According to Assif Shameen for Barron’s, if things keep up the pace, it could soon pass Switzerland as the world’s largest private-banking center. Singapore is attractive because of Asia’s stringent secrecy laws and favorable taxes, and the 30,000 new millionaires in China each year are looking for a place to stash their money.
That being said, Singapore has a ways to go: it has 6% of worldwide private-banking assets, while Switzerland has 18%. However, Switzerland’s private-banking business is experiencing single-digit growth and Singapore’s is expected to grow 30% this year.
Eli Hoffmann for Seeking Alpha reports on a few ways to get in on Singapore’s economy. Citigroup (C) is leading the charge in tapping the Asian wealth, followed by UBS (UBS), Credit Suisse (CS), HSBC (HBC) and Merrill Lynch (MER).
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.