22 Apr '13, 2pm

Wealth Flees Switzerland for Shelter in Singapore - Yahoo! Finance via @YahooFinance

Wealth Flees Switzerland for Shelter in Singapore - Yahoo! Finance via @YahooFinance

Singapore. REUTERS/Edgar Su 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. (Read more : Diamonds Are Investors' Best Friends ) Yet the report said Singapore could overtake Switzerland in offshore assets under management by 2020. It said Swiss offshore assets could fall below $2 tril...

Full article: http://finance.yahoo.com/news/wealth-flees-switzerland-sh...

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