Heard on the street: Russian wealthy steer clear of Hong Kong and its Mainland links

3 July 2012 | 2 minutes read

Close to US$80 billion in assets were off-shored from Russia last year, according to a recent report produced by Societe Generale and Forbes. Whilst Singapore’s private banking industry has been a significant beneficiary of this movement of money, Russia’s wealthy are giving Hong Kong a miss, preferring to steer clear from using one of Asia’s most popular private banking destinations…

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