Switzerland is still the prime destination for private offshore wealth worldwide. , foreign private wealth parked in the alpine republic reached 2.4 trillion dollars in 2020 - a quarter of the global total. The biggest growth, however, was expected in Hong Kong and Singapore - the top 2 and 3 on the list - due to wealth created in Mainland China.
Private offshore wealth - or cross-border wealth - also accumulated in tax-friendly entities like the UK's Channel Islands and Isle of Man as well as the United Arab Emirates and Luxembourg. The U.S. and the UK appeared in ranks 4 and 8.
While China's growing influence in Hong Kong and the related protest movement did not have a major influence on offshore wealth development in the territory, the development might cause local investors to increasingly favor Singapore in the future, according to BCG.
