning to do the same, a new study has found.

Besides holding BTC and ETH, the study found the two regions’ super-rich have also shown increased interest in non-fungible tokens (NFTs) and decentralized finance (defi) products. Commenting on the study’s findings, jointly published by KPMG China and Aspen Digital, the latter firm’s CEO Yang He said:

NFTs have seen an explosion in interest since 2021, while the interest in Defi began in 2020 and remains interesting.

According to a South China Morning Post report, among the 30 family offices and HNWIs that participated in the study, more than 60% had assets under management (AUM) that ranged between $10 million and $500 million. As noted in the report, the two regions’ super-rich were not dissuaded from investing in crypto assets by the market’s downturn.

Family Offices May Allocate More to Digital Assets

Meanwhile, the Aspen Digital CEO reportedly said he expects the rich families from these regions to increase the proportion of their wealth invested in digital assets. Yang He’s sentiments are echoed by Paul McSheaffrey, senior banking partner at KPMG China. He said the high likelihood of upside is what may prompt wealthy families to allocate more to digital assets.

“For HNWIs and family offices, there is [a] real possibility of a big upside, so they may think why not stick 2 or 3 per cent of my portfolio in that and see what happens,” McSheaffrey said.

Tags in this story

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.














Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Published at Fri, 28 Oct 2022 10:30:30 +0200

Previous ArticleNext Article

Leave a Reply

Your email address will not be published.