(Corrects JUNE 13 story to read third-biggest, paragraph 7)
By Joshua Franklin
ZURICH, June 13 Singapore and Hong Kong together
will hold as much overseas wealth as Switzerland in four years'
time, according to a study by Boston Consulting Group (BCG).
It underscores the boom in private wealth in the Asia
Pacific region as well as the impact on Switzerland from the
clampdown on tax evasion after the financial crisis.
Banks in Switzerland stored $2.4 trillion in offshore riches
in 2016, the highest in the world, BCG wrote in its annual
global wealth report published on Tuesday. BCG expects this
number to rise to $2.8 trillion by 2021.
However, Singapore and Hong Kong together are on track to
match Switzerland's expected 2021 total thanks to their
proximity to Asia Pacific's swelling population of millionaires
and billionaires, BCG said.
In 2016, Singapore had $1.2 trillion and Hong Kong $800
billion in offshore wealth.
"Switzerland remained the largest offshore centre with a 24
percent share," BCG wrote in its report, "but that share is
projected to decline through 2021."
Major Swiss banks UBS and Credit Suisse
have made major pushes to expand in Asia Pacific and are the
region's biggest and third-biggest private banks respectively,
according to Asian Private Banker.
(Reporting by Joshua Franklin; Editing by Mark Potter)