Switzerland Top Offshore Wealth Destination: Report

One out of every four dollars stored offshore heads to Switzerland, data from AksjeBloggen.com reveals.

A total of $2.4 trillion is stored in the country, with Hong Kong in second at $2.1 trillion. Singapore sits in the third spot at $1.2 trillion. The United States, Channel Islands, and UAE all house between $500 billion and $900 billion, while the UK is estimated to have $300 billion.

The largest growth was seen in Asia, as Mainland Chinese wealth flows to Singapore and Hong Kong at an estimated CAGR of none per cent by 2025. While there has so far been little indication that political unrest has affected these totals, it could cause a shift towards Singapore, the authors suggest.

According to Knight Frank’s 2021 Wealth Report, North America has the most ultra-high net worth individuals, with more than 190,000 having a minimum $30 million stash. Europe has 151,600 while Asia boasts 116,700. Beijing is home to the most billionaires with 145, with Shanghai, New York, Shenzen and London rounding out the top five.

The largest estimated growth in total ultra-rich wealth is expected to occur in Germany, which will see its share double to $800 billion. India is expected to grow by 83 per cent to $1.1 trillion. Mainland China’s could rise by 80 per cent to $6.5 trillion.

The country with the highest absolute total remains the United States which by 2025 could be home to $7.8 trillion.

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