Aite Group published a report late last week that shows us where the worlds wealthy are parking their cash.. Whilst under pressure from other jurisdictions, Switzerland still holds the most offshore private wealth.
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Country hot-list in offshore wealth revealed
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According to the report, with no surprises, Switzerland has the largest share of offshore private client wealth – an estimated $8.5 trillion globally. The country holds 26% of the world’s offshore private client assets. Hong Kong and Singapore hold a combined 14%. The Channel Islands and Dublin, and the Caribbean and Panama host 13% each, and the UK comes fifth with 11%. The US has just 8% – more than Luxembourg, however, which has 7% of the $8.5 trillion. The UK’s offshore private client market is dominated by Middle Eastern wealth. Some 35% of its $900 billion in offshore wealth is from the Middle East and Africa and 28% from Asia Pacific. Wealth from eastern Europe is only 5%, which triggers the question: where is all the Russian money going?
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