Singaporean millionaires value traditional media, a UBS survey has found.
According to the UBS Investor Watch 2017, Singaporean millionaires value traditional media like newspapers and television, with nearly 80% indicating that they trust newspapers.
In contrast, only around half trust social media or blogs.
UBS Wealth Management conducted a global study of 2,842 millionaires across seven markets (Hong Kong, Singapore, Japan, Mexico, Italy, Switzerland and United Kingdom) on their hopes, attitudes and investment focus for the year.
This included 401 millionaires in Singapore. Those surveyed had at least $1 million investable assets excluding property.
The poll found that 82% of the milllionaires believe this is the 'most unpredictable' period in history.
This perception was attributed to a range of causes ranging from economic, political and media influence.
When dealing with uncertainty, nearly 90% of Singaporean millionaires said that a wide variety of information sources helps them make the best decisions.
The majority of the millionaires in the city-state also said while democracy might be a source of stability, they favour strong and powerful leadership, seeing it as more effective.
Singapore follows Asia's patten of most millionaires owning first generation wealth.
Singaporean millionaires are also more confident of tackling uncertainty than their Hong Kong or Japan counterparts.
Nearly 80% of Singapore millionaires are confident in their ability to assess financial risks, with over 90% trusting their own instincts when making financial decisions.
Over half of the millionaires stated that the domestic market offers security for their money. Three-quarters said the same about physical assets and cash, despite the associated risks.
On the back of the findings, UBS Wealth Management has recommended three tactics to help deal with unpredictability:
1. Focus on the long term: Avoid responding to short-term events or distractions.
2. Maintain a diversified portfolio: UBS suggests exposure to a broad range of assets and geographies as well as adding alternative investments to portfolios.
3. Be wary of overestimating the safety of cash: Cash may always be attractive, especially in an unpredictable world. But inflation erodes, the Swiss firm said.
The research was conducted by Censuswide on behalf of UBS Wealth Management and was carried out between January 2017 and February 2017.