Economics
Move Over, Switzerland: Singapore and Hong Kong Set to Attract More Wealth
- Singapore and Hong Kong assets to increase faster through 2021
- BCG report attributes rise to Asia’s rapid economic expansion
Residential and commercial buildings stand in the central business district of Singapore.
Photographer: Nicky Loh/BloombergThis article is for subscribers only.
Singapore and Hong Kong will attract wealth from abroad at more than twice the pace of Switzerland over the next four years as Asia’s economic expansion draws cash from millionaires, Boston Consulting Group predicts.
Perceptions that Singapore is safe and stable will also help to bring money to the Southeast Asian nation, according to BCG, which sees offshore assets there rising at a compound annual average rate of 8 percent through 2021. Hong Kong’s will climb 7 percent, more than Switzerland’s 3 percent, the consulting firm’s global wealth report showed Tuesday.