Wealth shifts to emerging countries

China, India and Singapore posted the biggest increases in millionaires last year as the Asia-Pacific region countered a decline in wealth in western Europe and the United States, according to Boston Consulting Group.
Millionaire households in China rose 16 per cent to 1.43 million while those in Singapore climbed 14 per cent to 188,000 and India saw a 21 per cent increase to 162,000, the Boston-based firm said in a report........... 

Cross-border assets in Switzerland, the biggest offshore centre, were unchanged at US$2.1 trillion as the repatriation of funds by clients in neighbouring European countries was offset by inflows from emerging market customers, the report said. Western European offshore wealth in Swiss banks dropped 2.2 per cent while assets in Switzerland and Luxembourg originating in North America "dwindled to an almost negligible amount", Boston Consulting said. 

Worldwide, investors increased offshore assets 2.7 per cent to US$7.8 trillion with Hong Kong and Singapore among the beneficiaries. The two biggest Asian offshore booking centres may surpass Switzerland in the next 15 to 20 years, according to the report.

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