After the myth of tax evasion haven Switzerland's bank secrecy is shattered, the global wealth management industry was shaken. Without the Switzerland option, the rich now turn to Singapore, and the island-country's private banking industry is booming. In this round of global wealth management center adjustment, thanks to the Asia-Pacific region (excluding Japan)’s rapid growth of private wealth, especially from the mainland of China's wealth management, Singapore’s tenacious attitude to maintain its bank secrecy laws and regulations, its low tax environment and its private banking businesses, the country is gradually replacing Switzerland as the global private wealth management center.