Singapore aims to become largest offshore wealth center in terms of assets by 2020 . Market leader Switzerland is losing its position due to tighter banking regulations . Growing numbers of wealthy Asians are looking for banking hubs closer to home . Singapore had $ 550 billion of assets at end of 2011 , up from $ 50 billion in 2000 .
Singapore tipped to become largest offshore wealth center in terms of assets by 2020 . Market leader Switzerland is losing its gloss due to tighter banking regulations . Growing numbers of wealthy Asians are looking for banking hubs closer to home . Singapore managed $ 550 billion of assets at end of 2011 , up from $ 50 billion in 2000 .