A growing millionaire population is fast turning Asia into a red hot banking spot.

Though Switzerland has so far been the global wealth management hub the majority of the private bankers in Europe believe that Singapore will overtake Switzerland within two years as the world's most important growth center of private banking and wealth management. In fact it is not only Singapore with its congenial financial ambience but the entire Asia now poses a tempting business opportunity for the global private bankers like never before. A sizeable 8.6% growth rate of the HNWI (High Net Worth Investors defined as those with a minimum net worth of US$1 mn) population in the Asia-Pacific region in 2006 along with a healthy growth rate of 10.5% of the region's overall wealth during the same period have led to an unprecedented rush among private banking service providers to cash in on the trend.

Backed by low taxes buoyant equity markets confidence in banking strong legal system professional workforce and better regulatory environment Singapore and Hong Kong surely lead the show. Closely following their example are nations such as Indonesia and Taiwan which achieved double digit growth rates in HNWIs in 2006. Soaring stock markets in China India and South Korea have seen new millionaires thereby boosting the growth rate of HNWIs in the region. In Gulf countries high oil prices continued to benefit the Gulf Cooperation Council (GCC) countries (Baharin Kuwait Oman Qatar Saudi Arabia and the UAE) which led to persistent wealth creation throughout the region. Barring notable exceptions of Japan and Australia the Asia-Pacific markets remained particularly strong in 2006. Most notably the Dow-Jones China/Shanghai Index returned a whopping 130.6%. Even smaller Asian economies of Indonesia and the Philippines fared exceptionally well where Dow Jones Indexes fetched 62.0% and 49.5% respectively on the back of strong fundamentals.

The Analyst Magazine, Private Banking in Asia, Wealth Management, Global Private Banks, Financial Services, Globalization, Gulf Cooperation Council, GCC, Private Banking Services, Asset Management, Financial Sectors, Private Banking System, Financial Planning, Customers Relationship Management.