Singapore will overtake Switzerland as the world’s top centre for managing international funds by 2015, according to a PricewaterhouseCoopers’ latest Global Private Banking and Wealth Management Survey report.
The report cited global tax crackdown and tighter regulation as major reasons behind weakening of Switzerland’s appeal to global investors.
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Respondents to the survey, which questioned 200 finance industry professionals from 51 countries, said that centres located in emerging markets stood to gain in stature.
Shanghai and Dubai were named as fast-growing centres by the respondents, closely followed by Brazil, Miami and Mexico City.
"Competition between traditional and newer IFCs and cities for the wealthy is expected to intensify," the study said.
However, Switzerland is still the world’s biggest offshore financial centre with US$2 trillion in assets, ahead of rivals Singapore, London, Hong Kong and New York in the 2013 ranking, the report says.
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By GlobalDataThe authors of the report opined that Switzerland and other international financial centres will be forced to create special areas of expertise if they are to differentiate themselves in future, as transparency and increased regulatory standards create a more level playing field.
