Swiss banks sign up to reveal hidden accounts as US deadline looms
POSTED: 22 Dec 2013 14:38
Swiss banks are scrambling ahead of a December 31 deadline to decide whether to join a US programme aimed at zooming in on lenders that helped Americans dodge taxes.
GENEVA: Swiss banks are scrambling ahead of a December 31 deadline to decide whether to join a US programme aimed at zooming in on lenders that helped Americans dodge taxes.
Around 40 of Switzerland's some 300 banks have already said publicly they will take part in a US programme set up to allow Swiss financial institutions to avoid US prosecution in exchange for coming clean and possibly paying steep fines.
"What are the others going to do? That is the very big question," Swiss business lawyer Douglas Hornung told AFP.
Washington alleges that Swiss banks have helped US citizens hide billions of dollars in assets from tax authorities, in a row that has soured relations between the two in recent years.
The two countries reached a deal in August aimed at ending the dispute, piercing a significant hole in the tradition of secrecy upon which the Swiss banking industry was built.
The banks have until the end of the year to decide whether to fess up to potential wrong-doing and hand over their files to US authorities, and thereby shield themselves from legal action, or take their chances outside the programme.
Picking the wrong option could saddle a bank with crippling fines, fees or a US indictment.
Banks that opened undeclared accounts for US clients -- especially the ones that actively wooed such clients -- definitely should join the programme, experts say.
Washington in 2009 fined Switzerland's biggest bank, UBS, $780 million for complicity in tax evasion.
"If one of the 10 to 15 banks the US Department of Justice already has in its files does not show up..., you can be sure there will be a BOOM in January," Hornung said.
Earlier this year, Switzerland's one-time oldest bank Wegelin & Co. discovered the price of not coming clean to US authorities when given the chance. Founded in 1741, the bank was pushed out of business after being slapped with a $74-million fine for helping wealthy clients avoid at least $20 million in taxes.
Fourteen banks, including Switzerland's second-biggest bank, Credit Suisse, are already officially under US investigation and will have no chance to skirt legal action.
The other banks can however opt in to the programme by determining which of the three remaining categories they belong in.
Most so far are signing up for category two and thereby acknowledging they may well have had US clients with undeclared accounts.
"More banks have said they will go for category two than would be expected," said Walter Boss, a tax lawyer with Poledna Boss Kurer AG in Zurich.
"Category three, reserved for banks that aim to prove their innocence, "won't be crowded, it looks like," he said.
Especially surprising perhaps is that a large majority of the publicly backed cantonal banks have opted for category two. These banks which are regionally based and have long insisted they never went after US clients.
Small banks could be forced out of business
All the banks rushing to the confession booth have not necessarily committed any misdeeds though, experts say.
A number of banks insist they have only had a few US clients and have never done anything to encourage tax evasion, but have chosen to initially join category two for fear that a single tax-dodging American, even unbeknownst to them, could land them in legal qualms.
"I think the fears in Switzerland are too big when it comes to the United States," said Peter Viktor Kunz, a business law professor at Bern University.
"I really hope that common sense prevails in the end," he said.
Switzerland's third-largest bank, Reiffeisen, and private bank Vontobel have for instance said they will opt for category three or four, reserved for local banks with no US clients at all, which should show some of the smaller banks with few US clients that the self-flagellating is unnecessary, Kunz said.
Banks in category two will face penalties equivalent to between 20 and 50 per cent of the value of undeclared accounts, depending on when they were opened, not to mention towering legal and translation fees.
"Many of the smaller banks simply will not be able to afford this," Hornung said, cautioning that a number of banks might go belly-up.
He urged banks that had done nothing wrong to opt out of the programme altogether, insisting that Washington was not interested in hunting down the minnows in the pond.
Regardless of how many banks decide to sign up by the December 31 deadline, observers warned that the programme was unlikely to provide much immediate relief to a Swiss banking sector desperate to shake off the uncertainty that has been dogging it throughout the dispute with Washington.
Confusion over how the US programme will be implemented means "the uncertainty is still there for many," Kunz said, adding: "So no happy new year for them."
- AFP/fa
- wong chee tat :)
Showing posts with label Credit Suisse. Show all posts
Showing posts with label Credit Suisse. Show all posts
Monday, December 23, 2013
Friday, December 6, 2013
Singapore banks assure clients that data is safe
Singapore banks assure clients that data is safe
By Wong Siew Ying
POSTED: 06 Dec 2013 21:03
Several banks in Singapore have come out to assure clients that they have the measures and processes in place to protect customer information.
SINGAPORE: Several banks in Singapore have come out to assure clients that they have the measures and processes in place to protect customer information.
This comes after the theft of bank data of 647 clients of Standard Chartered (StanChart) Private Bank was reported on Thursday.
The theft occurred through StanChart's third party service provider, Fuji Xerox Singapore, which prints statements for the bank.
Responding to Channel NewsAsia, several banks say they have stringent measures in place to ensure data security.
In particular, three banks print their statements in-house.
Bank of Singapore said it does not outsource printing of any materials containing customer information, while UBS said all data remains within its own infrastructure and is not transferred to a third party vendor.
UBS added that it has clear policies and processes to safeguard data from its creation to storage and finally, to destruction of information.
And Credit Suisse, which also prints client statements in-house, has heightened monitoring activities.
Meanwhile, a few banks told Channel NewsAsia that while they do engage third party service providers, they retain oversight on information security.
DBS Bank said all its outsourcing arrangements are managed under stringent risk controls that are compliant with regulations and local laws.
The bank works closely with its vendors to review their security processes, and there is no indication that any customer data has been compromised.
Citibank Singapore said it has strict outsourcing policies, including close monitoring of procedures practised by their vendors, as well as regular physical onsite checks.
OCBC Bank, too, conducts regular security checks and audits to make sure its customers' data is secure.
And the outsourcing of its operations is done very selectively, with the bulk of them done internally.
Meanwhile, HSBC Singapore said it continually invests in systems and processes to strongly deter any criminal intentions against the bank.
Responding to Channel NewsAsia, the Association of Banks Singapore (ABS) said the association and its members are mindful of cyber threats and crime and are constantly vigilant in their efforts to combat them.
ABS added: "This recent incident of the theft of bank statements of private bank customers of Standard Chartered Bank is a stark reminder that it is imperative for all banks and financial institutions to be diligent in ensuring that their IT infrastructure and systems are robust and hardened, and to protect the confidentiality of clients data at all times.”
- CNA/gn
- wong chee tat :)
By Wong Siew Ying
POSTED: 06 Dec 2013 21:03
Several banks in Singapore have come out to assure clients that they have the measures and processes in place to protect customer information.
SINGAPORE: Several banks in Singapore have come out to assure clients that they have the measures and processes in place to protect customer information.
This comes after the theft of bank data of 647 clients of Standard Chartered (StanChart) Private Bank was reported on Thursday.
The theft occurred through StanChart's third party service provider, Fuji Xerox Singapore, which prints statements for the bank.
Responding to Channel NewsAsia, several banks say they have stringent measures in place to ensure data security.
In particular, three banks print their statements in-house.
Bank of Singapore said it does not outsource printing of any materials containing customer information, while UBS said all data remains within its own infrastructure and is not transferred to a third party vendor.
UBS added that it has clear policies and processes to safeguard data from its creation to storage and finally, to destruction of information.
And Credit Suisse, which also prints client statements in-house, has heightened monitoring activities.
Meanwhile, a few banks told Channel NewsAsia that while they do engage third party service providers, they retain oversight on information security.
DBS Bank said all its outsourcing arrangements are managed under stringent risk controls that are compliant with regulations and local laws.
The bank works closely with its vendors to review their security processes, and there is no indication that any customer data has been compromised.
Citibank Singapore said it has strict outsourcing policies, including close monitoring of procedures practised by their vendors, as well as regular physical onsite checks.
OCBC Bank, too, conducts regular security checks and audits to make sure its customers' data is secure.
And the outsourcing of its operations is done very selectively, with the bulk of them done internally.
Meanwhile, HSBC Singapore said it continually invests in systems and processes to strongly deter any criminal intentions against the bank.
Responding to Channel NewsAsia, the Association of Banks Singapore (ABS) said the association and its members are mindful of cyber threats and crime and are constantly vigilant in their efforts to combat them.
ABS added: "This recent incident of the theft of bank statements of private bank customers of Standard Chartered Bank is a stark reminder that it is imperative for all banks and financial institutions to be diligent in ensuring that their IT infrastructure and systems are robust and hardened, and to protect the confidentiality of clients data at all times.”
- CNA/gn
- wong chee tat :)
Wednesday, July 17, 2013
SPH Prices REIT IPO at S$0.90 per Unit
SPH Prices REIT IPO at S$0.90 per Unit
by Admin on Jul 17, 2013 • 7:01 pm
by Ernie B. Calucag
Media group Singapore Press Holdings (SPH) has priced Wednesday its real estate investment trust (REIT) offering at S$0.90 per unit, at the top end of an indicative range of S$0.85-S$0.90 per unit.
SPH said the final price was settled after seeing strong institutional investor response during the bookbuilding process, amounting to approximately 42 times the number of units offered under the placement tranche.
The media group is expected to raise S$504.0 million on offering of 308.9 million units to institutional and public investors, and 251 million units to cornerstone investors such as Great Eastern Life Assurance Company, Hong Leong Asset Management and Morgan Stanley Investment Management Company.
At S$0.90 per unit, SPH REIT offers a yield of 5.58 per cent and 5.79 per cent for the forecast period 2H2013 and projection year 2014, respectively.
The SPH REIT’s assets will include the luxury Paragon mall in the prime shopping district of Orchard Road and the suburban Clementi Mall.
Paragon and Clementi Mall are valued at S$2.5 billion and S$570.5 million respectively by Knight Frank in February.
The retail tranche for the IPO opens on Wednesday and the listing will be on July 24.
Upon listing of SPH REIT, SPH will remain the single largest unitholder, with approximately 70 per cent stake. The group also plans to distribute a special dividend of S$0.18 to shareholders after the listing.
“The manager will take an active role in managing and enhancing SPH REIT’s properties,” SPH REIT said in the prospectus, adding that it will “assess acquisition opportunities in line with SPH REIT’s investment objective.”
Credit Suisse, DBS and Oversea-Chinese Banking Corp are joint bookrunners for SPH REIT, while CIMB and Nomura are co-lead managers.
More REIT IPOs
Another REIT offering is expected to be finalised in the days to come. Last week, Singapore property firm Overseas Union Enterprise Ltd (OUE) lodged its preliminary prospectus seeking to raise up to S$614.0 million.
According to the prospectus, OUE Hospitality Trust will offer 434,598,000 staple securities to the public and institutions. The offer includes 51.1 million staple securities for the retail investors while another 247,220,000 will go to cornerstone investors.
The listing will hope to raise up to S$614.0 million with an offer price expected to be between 88 S-cents and 90 S-cents per stapled security.
The trust will comprise a real estate investment trust and a business trust. OUE said it will initially inject two assets in the trust- the Mandarin Orchard hotel and the Mandarin Gallery mall along Orchard Road.
REITs raised S$3.4 billion or 68 per cent of the S$5.0 billion of stock sold in Singapore IPOs in the past 12 months, according to data compiled by Bloomberg.
The biggest share sale was the S$1.6 billion raised by Mapletree Greater China Commercial Trust, a REIT that owns assets including the Festival Walk shopping mall in Hong Kong and an office complex in Beijing.
The citystate lists 23 REITs and is the largest REIT market in Asia ex-Japan. Singapore-listed REITs have a combined market capitalisation of S$52.0 billion. Together the 23 REITs provide a diverse mix of local and international property assets that house industrial, commercial, retail, residential and specialised tenants.
More good news coming?
- wong chee tat :)
by Admin on Jul 17, 2013 • 7:01 pm
by Ernie B. Calucag
Media group Singapore Press Holdings (SPH) has priced Wednesday its real estate investment trust (REIT) offering at S$0.90 per unit, at the top end of an indicative range of S$0.85-S$0.90 per unit.
SPH said the final price was settled after seeing strong institutional investor response during the bookbuilding process, amounting to approximately 42 times the number of units offered under the placement tranche.
The media group is expected to raise S$504.0 million on offering of 308.9 million units to institutional and public investors, and 251 million units to cornerstone investors such as Great Eastern Life Assurance Company, Hong Leong Asset Management and Morgan Stanley Investment Management Company.
At S$0.90 per unit, SPH REIT offers a yield of 5.58 per cent and 5.79 per cent for the forecast period 2H2013 and projection year 2014, respectively.
The SPH REIT’s assets will include the luxury Paragon mall in the prime shopping district of Orchard Road and the suburban Clementi Mall.
Paragon and Clementi Mall are valued at S$2.5 billion and S$570.5 million respectively by Knight Frank in February.
The retail tranche for the IPO opens on Wednesday and the listing will be on July 24.
Upon listing of SPH REIT, SPH will remain the single largest unitholder, with approximately 70 per cent stake. The group also plans to distribute a special dividend of S$0.18 to shareholders after the listing.
“The manager will take an active role in managing and enhancing SPH REIT’s properties,” SPH REIT said in the prospectus, adding that it will “assess acquisition opportunities in line with SPH REIT’s investment objective.”
Credit Suisse, DBS and Oversea-Chinese Banking Corp are joint bookrunners for SPH REIT, while CIMB and Nomura are co-lead managers.
More REIT IPOs
Another REIT offering is expected to be finalised in the days to come. Last week, Singapore property firm Overseas Union Enterprise Ltd (OUE) lodged its preliminary prospectus seeking to raise up to S$614.0 million.
According to the prospectus, OUE Hospitality Trust will offer 434,598,000 staple securities to the public and institutions. The offer includes 51.1 million staple securities for the retail investors while another 247,220,000 will go to cornerstone investors.
The listing will hope to raise up to S$614.0 million with an offer price expected to be between 88 S-cents and 90 S-cents per stapled security.
The trust will comprise a real estate investment trust and a business trust. OUE said it will initially inject two assets in the trust- the Mandarin Orchard hotel and the Mandarin Gallery mall along Orchard Road.
REITs raised S$3.4 billion or 68 per cent of the S$5.0 billion of stock sold in Singapore IPOs in the past 12 months, according to data compiled by Bloomberg.
The biggest share sale was the S$1.6 billion raised by Mapletree Greater China Commercial Trust, a REIT that owns assets including the Festival Walk shopping mall in Hong Kong and an office complex in Beijing.
The citystate lists 23 REITs and is the largest REIT market in Asia ex-Japan. Singapore-listed REITs have a combined market capitalisation of S$52.0 billion. Together the 23 REITs provide a diverse mix of local and international property assets that house industrial, commercial, retail, residential and specialised tenants.
More good news coming?
- wong chee tat :)
Monday, July 1, 2013
EU investigators accuse 13 banks in derivatives probe
EU investigators accuse 13 banks in derivatives probe
POSTED: 01 Jul 2013 10:00 PM
EU investigators accused 13 top banks including Barclays, Deutsche Bank and Goldman Sachs on Monday of colluding over derivatives trading, in a new move to tighten banking standards.
BRUSSELS: EU investigators accused 13 top banks including Barclays, Deutsche Bank and Goldman Sachs on Monday of colluding over derivatives trading, in a new move to tighten banking standards.
A preliminary investigation by the Commission showed that banks worked together to exclude exchanges from the derivatives market.
This was allegedly because they feared involvement by the exchanges would cut into their huge profits from over-the-counter trading.
Some aspects of derivatives trading have been blamed for exacerbating the financial crisis.
The EU's Competition Commissioner Joaquin Almunia said that the banks now had the chance to respond to the detailed accusations.
He said that they could face fines if the charges were confirmed once the investigation had been completed.
"If it is confirmed that banks collectively blocked exchanges from the derivatives market, the Commission could decide to impose sanctions," Almunia said at a press briefing.
"Exchange trading of credit derivatives improves market transparency and stability," he said.
Collusion between banks to prevent this type of trading would be "a serious breach of our competition rules", he said.
Almunia declined to give an estimate of the size of possible fines on the banks but he said the CDS market at the moment was worth about 10 trillion euros ($13 trillion).
The collapse of US investment bank Lehman Brothers in 2008 "showed how derivatives trading is able to destabilise the entire financial system," Almunia said.
The EU investigation began in 2011 and has focused on claims that the Deutsche Boerse stock market and the Chicago Mercantile Exchange were excluded from the derivatives market between 2006 and 2009 when the crisis reached its peak.
It said the two exchanges decided to turn to the International Swaps and Derivatives Association (ISDA) and data service provider Markit to obtain the necessary licences but were turned down because the banks had prevented them from doing so.
The 13 European and US banks targeted are: Bank of America Merrill Lynch, Barclays, Bear Stearns, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, Royal Bank of Scotland and UBS.
Four other banks that had been involved in the investigation -- Commerzbank, Societe Generale, Credit Agricole and Wells Fargo -- have been excluded because of a lack of evidence.
In May, a US pension fund for Cleveland metal workers initiated legal proceedings against some of the banks identified by the European Commission saying it had suffered financial losses because of "an illegal cartel".
The fund said the number of victims of the alleged cartel could reach "tens of thousands", and claimed the derivatives market had been heavily distorted by those who controlled it.
The European Commission has worked to take on a stronger role in policing the financial markets in the wake of the global financial crisis and the eurozone sovereign debt crisis.
Last month, it said it was preparing a set of proposals to tighten up oversight of key market benchmarks, especially of interest rates, after recent rigging scandals in London.
These could include moving LIBOR, a global interest rate indicator, from London to Paris where it would be supervised by the European Securities and Markets Authority.
Such a move would very likely anger the British government which jealously guards the City of London, home to one of the world's largest financial markets.
LIBOR, or London Interbank Offered Rate, is a flagship reference instrument used all over the world, affecting what banks, businesses and individuals pay to borrow money.
London's role has been undermined by revelations that major banks, among them Barclays, Royal Bank of Scotland and UBS, have manipulated LIBOR to their advantage, especially during the turmoil and aftermath of the 2008 crisis.
British regulators have laid out plans for a new system combining survey-based rates and objective data to replace the current system, hoping to head off EU efforts to take overall control of such a key financial market instrument.
- AFP/al
- wong chee tat :)
POSTED: 01 Jul 2013 10:00 PM
EU investigators accused 13 top banks including Barclays, Deutsche Bank and Goldman Sachs on Monday of colluding over derivatives trading, in a new move to tighten banking standards.
BRUSSELS: EU investigators accused 13 top banks including Barclays, Deutsche Bank and Goldman Sachs on Monday of colluding over derivatives trading, in a new move to tighten banking standards.
A preliminary investigation by the Commission showed that banks worked together to exclude exchanges from the derivatives market.
This was allegedly because they feared involvement by the exchanges would cut into their huge profits from over-the-counter trading.
Some aspects of derivatives trading have been blamed for exacerbating the financial crisis.
The EU's Competition Commissioner Joaquin Almunia said that the banks now had the chance to respond to the detailed accusations.
He said that they could face fines if the charges were confirmed once the investigation had been completed.
"If it is confirmed that banks collectively blocked exchanges from the derivatives market, the Commission could decide to impose sanctions," Almunia said at a press briefing.
"Exchange trading of credit derivatives improves market transparency and stability," he said.
Collusion between banks to prevent this type of trading would be "a serious breach of our competition rules", he said.
Almunia declined to give an estimate of the size of possible fines on the banks but he said the CDS market at the moment was worth about 10 trillion euros ($13 trillion).
The collapse of US investment bank Lehman Brothers in 2008 "showed how derivatives trading is able to destabilise the entire financial system," Almunia said.
The EU investigation began in 2011 and has focused on claims that the Deutsche Boerse stock market and the Chicago Mercantile Exchange were excluded from the derivatives market between 2006 and 2009 when the crisis reached its peak.
It said the two exchanges decided to turn to the International Swaps and Derivatives Association (ISDA) and data service provider Markit to obtain the necessary licences but were turned down because the banks had prevented them from doing so.
The 13 European and US banks targeted are: Bank of America Merrill Lynch, Barclays, Bear Stearns, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, Royal Bank of Scotland and UBS.
Four other banks that had been involved in the investigation -- Commerzbank, Societe Generale, Credit Agricole and Wells Fargo -- have been excluded because of a lack of evidence.
In May, a US pension fund for Cleveland metal workers initiated legal proceedings against some of the banks identified by the European Commission saying it had suffered financial losses because of "an illegal cartel".
The fund said the number of victims of the alleged cartel could reach "tens of thousands", and claimed the derivatives market had been heavily distorted by those who controlled it.
The European Commission has worked to take on a stronger role in policing the financial markets in the wake of the global financial crisis and the eurozone sovereign debt crisis.
Last month, it said it was preparing a set of proposals to tighten up oversight of key market benchmarks, especially of interest rates, after recent rigging scandals in London.
These could include moving LIBOR, a global interest rate indicator, from London to Paris where it would be supervised by the European Securities and Markets Authority.
Such a move would very likely anger the British government which jealously guards the City of London, home to one of the world's largest financial markets.
LIBOR, or London Interbank Offered Rate, is a flagship reference instrument used all over the world, affecting what banks, businesses and individuals pay to borrow money.
London's role has been undermined by revelations that major banks, among them Barclays, Royal Bank of Scotland and UBS, have manipulated LIBOR to their advantage, especially during the turmoil and aftermath of the 2008 crisis.
British regulators have laid out plans for a new system combining survey-based rates and objective data to replace the current system, hoping to head off EU efforts to take overall control of such a key financial market instrument.
- AFP/al
- wong chee tat :)
Friday, March 18, 2011
More banks moving to Changi Business Park
More banks moving to Changi Business Park
Posted: 17 March 2011 2044 hrs
SINGAPORE: Changi Business Park is fast turning into a banking hub with several banks already relocating there to expand and consolidate their operations away from the city centre.
Swiss banking group Credit Suisse is joining other banks such as Citi, Standard Chartered and DBS to establish a presence in Changi Business Park.
The move comes as the bank consolidates its local operations from several locations as Singapore becomes its global support function centre.
The bank said its existing premises at One Raffles Link will continue to house client-facing and front office functions.
Credit Suisse Singapore CEO Lito Camacho said: "in our industry, the competition for talent has gotten very intense.
"These days, it's not just about compensation; it's not just about specific benefits and so on.
"It's about providing a holistic environment. I think it allows our staff to feel and be proud of this human institution as opposed to an institution that is out there to make money".
-CNA/wk
- wong chee tat :)
Posted: 17 March 2011 2044 hrs
SINGAPORE: Changi Business Park is fast turning into a banking hub with several banks already relocating there to expand and consolidate their operations away from the city centre.
Swiss banking group Credit Suisse is joining other banks such as Citi, Standard Chartered and DBS to establish a presence in Changi Business Park.
The move comes as the bank consolidates its local operations from several locations as Singapore becomes its global support function centre.
The bank said its existing premises at One Raffles Link will continue to house client-facing and front office functions.
Credit Suisse Singapore CEO Lito Camacho said: "in our industry, the competition for talent has gotten very intense.
"These days, it's not just about compensation; it's not just about specific benefits and so on.
"It's about providing a holistic environment. I think it allows our staff to feel and be proud of this human institution as opposed to an institution that is out there to make money".
-CNA/wk
- wong chee tat :)
Saturday, October 9, 2010
Personal wealth in Asia Pac grows much faster than global average
Personal wealth in Asia Pac grows much faster than global average
By Travis Teo | Posted: 08 October 2010 2344 hrs
By Travis Teo | Posted: 08 October 2010 2344 hrs
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SINGAPORE : Personal wealth in Asia Pacific has grown at a much faster rate compared to the global average.
Wealth in the region grew between 100 and 400 per cent in the last 10 years, compared to the average global rate of 42 per cent, according to the first Global Wealth Report by Credit Suisse released on Friday.
The Credit Suisse report aims to provide insight for investors going into different markets, using a methodology which calculates total wealth by looking at fixed assets and bankable assets, including properties, equities and cash.
Asia Pacific markets have been bullish since recovering from the recent financial crisis. And Credit Suisse says the region's strong economy has led to rising income levels, which means a wealthier population.
Joseph Tan, director & Asian chief economist, Credit Suisse, said: "On a much longer-term structural basis, one key reason why Asian growth ... (is) leading to Asian wealth accumulation is because the demographics are highly favourable for Asia - we have a lot more younger people out here in Asia."
China is one of the countries with the fastest growth in personal wealth. Credit Suisse expects the country to double its current household wealth of US$16.5 trillion by 2015, surpassing Japan's household wealth.
Going forward, total global wealth is projected to grow by 61 per cent to hit an accumulated US$315 trillion by 2015.
Credit Suisse said its wealth report is the first to look at a complete wealth band in each country, ranging from ultra-high net worth individuals to those with wealth below US$10,000.
It is different from other established reports like the Merrill Lynch and Capgemini's report, which analyses only high net worth individuals.
Tee Fong Seng, vice chairman, Private Banking, Asia Pacific, Credit Suisse, said: "Our wealth report focuses holistically from the very bottom wealth bracket all the way to the top.
"We want to see the evolution of the total wealth pattern that prevails in each country to give us a better feel, also for those that use our report."
Within Asia Pacific, Australians are the richest - with an average wealth per individual of nearly US$321,000. This is followed by Singaporeans, with some US$255,000 in individual wealth.
These are the only two Asia Pacific countries that made it to the top 10 list in the study.
- CNA/al
- wong chee tat :)
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