Where the Rich Park their Money?

 Where the rich park their money?

Switzerland is still the leading destination for private offshore money worldwide. According to the Boston Consulting Group, foreign private wealth parked in the Alpine republic reached $2.4 trillion in 2019 – a quarter of the global total. However, the biggest increases were expected in Hong Kong and Singapore - top 2 and 3 on the list - due to wealth created in Mainland China.

Private offshore money – or cross-border money – is stashed in the UK's Channel Islands and Isle of Man, as well as tax-friendly entities such as the United Arab Emirates and Luxembourg. US and appeared at UK 4 and 8 ranks.

While China's growing influence in Hong Kong and the associated protest movement have not had a major impact on offshore wealth development in the region, according to BCG, the development could cause local investors to favor Singapore in the future.

Source: Boston Consulting Group

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