Deloitte ranked the leading wealth management centres around the world according to international assets under management and administration (AMA).
Hong Kong’s relative growth of cross-border client assets overshadowed all others, the report highlighted. Since 2008, Hong Kong has had a 142% rise in assets to $400bn to rank fifth globally, overtaking Singapore.
Singapore ranked sixth, recording a 25% rise in assets since 2008.
Switzerland led the world with $2trn in assets under management at the end of 2014, representing 14% growth during the same period.
The next three in the rankings were the UK ($1.7trn in assets, 13% growth), the US ($1.4trn, 28% rise) and Panama & Caribbean ($900bn, 47% decline).
The global international wealth management market in total volume grew to $9.2trn, up 2.2% from 2008 to 2014, the report said.
“Given how fragmented the market is, with the top 20 players holding less than 15% of the market, it will be very important for players in Asia to explore profitable business models that address not just the offshore but also the onshore opportunities,” said Mohit Mehrotra, global wealth management group.
