Middle East wealth switching to Singapore
Rich Middle Easterners are increasingly turning to the Lion City as a place to keep and invest their money.
Europe has been the place where rich Middle Easterners have traditionally stored wealth, but their focus is shifting east, with Singapore a particular beneficiary, agreed a panel of wealth managers.
Speaking at the Asia-Middle East Investment Summit in Singapore last week, Terry Farris, head of family office services at DBS Private Bank in Singapore, says he expects 50% of his firm’s discretionary portfolio management to be on behalf of Middle Eastern wealth by the end of June.
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