SINGAPORE IS set to take over as the world’s top wealth management centre by 2013, a new report has claimed.

PwC’s latest report on the private banking and wealth management sector said current centres, including Switzerland and London, would come under increasing pressure from Singapore and Hong Kong as new rules governing the financial sectors are brought in.

“Participants believe the centre of gravity for wealth management is moving, and established centres are under pressure from emerging markets,” said Justin Ong, PwC global private banking and wealth management, Asia Pacific leader, said.

“In response to increased regulatory pressures, our respondents see Switzerland, London and, to a lesser extent, New York, all being challenged by the rise of Singapore and Hong Kong in the coming two years.”

The report found the status quo was changing, with the industry’s focus shifting to client service and value delivery.