As Switzerland losses gloss as tax haven, Singapore beckons

Singapore will eclipse Switzerland as the largest offshore wealth center in terms of assets by 2020, according to according to London research firm, WealthInsight. CNN reported that while the offshore banking crown still belongs to Switzerland, which has a massive $2.8 trillion assets under management, or 34% of the global private banking industry, Singapore is currently the fastest growing market with $550 billion under management, up from just $50 billion in 2000. Thanks to increasing numbers of wealthy Chinese, Indians and Indonesians, Singapore’s $450 billion offshore accounts are fueled by the shift to low-tax and safe investment centers closer to home.


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