With the rising cost of living, rising population, banks $DBS(D05.SI)$ $UOB(U11.SI)$ $OCBC Bank(O39.SI)$ are seen as the main beneficiaries. This is largely attributed to several factors:
  Loans: As property and commercial real estate prices rise, banks profit from a larger loan book. The increasing demand for mortgages and business loans, driven by both locals and a growing immigrant population, provides a steady stream of interest income for banks.
Property Market: Higher property prices, both residential and commercial, mean that the value of the assets banks hold as collateral for their loans also increases. This can strengthen their balance sheets and provide a buffer against potential defaults.
Immigration: A growing population, particularly with high-net-worth individuals, fuels demand for a wide range of banking services. This includes not only mortgages and other loans but also wealth management, private banking, and a host of other fee-based services.