Singapore to replace Switzerland as the bank for the super-rich

To become top destination for the wealth of the world's richest by 2020.

Private banking research group WealthInsight said the super rich are an industry in themselves and were worth a combined US$18.8 trillion in 2011.

Switzerland had US$2.9 trillion of that money or 34% percent of the total and more than anywhere else in the world. WealthInsight said, however, that this was quickly changing.

The rich are looking for quieter places to base their cash because European governments have been scrutinizing traditional private banking centers like Luxembourg and the Caribbean.

WealthInsight noted that the newly rich in countries like China and Indonesia do not have a banking structure to service them.

It said Singapore’s banking sector could provide this service. Singapore also has a head start in the private banking.

Singapore had US$550 billion worth of private banking assets under management compared to only US$50 billion in 2000. WealthInsight doesn't see this massive growth slowing any time soon.