Singapore is now the world’s fastest growing offshore wealth centre and may overtake Switzerland by 2020, according to data provider Wealth Insight.
At the end of 2011, Singapore had $550 billion (€420.4 billion) of assets under management. This compares to $50 billion in 2000.
Wealth Insight predicts Singapore will overtake Switzerland as the largest offshore private banking market in the next couple of years.
Switzerland still tops the list of offshore domiciles, with more than 80% of the funds held in Switzerland being for foreign clients.
The UK and Channel Islands stands at number two, with assets under management of US$1,800 billion at the end of 2011.
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