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 worlds 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 UKs 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?