From CNBC: Singapore Will Replace Switzerland as Wealth Capital

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#1
http://www.cnbc.com/id/100659977
Published: Monday, 22 Apr 2013 | 8:26 AM ET
By: Robert Frank
CNBC Reporter & Editor

Thanks in part to its generous tax regime, Singapore has been a millionaire haven for years. But a new report says the tiny island state may soon overtake Switzerland as the world's largest offshore wealth hub.

The report, by WealthInsight, a London-based research firm, says Singapore is the fastest growing wealth center in the world, with $550 billion in assets under management – up from $50 billion in 2000. About $450 billion of that is offshore.

Switzerland has $2.8 trillion in assets under management, with $2.1 trillion of that coming from offshore wealth. Switzerland accounts for 34 percent of the $8.15 trillion in total global wealth.

Yet the report said Singapore could overtake Switzerland in offshore assets under management by 2020. It said Swiss offshore assets could fall below $2 trillion by 2016, while Singapore's assets could more than quadruple by then.

The reason: Switzerland may be falling out of favor with the wealthy, while Singapore is attracting more of the new wealth from Asia. Recent offshore wealth scandals and prosecutions in the United States and Europe have pierced the veil of Switzerland's vaunted bank secrecy laws. Western countries are also tightening their tax codes and chasing tax shelters more aggressively.

"The Swiss wealth management model is under intense pressure," the report states. "Offshore centers have suffered significant reputational damage in the past four years and advanced economies are increasing their oversight of cross-border banking and tax havens."

While the West is cracking down on wealth in Switzerland, however, Singapore is opening its arms to all the new rich from Asia. Millionaires and billionaires in Asia, especially China, are pulling hundreds of billions of dollars out of their country to stash overseas.

Much of that is going to Singapore and Hong Kong. More than half of Singapore's offshore assets come from China, WealthInsight says.

"Rapid growth in Asian economies such as China, India, Indonesia and Malaysia will continue to see new investments in the years ahead," the report stated.
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#2
The money that is swindle (corp. governance issue!!) from S chips ran to china Hk and the money that is legally stolen from china communist find its way here!

So a small lost on S chip a big gain for our banks! Money parked here probably is paid very little interest rate and lent out to property and other real estate asset. The bubble can continue forever with cheap money that find comfort of avoiding scrutiny for tax haven.

But surprisingly, its not moving high end property, equity or investment. Neither had it generate anything except inflation in the middle class and below.

So far what I see is that the government has taken advantage of this in terms of land tender and COE.

Landed property and commercial retail property bubble is continuing strongly and I think mostly with chinese money!!
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#3
imho, if i look hard enough, value can sometimes be found in unexpected places... including s-chips
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