Singapore to become world's top financial center by 2015

Global tax crackdown diminishing Switzerland's appeal.

Switzerland remains the world's biggest offshore financial centre with some US$2 trillion in assets, ahead of Singapore, Hong Kong, London and New York, said PricewaterhouseCoopers in its Global Private Banking and Wealth Management Survey.

PwC said Singapore will dethrone Switzerland in the next two years as the world's top centre for managing international funds as a global tax crackdown and tighter regulation weaken Switzerland’s standing.

Respondents to the survey said they expected Switzerland to lose ground, with Singapore taking the top spot. The survey questioned 200 finance industry professionals from 51 countries.

Switzerland's tradition of banking secrecy has helped its financial sector thrive but is under massive pressure from the United States and elsewhere as cash-strapped governments seek to stop tax evasion and close loopholes.

PwC said centers located in emerging markets stood to gain in stature. It named Shanghai and Dubai as fast-growing centers, closely followed by Brazil, Miami and Mexico City.

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