Switzerland is the top international wealth management centre in terms of competitiveness, size and performance, according to the Deloitte International Wealth Management Centre Ranking 2018.
The study highlights nine wealth management centres. Results of the 2018 edition show findings for Switzerland, Singapore, Hong Kong, the US, the UK, the UAE, Luxembourg, Bahrain, and Panama and the Caribbean.
The ranking, which is the third edition, does say that Switzerland has lost ground on international market volume (IMV) and that other centres are catching it up in this regard. Hong Kong has the highest growth rate in IMV (up 122 percent in the last seven years), and the US (up 48 percent) is also gaining ground, it says.
Whilst Switzerland remains the biggest wealth management centre, others have struggled. Panama and the Caribbean have lost the most ground. Deloitte says there is “a clear divide between the best and the rest.” It says that the “lowest ranked of the nine centres, especially Panama and the Caribbean, are worst by almost every measure.”
However, it also highlights Hong Kong as an exception to this. It has “the largest NNA growth, its IMV is rising, and it is among the best for competitiveness; however, it has an increasing cost-income ratio, so growth is coming at a price.”