In recent years, the use of offshore structures and trusts in tax havens have gotten bad press. This is mainly due to document leaks that have exposed how corporations and wealthy individuals have been seeking offshore service providers — an avenue not available to the masses — to enjoy tax benefits, among others.

While these leaks have led to official investigations and policy changes, they did not deter the growth of wealth creation — and the business of managing these funds. Income disparity is recognised by many governments as a growing problem but so has the economic benefits of this overall business of managing wealth.

According to a report by Boston Consulting Group released in June, Hong Kong is expected to take the lead from Switzerland as the largest cross-border booking centre in 2023, with strong inflows from Mainland China driving assets under management (AUM) to US$3.2 trillion ($4.3 trillion) by 2025 — a CAGR of 8.5%. Singapore, the fastest-growing booking centre, will remain the third-largest in AUM, slated to grow by a CAGR of 9.1% to reach US$1.9 trillion by 2025.  

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