Singapore is Catching Up: Will the City-State Become the Switzerland of Asia?

$4,077.64 per troy ounce – as of June 26, 2026. The gold price rose by around 1.3 percent on Friday, but remained on track for its fourth consecutive week of losses. It is precisely such market phases that show why wealthy investors do not only think about individual asset classes. They also pay attention to the jurisdiction in which assets are managed, held, and structured for the long term.

For decades, the answer to this question was often clear: Switzerland. It stands for legal certainty, political stability, a strong financial center, and a long tradition in international wealth management.

But now there is a challenger catching up faster than many other locations: Singapore.

The city-state is often referred to as the “Switzerland of Asia.” At first, this sounds like a catchy comparison. Upon closer inspection, however, there is more to it. Singapore is not simply replicating the Swiss model. It is developing its own combination of wealth management, Family Offices, Asian growth dynamics, digital financial infrastructure, and, in the future, a larger physical gold market.

The Decisive Difference: Switzerland Manages Tradition, Singapore Organizes Growth

Switzerland remains the world's leading location for cross-border private wealth management. Swiss banks managed assets of 9.284 trillion francs in 2024. This was a new record and represented growth of 10.6 percent compared to the previous year.

Singapore is not yet as large, but it is growing faster. The Monetary Authority of Singapore reported assets under management of more than six trillion Singapore dollars at the end of 2024. Within one year, the volume increased by 12.2 percent. A forecast cited by the MAS also sees Singapore as the fastest-growing wealth management location in the world by 2029.

This shifts the discussion. The question is no longer whether Singapore will become an important financial center. That has long since happened. The decisive question is how quickly the city-state is catching up in those areas where Switzerland is traditionally particularly strong.

Singapore and Switzerland in Direct Comparison

The figures cannot be directly compared due to different currencies and statistical definitions. However, they show that Singapore is now playing in the same league as globally significant wealth locations. Switzerland remains larger and more experienced. Singapore, on the other hand, possesses the stronger growth momentum.

Singapore Overtakes Switzerland in Competitiveness

A particularly visible signal was provided by the current competitiveness ranking of the Swiss IMD. Singapore took first place in 2026, while Switzerland fell from first to third place. Economic performance, government efficiency, business environment, and infrastructure, among other things, were evaluated.

This does not mean that Singapore is automatically the safer wealth location. But it shows that the city-state is now operating at least at eye level in terms of economic framework conditions and the speed of government implementation.

Switzerland lives strongly off its historically grown credibility. Singapore convinces through strategic planning. The state decides which areas of the financial center should be expanded, creates regulatory framework conditions, and implements them comparatively quickly.

This is precisely the reason why Singapore is catching up.

More than 2,000 Family Offices: Singapore Attracts International Private Wealth

A central growth driver is Single Family Offices. According to the MAS, the number of tax-incentivized Family Offices rose from around 400 at the end of 2020 to more than 2,000 at the end of 2024.

Since June 15, 2026, a revised regulatory framework for Single Family Offices has also been in effect. The new model is intended to simplify the establishment and operation of such structures, while at the same time setting clear requirements for control, substance, and compliance.

In doing so, Singapore follows a similar basic principle as Switzerland: wealth should not just be invested, but structured across generations. This includes governance, succession, risk management, philanthropy, and access to international asset classes.

The difference lies in the target group. Switzerland is historically particularly strong with European, Latin American, and Middle Eastern clients. Singapore positions itself as a hub for Asian entrepreneurial families and international capital with an Asian focus.

Singapore Also Wants to Become the Switzerland of Asia for Gold

For Spargold, another point is particularly interesting. Singapore wants to not only catch up in wealth management but also expand its role in physical gold trading.

The MAS and the Singapore Bullion Market Association have set specific priorities for the development of Singapore as a gold trading hub in 2026. These include better market infrastructure, more efficient settlement systems, and the trading of large bars as well as kilobars.

The Singapore Exchange is expected to establish an over-the-counter clearing system for “Loco Singapore” gold by the end of 2026. This could allow gold to be traded and settled more efficiently directly in Singapore between banks and market participants in the future.

This is reminiscent of a classic strength of Switzerland. There, wealth management, physical precious metal trading, refineries, and professional custody have been linked for decades.

Singapore is now trying to build a similar infrastructure for Asia.

However, it would be a mistake to derive a complete equality from this already. The Swiss gold industry has an infrastructure that has grown over decades, world-renowned refineries, and well-established supply chains. Singapore is still in the process of building up in this area.

The direction is nevertheless clear: the city-state not only wants to manage paper assets but also take on a larger role in physical precious metals.

Is Singapore Already as Safe as Switzerland?

In terms of deposit insurance, both locations are similar at first glance. Switzerland protects bank deposits up to 100,000 francs per client and bank. Singapore protects qualified deposits up to 100,000 Singapore dollars per depositor and member institution. The protection in Singapore generally applies to eligible deposits in Singapore dollars; foreign currency deposits and securities are not automatically covered.

However, the pure insurance amount does not fully answer the question. Wealth protection also depends on ownership structure, custody law, contract design, currency, custody, and the specific institution.

Switzerland has an advantage in experience here. Its financial center has gone through numerous crises, currency phases, and geopolitical changes. Singapore, on the other hand, scores with modern regulation, high government capacity for action, and a clear strategic vision.

One cannot, therefore, say across the board that Singapore is already identical to Switzerland. But one can state that no other Asian location is currently as close to the Swiss model.

Why Investors Do Not Have to Choose Between Switzerland and Singapore

For internationally oriented investors, the actual strength may lie precisely in the combination.

Switzerland offers access to the European financial area, the Swiss franc, and an established wealth management and precious metal infrastructure. Singapore opens up access to Asia, the Singapore dollar, Asian capital markets, and a rapidly growing Family Office ecosystem.

This creates a geographical diversification that goes beyond the mere selection of individual securities. Wealth can be distributed across different jurisdictions, currencies, institutions, and custody locations.

Such a structure must be properly planned from a tax and legal perspective. The automatic exchange of information and international transparency standards also apply to modern wealth centers. The attractiveness of Singapore or Switzerland is therefore not based on secrecy, but on stability, professionalism, and clear ownership structures.

Conclusion: Switzerland Remains the Original, Singapore is Becoming the Asian Counterpart

Switzerland remains the global benchmark for international wealth management. It has more experience, a larger established infrastructure, and a unique reputation.

However, Singapore is visibly catching up. Assets under management are growing faster, the number of Family Offices is rising significantly, the regulatory framework is being purposefully developed, and the physical gold market is to be expanded. In the current IMD ranking, Singapore even ranks ahead of Switzerland in terms of competitiveness.

Singapore is therefore not just another financial center. The city-state is developing into the most serious Asian counterpart to Switzerland.

Switzerland stands for grown security – Singapore for strategically built strength.

At Spargold, one principle remains decisive regardless of the location: a physical value should not just appear on an account statement, but should actually exist, be clearly allocated, and be available.

Note: This post is for general information purposes only and does not constitute investment, legal, or tax advice.

Stay forward-looking

Yours, Helge Peter Ippensen