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Asia Attracts Wealth as China’s Richest to Eclipse Japan

Hong Kong and Singapore saw offshore wealth assets jump 20 percent to $1.2 trillion last year as Asian millionaires chose local financial centers over those in Europe, according to a study by Boston Consulting Group.

Asia-Pacific “centers such as Singapore and Hong Kong are expected to receive most of the newly created wealth in the region that finds its way offshore,” the Boston-based firm said in its annual global wealth report published yesterday. Hong Kong has the greatest concentration of billionaires followed by Switzerland, the survey of 140 financial firms showed.