Singapore is unlikely to overtake Switzerland as the biggest wealth centre in the world any time soon, but it should strive to play to its strength in world of global finance, Prime Minister Lee Hsien Loong has said. Assessing Singapore's future as a financial hub, he said Singapore was focusing on a number of growth areas, not just in wealth management.
A Pricewaterhouse Coopers report said the country could overtake Switzerland as the top wealth centre in the world by 2015. Lee, however, pointed out that even though Singapore has about USD 1 trillion in assets under management, the republic is unlikely to take top spot. "I don't think that's true. I don't want that to be my marketing line," Lee was quoted as saying by The Straits Times. Full story
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