New York, NY, November 04, 2010 --(PR.com
)-- "Singapore is fast emerging as one of the world’s hottest destinations for the wealth management industry – and their clients, who now have casinos and theme parks for play, and seaside mansions and penthouses to stay." That is how Reuters celebrates the emergence of Singapore in the Wealth Management arena, topic to be discusses at 2nd Banking Leaders Forum, "Private Banking on the Brink of Transformational Change" (http://www.BankingLeadersForum.com), November 18th, New York City.
Reuters says that the "The Boston Consulting Group estimates private banks alone in Singapore manage about $500 billion in assets. The numbers are dwarfed by the estimated $2 trillion in private wealth managed in Switzerland, but the growth in Singapore is startling, wealth managers say. “In the last 10-12 years, I’ve seen Singapore really take a leadership role in changing the landscape of the wealth management industry,” says Deepak Sharma, chairman of Citi Private Bank. “The regulatory environment in Singapore is one of the finest. It has one of the best standards in the world, but at the same time, it is consultative. It engages the industry.”
Why Singapore? Reuters explains: “First, assets held by Asia-Pacific’s high net worth individuals – people owning more than $1 million excluding home, collectibles and durables– surged 31 percent in 2009 to $9.7 trillion, overtaking Europe, according to CapGemini/Merrill Lynch. Second, high net-worth individuals seeking high-return investments are turning to emerging markets. Accordingly, portfolios of such individuals included 22 percent in Asia-Pacific investments in 2009, up from 19 percent in 2008, and will soon overtake Europe, the CapGemini study says. Many of these changes are focused on Singapore, which is at the crossroads of new wealth being created in China, India and Indonesia, some of the fastest growing economies in the world. Singapore, which has the world’s highest concentration of millionaires, is poised to grow its own economy 13-15 percent this year, possibly the fastest rate in the world.”
2nd Banking Leaders Forum, "Private Banking on the Brink of Transformational Change", is produced by GoldenNetworking.net (http://www.goldennetworking.net), the premier networking community for business executives, entrepreneurs, investors and diplomats, founded by former McKinsey consultant and Columbia Business School MBA Edgar Perez.