SINGAPORE (May 17): Eight-four percent of Singaporean millionaires believe they are living through the most unpredictable period in history, with the majority citing the risk of greater trade barriers as one of the largest sources of domestic uncertainty, a recent survey by UBS investment bank found.

But the survey also found that Singaporean millionaires are more confident about dealing with the unpredictability. They are also more focused on wealth preservation in order to leave a legacy for their children and grandchildren.

UBS Wealth Management conducted the global study millionaires across seven markets regarding their hopes, attitudes and investment focus for 2017. Of the 2,842 millionaires surveyed, 401 were from Singapore. The others were from Hong kong, Japan, Mexico, Italy, Switzerland and the United Kingdom.

When making important decisions to deal with uncertainty, Singaporean millionaires have a strong level of trust in traditional media, with nearly 80% indicating that they trust newspapers. Close to 90% of Singaporean millionaires indicate high levels of trust in their own instinct, which UBS sees as a positive trait to possess as an investor.

When asked if they were reviewing their investments in light of recent global unexpected events, 82% stated that they are either reviewing all their investments or are planning to do so. This percentage was slightly higher on a global scale, which proves that Singaporean millionaires were generally more involved in their own investments and were diligent in doing their “homework”.

According to Harmut Issel, UBS’s APAC Head Equity at the Chief Investment Office Wealth Management, the survey was conducted to help the bank feel the pulse of the high net worth community.

When the Singaporean millionaires were asked about their plans to change their investment portfolio in 2017, there were many positive responses with regard to purchasing more bonds or holding more cash. However, a large number also planned to achieve a more balanced and diversified portfolio.

Issel also found it encouraging that there is an upcoming trend of these high net worth individuals considering alternative investments, such as private equity and hedge funds.

By seeking a more balanced and diversified portfolio instead of just letting their cash assets erode in value due to inflation, these investors would be exposed to more opportunities, he adds.