The end of the single booking centre

Wealth is no longer moving between financial centres — it is being structured across them. Private banks say Asian high-net-worth clients are building multi-jurisdiction portfolios, assigning distinct roles to hubs such as Singapore, Hong Kong, Switzerland and Dubai.

Key takeaways:

• Wealth is being structured across multiple jurisdictions, with distinct roles assigned to each financial centre.
• Geopolitical and regulatory developments are reinforcing diversification in where assets are held.
• Intergenerational wealth transfer is accelerating the expansion of family offices and cross-border structures.

Across Asia, high-net-worth (HNW) and ultra-high-net-worth (UHNW) families are increasingly structuring wealth across multiple jurisdictions, assigning distinct roles to financial centres such as Singapore, Hong Kong, Switzerland and Dubai. Private banks say the shift is being driven by geopolitical tensions, regulatory scrutiny, intergenerational wealth transfer and the growing need to balance investment access, governance and mobility across borders.

Traditionally, many Asian families concentrated offshore wealth in a single booking centre — often Singapore, Hong Kong or Switzerland — partly for operational simplicity and ease of oversight. Private banks say that model is gradually fragmenting as families separate governance, investment management, operating businesses and residency planning across different jurisdictions.

The shift is not about abandoning one financial centre for another. Instead, wealth hubs are increasingly being treated as specialised components within a broader wealth architecture, with different jurisdictions supporting different strategic functions.

Private banks say clients are reassessing risk not only across asset classes, but across jurisdictions themselves. Legal frameworks, political stability, tax regimes and currency exposure are becoming increasingly important considerations alongside investment returns.

According to the Boston Consulting Group Global Wealth Report, financial wealth in Asia-Pacific reached approximately USD177 trillion in 2024, up from around USD141 trillion in 2020. Meanwhile, the number of single-family offices in Singapore has risen from around 400 in 2020 to more than 2,000 in 2024, according to the Monetary Authority of Singapore. Wealth migration data from Henley & Partners also points to rising cross-border mobility among high-net-worth individuals.

Wealth structures become more deliberate

Private banks say the trend has accelerated over the past several years, particularly among entrepreneurial families seeking greater flexibility across jurisdictions.

“At Lombard Odier, we are seeing a more deliberate and diversified approach in how Asian clients structure wealth across jurisdictions,” says Omar Shokur, Regional Head of Private Clients, Asia at Lombard Odier. “Clients are increasingly conscious of concentration risk, not just from an investment perspective, but also in terms of geography, booking centres and governance structures.”

At HSBC Private Bank, a similar situation is emerging. “Over the past few years, we’ve seen a clear evolution in how Asian clients manage global wealth,” says Lok Yim, Regional Head of Asia Pacific at HSBC Private Bank. “Today, wealth structures are more diversified and much more integrated across personal and business interests.”

Private banks are also seeing stronger wealth flows through emerging Asia–Middle East corridors, particularly among entrepreneurial families balancing business operations, residency planning and investment activity between India, Singapore and the UAE.

At Deutsche Bank, geopolitical developments are becoming more deeply embedded in long-term wealth planning. “Increased geopolitical tension over the past decade has changed the way Asian clients look at risk,” says Marco Pagliara, Head of Emerging Markets, Private Bank at Deutsche Bank. “While diversification of investment portfolios is applied as a risk mitigant, increasingly we see diversification of geographic jurisdiction where clients hold assets.”

He adds that many clients who previously concentrated assets in a single wealth centre are now distributing them across multiple jurisdictions.

Barclays is observing a similar pattern among Indian clients. “Over the past three to five years, we have seen Indian clients move decisively beyond single-centre offshore structures towards more deliberate multi-jurisdictional frameworks,” says Adrish Ghosh, Head of Barclays Private Bank, India.

Singapore and the UAE are increasingly being used for family-office structures, while Gujarat International Finance Tec-City (GIFT City) is emerging as an additional route for international fund exposure, he says.

Private banks say international diversification is also extending beyond traditional public-market exposure into private equity, private credit, real assets, renewables and thematic global strategies as wealthy families broaden portfolio construction approaches.

At 360 ONE, global diversification is increasingly embedded into portfolio construction itself rather than treated as an ancillary allocation strategy.

“Historically, international diversification was a peripheral conversation but is now a deliberate part of portfolio planning discussions across our client base,” says Nikunj Kedia, Group Head – Products at 360 ONE.

Private banks say intergenerational wealth transfer is also accelerating the trend. Estimates from McKinsey & Company suggest that HNW and UHNW families in Asia-Pacific are expected to transfer approximately USD5.8 trillion in wealth between 2023 and 2030, increasing demand for more sophisticated cross-border structures.

Younger family members are also influencing how wealth is structured. Advisers say next-generation heirs who study, live and operate businesses internationally increasingly expect wealth arrangements to reflect global lifestyles rather than a single home-market base.

Geopolitics reinforces diversification, not retreat

Recent geopolitical tensions, including developments in the Middle East, have reinforced the importance of jurisdictional diversification. However, clients are not responding with abrupt reallocations or wholesale withdrawals from markets.

“The response is not abrupt shifts in capital, but incremental adjustments. Clients are not exiting jurisdictions, but reducing dependence on any single one — a subtle but important distinction,” says Lombard Odier’s Shokur.

At HSBC Private Bank, clients are maintaining a measured approach. “While tensions can create short-term volatility, our clients continue to take a long-term view,” says Yim.

Deutsche Bank’s Pagliara adds that geopolitical developments are reinforcing structural considerations in wealth planning. “Now, for different reasons — geopolitical, structural and security — it’s also becoming more relevant for clients to consider diversifying where their assets are held.”

At Barclays, Ghosh says recent geopolitical tensions have not materially altered long-term client behaviour in the UAE. “The focus continues to be on structural diversification rather than reactive repositioning,” he says.

At 360 ONE, geopolitical events have also prompted stronger client engagement around international allocation strategies. Kedia says tensions in the Middle East have served as a “real-world education” on geographic diversification, driving increased interest in global allocations and commodity-linked strategies as hedges during periods of uncertainty.

Market behaviour has reinforced this measured approach. Recent commentary from Vontobel investment specialists Jean-Louis Nakamura and Dan Scott noted that global markets recovered quickly despite the Middle East conflict, reinforcing the view that geopolitical shocks are prompting clients to rethink how risk is structured across jurisdictions rather than triggering wholesale withdrawals from markets.

Financial centres take on more specialised roles

As wealth structures become more global, financial centres are taking on more specialised roles.

“Clients today are structuring their wealth across several leading financial centres, with each serving a distinct and complementary role”  — Omar Shokur, Lombard Odier Asia.

Singapore remains the primary anchor for long-term wealth structuring and governance, supported by its regulatory stability and depth in trusts and family-office capabilities, according to Ghosh. Dubai, meanwhile, has emerged as a fast-growing second pillar for entrepreneurial families, supported by evolving residency frameworks and the growing institutional presence of the DIFC and ADGM.

Switzerland continues to anchor wealth preservation, while Hong Kong is increasingly used selectively for North Asia exposure and access to mainland Chinese capital markets. HSBC’s Global Entrepreneurial Wealth Report 2025 found that nearly three in five entrepreneurs globally (59%) are diversifying wealth internationally, with many identifying Hong Kong as a preferred destination for personal assets.

Data from Henley & Partners shows the UAE attracted close to 9,800 new millionaires in 2025, compared with around 3,500 in 2020.

Pagliara notes that clients assess jurisdictions based on regulatory strength, investment ecosystems and tax clarity, with many families operating across multiple hubs to access specialised services.

Figure 1: The roles of booking centres within multi-jurisdiction structures are becoming more clearly defined.

The evolving role of private banks

The rise of multi-jurisdictional wealth structures is reshaping the advisory model. Private banks are shifting from product-led approaches to more holistic, advisory-driven models, combining investment, structuring and governance expertise across jurisdictions.

At Deutsche Bank, the approach has become “multi-faceted”, says Pagliara, incorporating wealth structuring and multi-generational planning. At Barclays, Ghosh says tax efficiency, exchange-control considerations and cross-border regulatory requirements are becoming increasingly central to how wealth solutions are designed.

At HSBC, this is supported by integrated platforms linking private banking with broader institutional capabilities. At 360 ONE, global diversification is now embedded into portfolio construction from the outset, rather than treated as an ancillary allocation.

As wealth continues to expand across Asia, the traditional model of concentrating assets in a single financial centre is becoming less relevant. “The shift is not about moving wealth, but allocating it more deliberately across jurisdictions to balance growth, protection and global connectivity,” says Barclay’s Ghosh.

As wealthy Asian families become more globally distributed, private banks may increasingly compete not on the strength of a single booking centre, but on their ability to coordinate governance, investment access and advisory capabilities seamlessly across several financial centres at once.