Switzerland beats New York London and Singapore in a new ranking by Scorpio Partnership for the financial center that best caters for the world's rich.
"To the mobile wealthy, Switzerland is very nearly all things to all people," said Scorpio Director Stephen Wall. It "has been and will continue to be the biggest beneficiary of moves away from London."
This despite recent concerns over the state of Swiss offshore banking and bank secrecy.
"To the mobile wealthy, Switzerland is very nearly all things to all people," said Scorpio Director Stephen Wall. It "has been and will continue to be the biggest beneficiary of moves away from London."
This despite recent concerns over the state of Swiss offshore banking and bank secrecy.
It is estimated that Swiss banks currently manage 27% of offshore wealth that is privately held. London still remains in a strong position, but has been damaged by insecurity over proposed changes in government legislation, according to the London-based wealth management adviser
While London retains "an inherently strong position," it
ranks second after damage resulting from "recent regulatory and
fiscal changes," Scorpio said.
The U.K. government's changes have "engendered a sense of mistrust and uncertainty among the mobile wealthy and their advisers," said Scorpio Managing Partner Sebastian Dovey.
Professionals such as doctors, lawyers and entrepreneurs who make up majority of the world's rich are those defined as the "mobile wealthy" by ScorpioHere's the ranking of the world's top "mobile wealthy residency" centers:
1. Switzerland
2. London
3. Singapore
4. New York
5. Hong Kong
6. Jersey
7. Cayman
8. Isle of Man
9. Monaco
10. Dubai
11. Guernsey
Source: Bloomberg
