Singapore, which has the world's highest density of wealthy people, may overtake Switzerland as the world's largest offshore financial centre as early as 2015, according to a forecast by United Kingdom financial consultant Wealth Insight.
The report says that, as of the end of last year, Singapore had just over 150,000 high-net-worth individuals (HNWIs), each worth more than US$1 million (S$1.29 million). That equates to about one in 30 Singaporeans, it says.
The combined wealth of Singapore's HNWIs is US$730 billion, equivalent to 274 per cent of the country's gross domestic product. Wealth Insight says HNWIs make up 2.9 per cent of Singapore's population.
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