Singapore to become world's top financial center by 2015

Global tax crackdown diminishing Switzerland's appeal.

Switzerland remains the world's biggest offshore financial centre with some US$2 trillion in assets, ahead of Singapore, Hong Kong, London and New York, said PricewaterhouseCoopers in its Global Private Banking and Wealth Management Survey.

PwC said Singapore will dethrone Switzerland in the next two years as the world's top centre for managing international funds as a global tax crackdown and tighter regulation weaken Switzerland’s standing.

Respondents to the survey said they expected Switzerland to lose ground, with Singapore taking the top spot. The survey questioned 200 finance industry professionals from 51 countries.

Switzerland's tradition of banking secrecy has helped its financial sector thrive but is under massive pressure from the United States and elsewhere as cash-strapped governments seek to stop tax evasion and close loopholes.

PwC said centers located in emerging markets stood to gain in stature. It named Shanghai and Dubai as fast-growing centers, closely followed by Brazil, Miami and Mexico City.

Also Read

MUAM to establish new organisation for credit investment

Westpac names Anthony Miller as CEO

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit