Do More With Reuters
Partner Services

CORRECTED - CORRECTED-FEATURE-Singapore star rises as Switzerland stumbles

Sat Dec 20, 2008 4:18pm IST
 
Email | Print | | Single Page
[-] Text [+]

(Corrects story published on Dec. 14 to remove reference in paragraph 14 to IMF list that has been discontinued)

By Neil Chatterjee and John O'Donnell

SINGAPORE/ FRANKFURT, Dec 14 (Reuters) - As pressure mounts on Switzerland's flagship bank UBS and the country's secrecy code comes under fire from the United States and Germany, Singapore's star as a haven for the super-rich is rising fast.

The sun-drenched Asian city-state, with the highest density of millionaires in the world, is seeing wealth management prosper as the U.S. and Europe grapple with the worst slump in a generation.

Singapore's strict bank secrecy rules seem likely to be spared an assault similar to the one that Berne is defending now, following the charging of UBS's wealth management chief for helping Americans hide money.

With close ties to powerful Asia, Singapore is in a stronger position to resist pressure from the U.S. than rival Switzerland or Alpine retreat Liechtenstein, which recently partially surrendered bank secrecy.

"It's a wealth centre," said Martyn Schilte, a manager in charge of selling million dollar supercars in Singapore. "If you look at the type of client we sell to, it's people with a net worth of $50 million-plus."

The city-state has its sights on attracting the world's wealthy to its palm-tree-lined coastline where some apartments come with a private yacht berth. Its plan is working.

As Asia's elite move billions to the country, assets under management soared by a third last year to more than $800 billion.  Continued...

People light candles at a vigil to commemorate the victims of last year's militant attacks in Mumbai, in front of the India Gate in New Delhi November 26, 2009. Mumbai held tearful memorials and police staged a show of strength on Thursday as India's financial hub marked the first anniversary of militant raids that killed 166 people and pushed up tensions with Pakistan. REUTERS/Rupak De Chowdhuri
One Year Later

Mumbai held tearful memorials and police staged a show of strength as it marked the first anniversary of militant raids that killed 166 people and pushed up tensions with Pakistan.  Slideshow | Full Coverage 

A supporter of Bharatiya Janata Party (BJP) holds a picture of BJP leader Lal Krishna Advani during an election campaign rally in Balasinor, about 90 km (56 miles) east of Ahmedabad, April 14, 2009. REUTERS/Amit Dave
Liberhan Commission Report

The government published a long awaited report, recently leaked, accusing BJP leaders of a role in the 1992 destruction of the Babri mosque in Ayodhya.  Full Article