SINGAPORE: A recent report from Bloomberg Intelligence has shed light on significant salary gaps between finance and technology professionals in Singapore and Hong Kong. The findings reveal that finance professionals in Singapore earn less than their counterparts in Hong Kong across various positions.
According to the data, investment banking analysts in Hong Kong command an annual salary of US$92,149, while their counterparts in Singapore earn notably less, with an annual income of US$63,305.
The gap is also evident among associates, as those in Hong Kong earn a substantial 36% more than their Singaporean counterparts, taking home a yearly salary of US$123,000, as reported by Michael Page.
In the realm of executive directors at investment banks, Hong Kong outpaces Singapore with a 13% higher income. The wealth-management sector also reflects this trend, with relationship managers earning 13% more in Hong Kong than their counterparts in Singapore.
Notably, the report highlights that Hong Kong’s dominance in tech salaries is partly attributed to a talent shortage in the region.
Despite this, technology professionals in Hong Kong consistently outearn their Singaporean counterparts, reinforcing the economic disparity between the two financial hubs.
The findings could signal a potential talent drain in Singapore if not addressed promptly. Ensuring Singapore retains its top-tier professionals and remains competitive in the global talent landscape could require policy reviews and proactive action like enhancing existing incentive structures.
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