worth individuals ( hnwi ; people with at least us $ 1 million in financial assets ), not far behind the us with 2. 7 million and europe with 2. 6 million. asian hnwis control an estimated us $ 7. 2 trillion in financial assets. the size of this group in asia is growing at 7 % per year, second only to the middle eastern hnwi, now 300, 000 which is growing at 9 % per year. traditionally, asian and middle eastern investors have looked to the developed, western markets to meet their investment needs. but increasingly, they are looking to diversifying their assets globally. it is a interesting new story, that is only beginning to unfold in asian markets. this is not just a post - 9 / 11 story. increasingly, wealthy investors the world over are looking to spread the risks and enhance the overall returns on their investment portfolios. we are seeing this search for diversification and improved returns on investment amongst sophisticated investors from the middle east and asia. it provides an opportunity for markets in asia and the middle east which can offer wealthy investors with higher expected returns at acceptable risk. the demand side of the financial equation in our two regions is equally compelling. first, there are unprecedented demand for funds to finance infrastructure projects, across the region. in southeast asia alone, about us $ 461 billion is expected to be spent over the next 15 years to upgrade infrastructure. this is not even looking at china and india. likewise in the middle east - the reconstruction of iraq and qatar ’ s infrastructural plans are each expected to cost us $ 100 billion. second, besides infrastructure finance, we are seeing huge growth potential in the consumer finance sector in our two regions. it is driven by a rapidly expanding middle - class, who want better housing, cars and other big - ticket items like middle classes anywhere else in the world. for instance, india ’ s “ consuming class ” will rise from the current 30 % of households to 40 % by 2010. similarly in china, the “ middle class ” is set to double over the next 5 years. facilitating greater financial flows between asia and middle east financial services are therefore growing rapidly in asia and the middle east. and there is scope for greater deployment of our savings within our two regions, as investors in both regions look for improved returns. we are seeing the beginnings of a fruitful and meaningful relationship in financial sector cooperation. there is much scope for regional financial centres like singapore

ravi menon : mas ’ annual report 2015 / 16 remarks by mr ravi menon, managing director of the monetary authority of singapore, at mas ’ annual report 2015 / 16 media conference, singapore, 25 july 2016. * * * good morning. welcome to mas ’ annual report media conference. economic growth the global economy is headed for another year of lacklustre growth. recovery in the advanced economies is hesitant and uneven. economic activity is slowing in the emerging market economies. the imf has just released its latest projection for global gdp growth in 2016 – at 3. 1 %. this is the same as last year. mas is closely watching these developments, especially three factors that are key to the growth outcomes this year : one, brexit and its implications ; two, the shape of the recovery in the us economy ; and three, slowdown in the chinese economy. the uk referendum vote to exit the eu will have an impact along several dimensions : first, on financial markets and possible consequences for financial stability ; two, on investment and gdp growth in the uk, with potential spill - overs to the eu and beyond ; and three, on political and social developments, and what they mean for globalisation. brexit ’ s impact has been most keenly felt so far in the financial markets. this is to be expected as prices need to adjust to reflect the new reality of a uk that is outside the eu. so, exchange rates, bond yields, and equity prices have all seen sharp movements as markets search for a new equilibrium. uncertainty prevails over exactly when and how brexit will take place ; we can expect recurrent bouts of market volatility in the months ahead. central banks across the world have said they will do what it takes to safeguard financial stability and maintain smooth functioning of their markets. we expect the global financial system to stay resilient, given ample liquidity and the generally stronger balance sheets of banks. but the uk economy is expected to take a hit and there will be some fallout on the eu. uncertainty, especially over the terms of the uk ’ s exit from the eu and its future access to eu markets, will weigh on business confidence and investment spending. growth in the eu will be weighed down by brexit, on account of its significant trade and financial linkages with the uk. this in turn is likely to have a small dampening effect on global growth. the political and social implications of brexit could have more significant economic consequences