A growing group of millionaires in India and China is looking to Singapore to store their earnings, Bloomberg reported Wednesday.
Rapid economic growth and record oil prices in China and India has resulted in the assets managed for offshore clients to rise about 25 percent in the low-tax haven, a Singapore-based partner at a Boston Consulting Group told Bloomberg.
Singapore ranked number 6 worldwide as a private banking center last year, but experts expect that number to continue to climb, Bloomberg reported.
A unit of Credit Suisse Group told Bloomberg it manages $35 billion for clients with assets $1.22 million. It opened its first Singapore branch in November.
Companies also report increasing employees in the country to cater to the growing client list.