Asia to overtake Switzerland in storing foreign wealth by 2021

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According to a study by Boston Consulting Group, Singapore and Hong Kong will jointly hold as much foreign wealth as Switzerland by 2021. The figures emphasise the privitisation wealth in the Asia Pacific region as well as the anticipated slowdown Switzerland will experience from the crackdown on tax avoidance implemented in recent years within the EU. Banks in Switzerland stored the highest in the world, USD $2.4 trillion in offshore funds in last year, the group wrote in its annual global wealth report published this week.