Attention turns from HK to Singapore
24th April, 2014 by Rupert Millar
The attention of fine wine merchants in Asia is increasingly turning from Hong Kong to Singapore.
According to the Financial Times, a combination of the continued Chinese austerity drive, too many merchants in Hong Kong and a growing number of millionaire collectors in Singapore and nearby Indonesia is making the city state an increasingly attractive place to do business.
With Hong Kong now home to 2,000 wine merchants catering to seven million people, while Singapore has just 100 merchants for a population of 5.3m.
Furthermore, WealthInsight has reported that the number of US dollar millionaires in Singapore doubled to 183,000 in the five years to 12 and is expected to rise to 291,000 by 2017.
One fear is, that with so many merchants now in Hong Kong and the continued austerity measures, the city is heading for a period of contraction.
Speaking to the paper, chairman of UK merchant Berry Bros & Rudd, Simon Berry, said that Singapore had previously been thought of as overshadowed by China, Hong Kong and Japan but now people are realising, “it’s a hub for southeast Asia,” as well as being an interesting market in its own right.
As was reported late last year by the drinks business, Singapore-based logistics company, CWT, is building a 750,000 square foot wine storage facility in Singapore – mostly to cater to private clients, including those from Indonesia who may want their wine closer to home than London, Geneva or even Hong Kong.