Despite all the hype about Singapore’s rise as a leading Asian financial hub, bankers in Hong Kong continue to outperform their regional rival in terms of earnings.
Bankers in Hong Kong across the board were paid higher salaries on average compared to Singapore, according to «Bloomberg» report citing data from recruitment firm Michael Page.
Within investment banking, Hong Kong registered an average salary of $92,149 for analysts and $123,000 for associates, beating their counterparts in Singapore by 46 percent and 36 percent, respectively. Executive directors in Hong Kong also earned 13 percent more.
Private Banking
The trend extends to private banking where Singapore has been frequently featured in headlines for successfully attracting inflows and wealthy individuals in recent years. Relationship managers in Hong Kong make nearly $128,000 which is 13 percent more than Singapore.
The figures do not account for tax with middle-income earners in Hong Kong facing higher rates (6.7-14.4 percent) compared to Singapore (3.9-12.8 percent).
