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Singapore is the world’s fastest growing wealth centre and is predicted to overtake Switzerland to become the largest offshore private banking market by 2020, according to recent research.
Global financial analysis group Timetric said assets under management within the city-state had risen to US$550bn by the end of 2011 from just US$50bn in 2000 and that it is set to benefit from a movement of funds away from Switzerland, Luxembourg and the Caribbean over the next seven years.
The rise in Singapore’s prominence as a “wealth centre”, said Timetric, can be partly apportioned to the growth in the number of ultra high net worth and high net worth investors in the Asia Pacific region.
Timetric said, while the worldwide number of HNWIs declined by 0.3% between 2007 and 2011, the Asia Pacific region experienced a significant growth in HNWIs, increasing by 29% from 2 million to 2.6 million.
Moreover, HNWI wealth in the Asia Pacific region rose by 30%, from US$8.1trn in 2007 to US$10.6trn in 2011.
Furthermore, Timetric said UHNWIs in the Asia-Pacific region also performed well between 2007 and 2011, with their number rising by 31% from 18,210 to over 32,800 and this growth is expected to continue, with a rise of 62% – to 38,650 – forecast between 2011 and 2016. –
by: Simon Danaher
International adviser
