Traditionally Switzerland has always ranked highest as the world’s private banking centre due to its stability, neutrality and confidentiality laws. However, that may be about to change. By the end of this decade it is expected that Singapore will overtake Switzerland as the number one global offshore wealth management capital of the world.
This is due in part to a rise in wealthy individuals in Asian countries spurred on by the economic rise in China creating a new richer middle class. It is expected that by 2030 Asia may host 64% of the global middle class.
The focus of banks in Singapore is to raise equity. This is a strategy which is of particular appeal to the Asian community. Other nations are attracted by its adherence to international operations standards which have led to it achieving a superior highly respected reputation. These business attributes are expected to draw more high net worth individuals looking for offshore banking arrangements than any other jurisdiction.
Singapore itself is rumoured to have the world’s highest percentage of millionaires and is already a favourite destination of the super-rich. Currently it has a very high concentration of both local and foreign banks.
If you would like to learn more about how Chesterfield can help you to establish a Singapore offshore company or open a Singapore offshore company account or merely to enquire how these compare to other jurisdictions that we may offer please do not hesitate to contact us by following the link below or call us on our offices Telephone Number: 44 20 7097 1385 Contact Us
