For Singaporean millionaires in particular, the report showed that confidence was boosted by their ability to find safe places to invest in an uncertain environment.

“Property is usually a key focus point in the region and it seems that Singapore is turning more positive whereas in Hong Kong, the authorities are still trying ensure better affordability,” said Hartmut Issel, head of equity and credit APAC and a chief investment officer from UBS Wealth Management.

“(The) property market can often swing the picture.”

Eight out of 10 Singaporean millionaires find the local property market still remains attractive, according to the survey, and more than two-thirds said the domestic market offers security for their money. However, 7 out of 10 Singaporean millionaires pointed to cash as a safe option and UBS warned on the dangers of this belief.

“I think there’s work to be done for wealth managers in Singapore to at least put the context that while cash is always safe, it is also important to know that you have opportunity costs and inflation so it is not quite as safe as perceived,” said Issel.