Marc Faber : For the first time in modern history the foreign exchange reserves of Brazil, China, Russia and India are larger than those of the G7 [group of industrialised] nations, representing a fifth of the world's wealth.
Some of this wealth goes to rich individuals so the banks have all moved to Singapore and Hong Kong to open private banking departments. I think that [this trend] is going to grow very rapidly over time.
This is not necessarily at the expense of the old European centres, because some Russian, eastern European and African money comes to Europe. But it is no longer the case that all money comes to the US and Europe.
Source : swissinfo
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