Singapore to Become World’s biggest Private Banking Centre
Traditionally Switzerland has always ranked highest as the world’s private banking centre due to its stability, neutrality and confidentiality laws. However, that may be about to change. By the end of this decade it is expected that Singapore
will overtake Switzerland as the number one global offshore wealth management capital of the world.
This is due in part to a rise in wealthy individuals in Asian countries spurred on by the economic rise in China creating a new richer middle class. It is expected that by 2030 Asia may host 64% of the global middle class.