Singapore, Hong Kong, Taiwan and South Korea – the original Tiger economies before the label was attached to the Republic of Ireland and later Dubai.

Has the economic turmoil reached the shores of these exotic destinations? Yes. Undoubtedly, the first thing to hit you as you leave Changi airport is the thought “why can’t airports in the UK be as calm and relaxing as this”? The second thought as you cross the bridge on your way to the hotel is “wow, that’s a lot of empty ships waiting for cargo”?

This is without doubt the most visible sign that exports have slowed and Singapore is not alone, Hong Kong and Taiwan share the pain. That said there is an optimistic air in both Singapore and Hong Kong. Shops and restaurants are inundated with locals and expats, HR departments of large financial institutions are busy working through CVs from Investment bankers from Dubai and London.

So where will salvation come from?

Whether it is demand for exports from Europe and America or domestic spending one thing is for sure the economies of these vibrant territories will recover and they will most likely out shine the annual growth estimates of their Western competitors.

The Tiger and wider Asian, economies have seen it all before. 1998 is mentioned in nearly every conversation when discussing current events and the fall out from the late nineties will continue to be lamented over late night drinks in the Mandarin Oriental’s Captains Bar.

The people and the Governments, now have the drive to diversify their economies and the will to be less reliant on exports. The future is bright for the original Tiger and we haven’t even mentioned China!

And what does this mean for our industry?

The traditional assets classes of real estate and family owned businesses remain core to the region however more and more high net worth individuals have acquired the more exotic assets classes such as Aircraft, Yachts and Art collections. Local advisors are well equipped to provide the advice required to safe guard such assets as well providing excellent estate planning opportunities.

The days of simplistic planning have gone and the standalone BVI Company is no longer regarded as “the best planning tool”. More sophisticated planning has opened up opportunities both domestically and internationally. The use of both Private Funds and Private Trust Companies has increased dramatically.

The need and the want, for transparency and good corporate governance is encouraging the Fiduciary world to expand the traditional Corporate offerings to satisfy the diverse needs of these high net worth families.

For those entrepreneurial families behind the economic recovery there has never been a more appropriate time to speak with Abacus regarding how we can help with their demanding wealth management and global asset structuring needs.

For details on how we can assist you and your clients, please contact emer.dowling@abacusiom.com