Country hot-list in offshore wealth revealed
As offshore becomes a dirty word in wealth management globally, a report published on Tuesday from Aite Group shows who’s who in offshore wealth for the world’s wealthy.
According to the report, with no surprises, Switzerland has the largest share of offshore private client wealth – an estimated $8.5 trillion globally. The country holds 26% of the world’s offshore private client assets.
Hong Kong and Singapore hold a combined 14%. The Channel Islands and Dublin, and the Caribbean and Panama host 13% each, and the UK comes fifth with 11%. The US has just 8% – more than Luxembourg, however, which has 7% of the $8.5 trillion.
The UK’s offshore private client market is dominated by Middle Eastern wealth. Some 35% of its $900 billion in offshore wealth is from the Middle East and Africa and 28% from Asia Pacific. Wealth from eastern Europe is only 5%, which triggers the question: where is all the Russian money going?