The dearth of wealth managers are considered to be so grave that financial firms are even having trouble dealing with the clients who come to them.
The trend reveals the growing importance of Asia as a destination itself for the wealthy and that though Switzerland is the world’s largest offshore wealth centre; Singapore and Hong Kong are also gaining ground.
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"The centers offer relatively stable currencies and political environments, favourable tax policies, transparent regulatory and legal systems, and well-developed capital markets," said the report by RBC Wealth Management and consultancy firm Capgemini.
Currently, the Asia-Pacific region has the highest number of wealthy individuals in the world, with 3.37 million people in the region holding investable assets of at least US$1 million, excluding their homes, the report said.
However, the scarcity of skilled talent is the most critical challenge for wealth management firms in the region, the report added.
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