In a new report by Deloitte, Hong Kong has overtaken Singapore to be the fifth largest wealth management centre in the world. With US$500bn worth of assets tucked under its belt, Singapore fell a spot from last year although it recorded an increase of 25% in its clients’ assets since 2008, said Deloitte. Hong Kong achieved stellar growth of 142% to US$640bn worth of in assets under management in the same period, recording the strongest expansion among all contenders. Hong Kong overtook Singapore for the first time in 2012.
Switzerland kept the top spot as the leading wealth management centre, with U$2 trillion worth of assets under management at the end of 2014, up 14% from 2008. “Switzerland remains the world’s largest centre, but other locations are catching up rapidly – especially Hong Kong, the US and Singapore,” said Daniel Kobler, head of banking strategy, consulting at Deloitte Switzerland.
The full report is available in soft copy. Please click on the link below: