- Local WealthTech venture funding hit more than US$161 million in 2021, a sevenfold increase from just US$23 million in 2017.
- Early-stage and late-stage average venture deal sizes in Singapore each surged to a record high of over US$15 million in 2021, indicating boosted investor confidence in the Singapore
Burgeoning growth in Asian wealth accumulation
When it comes to wealth accumulation, Asia has come out tops with the highest five-year growth rate in financial wealth at 68%. This is compared with 26% in Europe and 55% in North America.
This is the burgeoning growth that WealthTech players are seeking out, particularly so for those tapping the opportunities from Asian wealth, according to the Endowus-KPMG WealthTech: Looking Ahead report.
Asia is set to surpass Europe as the world’s second largest wealth hub by 2026. Over in Singapore, the pool of high-net-worth individuals and ultra high-net-worth individuals grew by 126% and 158% respectively between 2016 and 2021.
Other key findings from the report include:
