Singapore is the Fastest Growing Wealth Center, According to WealthInsight26 Oct 2012 • by Natalie Aster
Switzerland is the largest worldwide player. The bulk (over 80%) of funds held in Switzerland is held for foreign clients.
The UK and Channel Islands is the second largest player with assets under management (AuM) of US$1,800 billion at the end of 2011. Local UK private clients’ AuM amounted to US$780 billion while the remaining US$1,020 billion is sourced from foreign clients and most of this is held in the Channel Islands.
The Caribbean and Panama is the third largest offshore center and remains the major player despite a loss of US clients over the review period. Notably, the bulk of new funds into this region came from Latin America during the review period as US clients moved their funds onshore following a crackdown on offshore centers following the financial crisis.
According to the report “Offshore Centres: 2012 Private Banking Handbook” by WealthInsight, Singapore is the fastest growing wealth center in the world with AuM of US$550 billion at the end of 2011 compared to US$50 billion in 2000.
Offshore Centres: 2012 Private Banking Handbook
Published: October, 2012
Price: US$ 4.995,00
WealthInsight expects Singapore to overtake Switzerland by 2020 to become the largest global offshore private banking market by AuM. This will be fuelled by the movement of funds away from Switzerland, Luxembourg and the Caribbean towards Singapore. Furthermore, HNWIs from high growth APAC countries, such as China, India and Indonesia which are among the largest investors in Singapore, will further boost AuM.
WealthInsight research shows that HNWIs in China, India, Russia and Indonesia either prefer or are forced to invest offshore due to a shortage of reputable local private banks and wealth managers.
More information can be found in the report “Offshore Centres: 2012 Private Banking Handbook” by WealthInsight.
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