[SINGAPORE] Ultra-rich Asians who inherit traditional assets are not just passive recipients of wealth transfer these days. More and more, they are looking to switch some of their wealth to alternative assets such as physical gold and luxury watches, market watchers said.
A beneficiary of that trend is Malca-Amit Singapore, a logistics and storage provider. It has expanded its vaulting capacity in Singapore in recent years; in fact, the Republic hosts the highest volume of the group’s vaults and secure storage worldwide.
“We have been seeing a growing trend in Singapore around demand for private vault storage, especially among family offices,” noted Shiv Tulsiani, head of business development at Malca-Amit Singapore, who declined to give a specific figure.