Clampdowns on bank secrecy in Europe and a proliferation of billionaires in Asia helped Hong Kong and Singapore attract more overseas money over the past two years than rivals such as Switzerland, according to a report by Deloitte.
The consultancy’s annual ranking of wealth centres highlights how the Asian cities are seen by the world’s rich as the best places to park money amid global tighter regulation of private wealth managers in Switzerland and elsewhere.
Many of those wealthy people are from China, which helped propel the amount of money flowing into Hong Kong to rise 47 per cent to $640bn during 2012-2014. Singapore saw a 32 per cent increase in the value of funds entering the state to $470bn, according to the report.
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