Navigation

Skiplink Navigation

Main Features

Overseas wealth Singapore, Hong Kong on track to match Swiss offshore cash

UBS and Credit Suisse have made major pushes to expand in Asia Pacific, including Hong Kong

(Keystone)

Singapore and Hong Kong together will hold as much overseas wealth as Switzerland in four years, according to a study by Boston Consulting Group (BCG). 

It underscores the boom in private wealth in the Asia Pacific region as well as the impact on Switzerland from the clampdown on tax evasion after the financial crisis. 

Banks in Switzerland stored $2.4 trillion (CHF2.33 trillion) in offshore riches in 2016, the highest in the world, BCG wrote in its annual global wealth report published on Tuesday. BCG expects this number to rise to $2.8 trillion by 2021. 

However, Singapore and Hong Kong together are on track to match Switzerland’s expected 2021 total thanks to their proximity to Asia Pacific’s swelling population of millionaires and billionaires, BCG said. 

In 2016, Singapore had $1.2 trillion and Hong Kong $800 billion in offshore wealth. 

“Switzerland remained the largest offshore centre with a 24% share,” BCG wrote in its report. “But that share is projected to decline through 2021.” 

Swiss banks UBS and Credit Suisse have made major pushes to expand in Asia Pacific and are the region’s biggest and fourth-biggest private banks respectively, according to Asian Private Banker.

swissinfo.ch and agencies/ts

Neuer Inhalt

Horizontal Line


subscription form

Form for signing up for free newsletter.

Sign up for our free newsletters and get the top stories delivered to your inbox.







Click here to see more newsletters

swissinfo EN

The following content is sourced from external partners. We cannot guarantee that it is suitable for the visually or hearing impaired.

Join us on Facebook!

×