Hong Kong overtakes Singapore as Asia’s premier wealth management hub

The Lion City is a ‘stagnating’ centre, says Deloitte.

Singapore has been overtaken by Hong Kong in Deloitte's rankings of the world's largest wealth management hubs.

Hong Kong shot past Singapore to clinch fifth place in the list, after achieving a stellar 146% growth in terms of managed assets from 2008-2014.

Meanwhile, Singapore is classified as a "stagnating" centre despite a strong 24% increase in client assets during the same period.

As of 2014, Singapore has a 5% market share in the wealth management race with a total of USD 0.47 trillion in assets. Hong Kong, meanwhile, has a 7% market share with USD 0.64 trillion in assets.

Switzerland remains the world's top wealth management centre with a 22% market share and USD 2.04 trillion in assets, followed by United Kingdom, the United States, and Panama and Caribbean.