Singapore has a healthy head start on rival Hong Kong in the race to become Asia’s top wealth management center, according to a new report on wealth in Asia. The Chinese territory is taking steps to catch up, but Singapore’s allure as a safe haven for wealth continues to attract a lot of private investment from Greater China.
The importance of these two cities as offshore banking centers has grown, especially as regulators and institutions continue to carve out distinctions between the high net worth segment of the banking market and the mass affluent, typically defined as people with US$100,000 or more in investable assets. Full story
