Emerging markets like India, China, Turkey Indonesia, had rallied due to carry trade as cheap money chased yields in developing markets
Islamic finance, he said, is rapidly gaining traction not just in Muslim-majority nations but also in international financial centres such as London and Hong Kong.
After one of the big sales led by Goldman Sachs, $5 million of the cash raised for 1MDB traveled through shell companies and ended up in her Swiss bank account, the U.S. said in complaints filed last week.
GIC, formerly known as the Government of Singapore Investment Corp, manages Singapore’s foreign reserves with a focus on long-term performance.
Noting the increasing numbers of Chinese joining the global super-rich 1%, the study said that “India has made no significant incursions into the global top 1%, despite rapid economic growth over the past two decades”.
The manufacturing sector grew the most by 10.1 percent followed by the services sector and agriculture, which grew 6.7 percent and 2.6 percent respectively in the last fiscal year, Citi said on Wednesday.
Overall, 37% of alternative assets are invested in Europe and 8% in Asia Pacific, with 5% being invested in the rest of the world.
Increased tax transparency in Switzerland could lead to the super rich turning their gaze on other Asian havens such as Dubai, Qatar and Singapore, says Gopichand Hinduja