Good afternoon,

Please see the press release below from WealthInsight, the London based global wealth consultancy, which has conducted an in-depth analysis of the world’s leading offshore financial centers.

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Press release: Singapore to overtake Switzerland as leading Offshore Hub by 2020

 

The global private banking industry has AuM of $19.3 trillion. Offshore centers account for 42% or $8.3 trillion of this total. As traditional offshore centers come under increasing scrutiny, WealthInsight highlights the emergence of new global leaders.

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Key findings:

  • The global private banking industry has AuM of US$19.3 trillion. Offshore centers account for 42% or US$8.3 trillion on this total.
  • Switzerland is the largest worldwide player with AuM of US$2.8 trillion. The bulk (over 80%) of funds held in Switzerland are held for foreign clients.
  • Singapore is the fastest growing wealth center in the world with AuM of $550 billion at the end of 2011 compared to US$50 billion in 2000.
  • WealthInsight expects Singapore to overtake Switzerland by 2020 to become the largest global offshore wealth center by AuM. This will be fuelled by a movement of funds away from Switzerland, Luxemburg and the Caribbean and towards Singapore.
  • Furthermore, high growth in HNWIs in APAC countries such as China, India and Indonesia, which are among the largest investors in Singapore, will further boost AuM.
  • China’s private banking AuM accounts for only 1% of total Chinese HNWI wealth in 2011, which is well below the worldwide average of 29% (worldwide private banking AuM stood at US$19.3 trillion at the end of 2011 compared to worldwide HNWI wealth of US$66 trillion).
  • Hong Kong is well placed to benefit from growth in HNWIs from China and attempts to internationalize the renminbi (RMB).

For more information, please find a summary of our data in the briefing attached.

If you have any questions about this release, or would like more information, please be in touch.

Best regards,

Christopher.