The world’s wealthy still consider Switzerland the bestplace to park their riches despite tax evasion scandals ending banking secrecy. Swiss banks held $2 trillion (CHF1.87 trillion) of offshore wealth last year, according to financial consulting firm Deloitte.
This confirms Switzerland as being ahead of Britain ($1.7 trillion) and the United States ($1.4 trillion) as the world’s leading destination of cross-border wealth management. However, smaller Asian centres, such as Hong Kong and Singapore, continue to grow at a faster rate than Switzerland despite remaining some distance away in terms of absolute size of assets under management (AUM).
“Switzerland remains the world’s largest centre, but other locations are catching up rapidly – especially Hong Kong [142% AUM growth], the US [28%] and Singapore [25%],” Daniel Kobler, Deloitte Switzerland’s head of Banking Strategy Consulting, said in the report.