Move Over, Switzerland: Singapore and Hong Kong Set to Attract More Wealth

by swisscham in Bank, Finance, Insurance

Singapore and Hong Kong will attract wealth from abroad at more than twice the pace of Switzerland over the next four years as AsiaÕs economic expansion draws cash from millionaires, Boston Consulting Group predicts. For decades, wealth hubs including Switzerland and Singapore have benefited from political and economic instability elsewhere that prompted rich people to move money abroad in search of investment returns. AsiaÕs biggest wealth centers are attracting clients from within the region who are becoming richer in tandem with its rising economic output. ÒRelative to Switzerland, Hong Kong and Singapore are growing faster because of the economic growth from China to India,Ó said Mariam Jaafar, a Singapore-based BCG partner and one of the authors of the report. Still, ChinaÕs restrictions on investment outflows may slow some of the movement of assets from the nation, Jaafar said. China ranks above Taiwan, Hong Kong and Indonesia as the largest source of offshore wealth in the Asia-Pacific region, according to BCG. It contributed almost USD 12 billion in revenue pools for private banks last year, the most in the region, the report showed. Banks from UBS Group AG to Credit Suisse Group AG and DBS Group Holdings Ltd. have been adding wealth management staff to service global clients as assets grow.

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