60% of Hong Kong and Singapore's richest people invest in cryptocurrencies

KPMG China and Aspen Digital presented the results of their latest survey.

According to a study published by KPMG China and Aspen Digital, approximately 58% of Singaporean as well as Hong Kong family businesses and wealthy people have invested in cryptocurrencies. The report suggests that the slowdown in the digital currency market did not diminish the interest of wealthy people in digital assets at all.

The richest people from Hong Kong and Singapore increasingly interested in NFT tokens

Nearly 60% of Hong Kong and Singapore based family businesses and high net worth individuals (HNWIs) have invested in digital assets so far, and another 34% plan to do so in the near future, according to a new survey.

In addition to owning the most popular digital currencies such as Bitcoin and Ethereum, the rich of these two Asian regions have also shown an increased interest in non-fungible tokens (NFT) but also in decentralized financial products (DeFi).

- NFT have experienced an explosion of interest since 2021, while interest in DeFi started earlier, already in the 2020 stage - said Yang He, CEO of Aspen Digital.

In turn, according to the latest report prepared by the South China Morning Post, among the 30 family businesses and HNWI that participated in the survey, as many as 60% of respondents had assets under management (AUM), which ranged from $ 10 million to $ 500 million. As rightly noted in the report, the super-rich from these two regions have not been discouraged from further investments in the broadly understood cryptocurrency sector, even despite the price drops.

The richest family businesses are willing to spend even more on digital assets

Aspen Digital's CEO further said he expects wealthy Hong Kong and Singapore families to increase the level of commitment of their assets invested in digital assets soon. Yang He's beliefs are endorsed by Paul McSheaffrey, senior banking partner at KPMG China. McSheaffrey additionally stated that a high probability of an increase in the price of cryptocurrencies can already be seen on the horizon, which may induce wealthy families from this region to expand their portfolio.

- HNWI and family businesses see real benefits that they can achieve as a result of increasing their involvement in the cryptocurrency sector. Hence, they may come to the conclusion why not add another 5 or 6 percent of their capital to the funds they have already invested in digital assets and see what happens, concluded McSheaffrey.