PricewaterhouseCoopers pointed out in its Global Private Banking and Wealth Management Survey that the financial industry insiders expect Singapore to replace Switzerland to become the world’s biggest international asset management hub in two years.
The report said the assets under management in Switzerland reach US$2 trillion currently, and Switzerland will remain the world’s biggest offshore financial center in the 2013 ranking. Its major rivals are Singapore, London, Hong Kong and New York.
But respondents to the survey, which questioned 200 finance industry professionals from 51 countries, also said they expected Switzerland to lose ground, with Singapore taking the top spot in the next two years.
Respondents also named Shanghai and Dubai as fast-growing centres, closely followed by Brazil, Miami and Mexico City.
“Competition between traditional and newer IFCs and cities for the wealthy is expected to intensify,” the study said.
Download the full report here.