Maybank’s Singapore CEO Alvin Lee said that Asia’s ultra-rich are diversifying into new asset classes, including cryptocurrencies and gold. Gold prices hover around $4,400 per ounce and are forecast to reach $4,900 by year-end by Goldman Sachs. Due to its safe haven status, Singapore is attracting capital from Dubai, while wealthy Chinese are increasingly moving to Malaysia, particularly to Kuala Lumpur, Malacca and Penang, where real estate valuations are more attractive than in Singapore.
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