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Wealth Flees Switzerland For Shelter In Singapore

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The report, by WealthInsight, a London-based research firm, says Singapore is the fastest growing wealth center in the world, with $550 billion in assets under management - up from $50 billion in 2000. About $450 billion of that is offshore.

Switzerland has $2.8 trillion in assets under management, with $2.1 trillion of that coming from offshore wealth. Switzerland accounts for 34 percent of the $8.15 trillion in total global wealth.

Yet the report said Singapore could overtake Switzerland in offshore assets under management by 2020. It said Swiss offshore assets could fall below $2 trillion by 2016, while Singapore's assets could more than quadruple by then.

LOL... 2020/2016.... after the recent leaks of bank data, I'd say late 2014.

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LOL... 2020/2016.... after the recent leaks of bank data, I'd say late 2014.

Moving won't help them.

There is a plan in the works for switzerland to give data to the IRS on all those that have moved their money out of switzerland's banks into those of other tax havens.

So it won't matter a damn if you have moved your money to try to hide the fact you've been evading taxes your going to get caught anyway.

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I wonder how long it will be before Bitcoin becomes the new virtual offshore haven of choice? You don't have to rely on any governments flapping their lips then.

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Moving won't help them.

There is a plan in the works for switzerland to give data to the IRS on all those that have moved their money out of switzerland's banks into those of other tax havens.

So it won't matter a damn if you have moved your money to try to hide the fact you've been evading taxes your going to get caught anyway.

A juicy crash would generate some nice capital losses to offset against the tax bills.

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This bodes excellently for Singapores economy.

Not.

actually, if handled well it can be very beneficial. Switzerland seems to have done fantastically out of it for a couple of hundred years. Of course, you can **** it up as well - look at the Channel Islands or many of the Caribbean Islands.

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Switzerland seems to have done fantastically out of it for a couple of hundred years.

Nonsense, financial services make up only 15% of the Swiss GDP, that's about the same percentage as in the UK, so the Swiss economy isn't predominantly based on financial services like the Channel Islands or some Caribbean islands.

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Switzerland's reputation has been tarnished as of late.

Still, I doubt (Singapore) will become the defacto wealth storage facility.

China is far too close and Malaysia generally is too unstable. You won't hear of Islamic fundamentalists car bombing markets in Zurich.

Edited by cashinmattress

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I'm doing my own research on Singapore as I will be moving there in November.

As far as I know, financial services/banking/casino hedge funds are huge there, but do not discount the absolutely gigantic port/petroleum and chemical operations going on there. Also, manufacturing, IT and hi-tech are present in significant scale.

Of course they are in the most absurd housing bubble on the planet, but this will correct itself without hurting the locals too much (foreign owners will get deservedly shafted but it's them who decided to play a rigged game...)

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actually, if handled well it can be very beneficial. Switzerland seems to have done fantastically out of it for a couple of hundred years. Of course, you can **** it up as well - look at the Channel Islands or many of the Caribbean Islands.

it depends on what the external macro environment is. If its easy to find lots of safe decent yielding homes for all the stored 'wealth' then yes such an economy can do quite nicely. But unless the funds can be stored somewhere safe where they receive some cash flow he money ends up going into assets like greek debt, to take an example from cypress. That is, un-investable funds are toxic to those who take them on as liabilities.

Then it only takes a flick of the finger to bring the whole edifice down.

Anyone know where the Swiss banks invest their clients funds?

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it depends on what the external macro environment is. If its easy to find lots of safe decent yielding homes for all the stored 'wealth' then yes such an economy can do quite nicely. But unless the funds can be stored somewhere safe where they receive some cash flow he money ends up going into assets like greek debt, to take an example from cypress. That is, un-investable funds are toxic to those who take them on as liabilities.

Then it only takes a flick of the finger to bring the whole edifice down.

Anyone know where the Swiss banks invest their clients funds?

London property :angry:

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  • 243 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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