The past few years have presented a major growth opportunity for Asia-Pacific offshore centers as the region has seen its HNWI population increase to 3.37 million in 2011, making it home to the largest HNWI population in the world. According to the report, this increase in population has helped in contributing to the growth of Singapore and Hong Kong as centers of offshore wealth.
"These centers are attractive to Asia-Pacific HNWIs because of their proximity, cultural and linguistic alignment, proactive and transparent regulatory authorities, and the access they provide to investments in developing but highly regulated Asian markets such as India and China," the report said.
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However, the biggest driver for the growth of these offshore centers is the diversification of country risk prevalent in many markets in Asia-Pacific, the report added.
Jean Lassignardie, corporate vice president, head of sales and marketing, Capgemini Global Financial Services, said: "At present, the perceived benefits offered by Singapore overall slightly outweigh those of Hong Kong, but the authorities in Hong Kong are taking steps to bridge any gaps. Firms have a significant opportunity to leverage the benefits both offshore centers offer HNWIs."
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