SINGAPORE: The wealthy in Singapore are the least satisfied with the amount of work-life balance they have in comparison to other affluent individuals in the Asia-Pacific region, a new poll shows.
A survey of high-net-worth individuals (people with liquid assets of at least US$1 million, or S$1.36 million) carried out by Swiss private bank Lombard Odier & Cie shows that less than one-third (30 per cent) of Singapore’s wealthiest are satisfied with the amount of work-life balance they have.
The poll’s results, published on Thursday (Nov 2), showed that the rich in Thailand, where 72 per cent of high-net-worth individuals (HNWIs) expressed contentment. This is followed by Australia’s wealthy, 68 per cent of whom had the same response, and then the Philippines: 64.3 per cent, Hong Kong: 52.8 per cent, Japan: 48.8 per cent, and Taiwan: 41.3 per cent.
The report shows that Singapore’s long working hours are partly to blame for the dissatisfaction of the country’s wealthiest. Over one in four (26 per cent) of the survey’s Singapore participants said that they work overtime frequently, a figure that is considerably higher than other countries in the Asia Pacific region.
The Singaporean work week averaging 45 hours is longer than many around the globe, including that of South Korea (37.9 hours), the United States (36.4 hours), United Kingdom (35.9), Canada (32.1) and Norway (33.5). It is the longest among the ten countries and territories in the Asia-Pacific where Banque Lombard Odier’s survey was conducted earlier this year. In contrast, the average work week for a European Union worker is only 30.2 hours long, according to data from the Organization for Economic Cooperation and Development (OECD) in 2022.
The poll showed that the younger cohort of HNWIs show the desire to have a better sense of work-life balance and are breaking away from the “work is life/life is work” mentality.
“Even as APAC HNWIs have a deep understanding of their own aspirations, there is clearly a gulf between their intent and their actions. We also see the divide in perspectives between generations, and a continued emphasis on sustainable investing and emergence of private assets in managing risks when it comes to allocations,” says Mr Vincent Magnenat, Asia regional head and global head of strategic alliances, Lombard Odier.
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