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In 2026, the world’s private wealth banks in a short list of centres: Singapore (≈US$2.0 trillion in assets under management), Zürich (≈$1.55tn), Geneva (≈$1.45tn), Hong Kong (≈$1.3tn) and London (≈$1.0tn) lead, with Luxembourg, Dubai, Abu Dhabi and Monaco behind — and Mauritius the fastest riser. The bigger shift: the wealthiest families now bank across several of these centres at once.
That is the headline finding of The Private Client’s inaugural guide, Where the wealthy bank their money in 2026, which compares eight global banking hubs on the measures that decide real decisions — minimum account sizes, tax treatment, account-opening speed, privacy, depth of services and lifestyle. The full 44-page guide is free to download here.
Singapore now leads the world’s banking centres by private wealth assets, at roughly US$2.0 trillion — with Switzerland’s twin hubs, Zürich and Geneva, holding around $3 trillion between them.
Private wealth assets in Singapore
| Rank | Centre | AUM (approx.) | Source (as cited in guide) |
|---|---|---|---|
| 1 | Singapore | US$2.0tn | Derived from industry data |
| 2 | Zürich | US$1.55tn | Euromoney |
| 3 | Geneva | US$1.45tn | Euromoney |
| 4 | Hong Kong | US$1.3tn | Euromoney |
| 5 | London | US$1.0tn | Boston Consulting Group |
| 6 | Dubai | US$0.7tn | CityWealth |
| 7 | Luxembourg | US$0.7tn | Derived from industry data |
| 8 | Abu Dhabi | US$0.6tn | Global SWF |
| 9 | Monaco | US$0.45tn | Derived from industry data |
| 10 | Mauritius | US$9bn | FSC/IFC |
A booking centre is the legal and operational location where a private bank holds a client’s assets and books transactions — the jurisdiction whose law, tax treaties and reporting rules apply, regardless of where the banker sits. A family can be advised from London, hold accounts booked in Singapore and Zürich, and live in Dubai — and increasingly, that is exactly what they do.
Singapore has become Asia’s ultra-wealth capital — and the world’s largest single private banking centre — on the back of political stability, progressive regulation and an extraordinary family-office boom: more than 2,000 single family offices by end-2024, up from around 400 in 2020, drawn by Monetary Authority of Singapore tax incentives. Private banking accounts typically open from around US$2 million; there is no capital gains tax, no inheritance tax, and a single-family office with at least S$200 million in assets opens a route to permanent residency. Assets under management rose 12% in 2024 (MAS).
Switzerland remains the deepest pool of private banking expertise on earth — split across two very different cities. Zürich, home to just under half of Switzerland’s 90 private banks, manages roughly CHF 1.2 trillion — about 42% of Swiss private banking assets (KPMG) — and can open straightforward accounts in days. Geneva, the historic home of private banking since the Huguenots, hosts 37 francophone-headquartered banks managing around CHF 3.4 trillion in aggregated gross assets, with particular strength in Middle East, Latin American and African clients. Swiss banking secrecy is no longer absolute — but Swiss banks still offer the world’s highest level of client confidentiality (Financial Secrecy Index).
Hong Kong’s private wealth assets hit a record HK$10.4 trillion (US$1.34tn) at the start of 2025 (KPMG/PWMA) — recovering fully from the 2022 pullback. The city hosts 17,215 ultra-high-net-worth individuals, second globally only to New York (Altrata), and more than a third of its private wealth AUM comes from outside mainland China and Hong Kong. BCG projects that by 2028, Hong Kong will compete with Switzerland as the world’s leading offshore centre.
The question is no longer whether to book in Singapore or Hong Kong, but how to leverage both — Singapore anchors stability and long-term structuring, while Hong Kong remains the growth engine connected to China’s capital markets.
London remains one of the world’s great wealth capitals — over 200,000 resident millionaires (Henley & Partners) and an unrivalled ecosystem of private banks, trustees and family-office advisers. But the abolition of the non-dom regime and wider tax reform are accelerating outflows: a projected net 16,500 millionaires left in 2025 (Henley & Partners). The guide’s verdict: still a global advisory hub — increasingly, one that structures wealth booked elsewhere.
The guide’s most important pattern isn’t a ranking — it’s an architecture. A typical ultra-high-net-worth family structure now spans around ten jurisdictions: residence across China, the US and Canada; a Jersey-law trust with a Singapore trustee; a BVI holding company; Cayman funds; banking in Singapore, Hong Kong and Switzerland; property in the UK and US. Trident Trust reports that one in five of its Singapore trust structures now deliberately adopts a multi-centre approach — and with 8,000+ single family offices globally (BCG) projected to grow 75% by 2030 (Deloitte), that architecture is becoming the default. Periods of instability accelerate it.
Uncertainty reinforces jurisdictional strength, regulatory clarity, and the enduring value of optionality.
The guide condenses eight centre profiles into four questions any family — or adviser — can apply:
As a single centre, Singapore now leads at roughly US$2.0 trillion. Taken together, Switzerland’s two hubs — Zürich (≈$1.55tn) and Geneva (≈$1.45tn) — still hold around $3 trillion, keeping Switzerland the largest private banking country overall.
Around US$2 million, driven largely by regulatory requirements. Affluent-banking tiers start near US$250,000, and services deepen noticeably above US$10 million.
The jurisdiction where a private bank legally holds a client’s assets and books transactions — whose law, tax treaties and reporting rules apply — regardless of where the banker or the client actually sits.
It remains the deepest: 90 private banks, the world’s strongest confidentiality culture, and fast account opening. But ‘best’ now depends on the family’s map — which is why most large structures combine Switzerland with Singapore or Hong Kong rather than choosing between them.
Around ten, across residence, trusts, holding companies, funds, banking and property — per the case structure in The Private Client’s 2026 guide. Large billionaire families operating global businesses can reach twenty or more.
Guide Year and Month
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