Singapore: Wealth Management
The Wealth Management Industry
Singapore is reputed to have the highest density of millionaires in the world, and along with Hong Kong, which might want to dispute that assertion, is riding high in the global wealth management stakes, as the wealthy, or at least their assets, decamp from traditional havens in Europe and the Americas.
A comparison with Switzerland is particularly apt, as that country comes under unremitting pressure from the EU and the USA to weaken traditional banking secrecy. No such pressure is being exerted on Singapore, although the city-state has agreed to incorporate the OECD's standard wording for exchange of information in a number of its tax treaties and TIEAs. Assets under management in Singapore are thought to total about US$1 trillion, as against US$3 trillion in Switzerland, but the gap is closing fast. The central bank says that about half of these assets come from outside the Asia-Pacific region.
Of course, Singapore, like Hong Kong, will have no truck with the EU's Savings Tax Directive.
The result of the flood of money coming Singapore's way in recent years has been a doubling in the number of major banks offering wealth management services in the city-state to more than 40.
For the third time, the world's leading Shorex wealth management forum is moving to Singapore to address the growing need of the Asian market for private banking, asset management and international tax planning solutions and services. The event is an exhibition and conference offering a unique platform where professionals can network to explore new services, products and ideas in wealth management.
The Shorex Wealth Management Forum in Singapore in 2011 is expected to attract over 50 exhibitors and 1400 delegates.