Singapore to bypass Switzerland as global private banking centre
Singapore is set to overtake Switzerland as the biggest offshore private banking market by 2020, according to figures in the latest Timetric report Asian Cities Wealth Book 2012.
The Asian country had some $550bn in assets under management at the end of 2011, up from $50bn in 2000.
Over the next seven years it will continue to benefit as business shifts away from traditional wealth centres such as Switzerland, Luxembourg and the Caribbean, Timetric suggests.
This development is linked to the rapid emergence of growing numbers of high net worth individuals in the region. According to Timetric’s figures, the global number of HNWI’s declined by -0.3% betweeen 2007-2011, but the Asia Pacific saw a 29% rise to 2.6 million such individuals.
Additionally, each of these HNWIs in the region saw their wealth grow on average over the period, thus total regional HNWI wealth rose 30% from $8.1trn to $10.6trn by 2011.
The number of ultra HNWIs also grew in number of the period – from 18,210 to 32,800 – and are expected to reach close to 39,000 between 2011-2016.
To read the full Timetric research on Asia Pacific HNWIs and UHNWIs click here: http://timetric.com/research/report/WI0070MR/