In recent years the dominance of Hong Kong and Tokyo as Asian powerhouses in terms of financial markets and wealth management is being challenged by the “new kids on the block”. One of those being Singapore.
Singapore has a long way to go when it comes to the number of billionaires. Hong Kong wins this hands down:
However, in terms of wealth management, according to the Boston Consulting Group, by the end of 2013, total assets under management in HK were $2.2 tn, whereas in Singapore they were $1.4 tn. These countries were still behind the leader, Switzerland, who had $3.7 tn of assets under management. However, both HK and Singapore are expected to overtake Switzerland by 2016, if not sooner.