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 . `` A lot of the benefits of being in Switzerland have fallen away in terms of secrecy , therefore if you look at a convenient market , particularly for a wealthy Asian individual , Singapore fits the bill , '' said Chris Wheeler , a bank analyst with Mediobanca . Singapore had $ 550 billion of assets at end of 2011 , up from $ 50 billion in 2000 .
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 .