Singapore, Hong Kong on track to match Swiss haul of offshore cash: BCG

ZURICH (June 14): Singapore and Hong Kong together will hold as much overseas wealth as Switzerland in four years' time, according to a study by Boston Consulting Group (BCG).

It underscores the boom in private wealth in the Asia Pacific region as well as the impact on Switzerland from the clampdown on tax evasion after the financial crisis.

Banks in Switzerland stored US$2.4 trillion ($3.3 trillion) in offshore riches in 2016, the highest in the world, BCG wrote in its annual global wealth report published on Tuesday.

---

Related Stories

• Government may consider supplementary budget to deal with growing costs, say Maybank economists
• TSMC mulling plant in Singapore: WSJ
• China-Backed John Lee chosen Hong Kong Leader in uncontested vote

---