World leader in cross border wealth management
Switzerland remains the world's number 1 in cross-border wealth management. This is according to the latest Global Wealth Report by the consulting firm Boston Consulting Group.
The report, titled “Global Wealth 2021: When Clients Take the Lead”, reveals that despite the pandemic’s enduring financial impact, global prosperity and wealth grew significantly throughout the crisis and are likely to continue to expand significantly over the next five years, in line with the emerging economic recovery.
Switzerland remains the world leader with 2400 billion in cross-border assets under management. Hong Kong, which mainly attracts funds from Mainland China, is catching up and reaches 2100 billion, with increasing growth rates. The strongest growth, but at a low level, is in Singapore.
According to the report, North America, Asia (excluding Japan), and Western Europe will be the leading generators of financial wealth globally, accounting for 87% of new financial wealth growth worldwide between now and 2025.
Leading Global Cross-Border Financial Centres
2. Hong Kong
4. United States
5. CI and Isle of Man
6. United Arab Emirates
7. UK mainland
Source: BCC, 2021