Singapore looks set to become the new Zurich for private banking and wealth management. The south-east Asian city-state is expected to be the world's fastest-growing offshore banking centre by 2007, overtaking Switzerland, according to a recent survey of European wealth managers by IBM Business Consulting Services.

Singapore’s rise to prominence reflects the rapid expansion of the rich in Asia due to robust regional economies. But it is also benefiting from regulatory changes in Europe that are affecting the tax treatment of Swiss-based accounts.