SINGAPORE (July 30): Singapore has carved out a space for itself as a wealth management centre and is now well recognised as Asia’s premier asset management centre. An open economy, coupled with a respected regulator, strong rule of law and global accounting and legal standards, has made the city state an attractive hub for treasury and other non-resident businesses. There is almost no restriction on foreign entities engaging in economic activities in Singapore. 

These are not empty words praising Singapore. According to The Deloitte International Wealth Management Centre Ranking 2018, Singapore has scored very well. The 2018 ranking is Deloitte’s third edition, with the last ranking done in 2013. 

The global environment is much changed in the intervening years. The emergence of private clients from Generations Y and Z has changed the nature of demand. “Technology-driven innovation cycles have become even shorter, and digitally enabled business models are becoming the ‘new normal’,” Deloitte says. Despite these challenges, the economy in most of the top 25 private banking markets globally has been prospering and financial markets continue to grow.

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