Switzerland has maintained its position as the world’s leading international wealth management centre, with other countries catching up rapidly, according to Deloitte Wealth Management Centre.

“Switzerland was managing and administering US$2 trillion at end-2014, an increase of 14% since 2008,” Deloitte said in its report on the wealth management centre ranking.

The UK, with US$1.7 trillion under management (up 14% from 2008), and the US, with US$1.4 trillion under management (increase of 28%), were ranked No 2 and No 3 respectively.

The fourth ranking went to Panama and the Caribbean, but its funds had fallen by almost half — the largest decrease in any of the major centres.

Hong Kong took fifth spot after achieving growth of 146% (or US$0.4 trillion) in cross-border client assets during the 2008 to 2014 period, more than any other centre. This increase was sufficient for Hong Kong to overtake Singapore in the rankings.

Despite a strong increase in client assets of 24%, Singapore fell by one position and is now ranked sixth. It had booked a total of US$0.5 trillion.

Deloitte said drivers contributing to developments over the period (2008-2014) were performance of financial markets, economic growth, number of millionaires, repatriation of assets, regularisation of assets and transfer of non-bank assets.

Deloitte said a critical factor in the success of wealth managers is attracting new client assets. The best opportunities are currently found in emerging economies, mainly in Asia, where there is strong growth in consumer disposable income and wealth creation, it added.

“Many Swiss- and European-based wealth managers are recognising this enormous opportunity and are stepping up efforts to gain access to these markets.

“However, wealth management centres, such as Hong Kong and Singapore, with their local banking service providers, are geographically closer to clients in the region and seem to be more successful in competing to exploit the market potential,” it said.