The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Singapore and Dubai: The future of private banking

Outwardly different, Singapore and Dubai have transformed themselves into international wealth management hubs, overseen by clear-minded regulators. They are now starting to compete for business with Europe’s far older private wealth centres.

Singapore-Dubai-mix-Getty-960x535.jpg
Photos: Getty

This is a story about how two places, superficially different yet with a surprising number of parallels, rose to become private banking and wealth management powers.

The first, Singapore, is lush and tropical. The other, Dubai, is arid and windblown. Both are sweltering places to live: Dubai from March to October; Singapore all year round.

Neither is an obvious financial centre. They aren’t economic powers nor is there one – a China or US – nearby. Both are small and fairly young, having only secured independence in the past 60 years.

This hasn’t stopped them. In fact, they have turned negatives to their advantage. Both places, by dint of geographic accident, scrupulous design and political acuity, have in recent decades become magnets for everyone from the mass affluent to the super-rich.

Singapore, by six years the older of the two (it declared independence in 1965) is in the lead, but Dubai is catching up fast and both have Europe’s bigger and far older private banking hubs firmly in their sights.

The Singapore experience

Aware that first impressions count, Singapore’s founding father, prime minister Lee Kuan Yew, was clear about his intentions for the new nation from day one.


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

Tags

Elliot Wilson is Greater China Editor and Private Banking and Wealth Management Editor. He joined the magazine in 2020 having been a regular contributor focusing on China and the Indian subcontinent, Russia and Eastern Europe/the CIS. He is based in Hong Kong.
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree