Hong Kong and Singapore are the world’s rising wealth centres
The rich have always been welcomed in Switzerland. To spend, but more importantly to hoard. Across the country, in secretive locations, banks operate underground vaults and storage facilities — often converted military bunkers that have been hewn from mountain rock. Some have no roads nearby and can only be accessed by air.
“Some of these Asian wealth hubs played their hand extremely well,” says a Swiss bank executive. “They managed to position themselves as neutral, although they all adopted the US sanctions just like we did.” The story of how Asia’s two main financial entrepôts copied the Swiss white-glove model of wealth management and ended up outpacing their European rival could be seen as a historical quirk — a byproduct of the supercharged growth in Asian wealth in the 21st century.
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