But as the industry continues to power ahead, PricewaterhouseCoopers has highlighted escalating costs as a challenge.
According to PwC, personnel costs can account for as much as 55 percent of the costs in various sectors of the industry.
Oh the bitter irony of it all, the rich complaining of the high costs of living.
Come on. If high costs is so large a factor for these 'wealth management' bozos, then I should see low cost centres like Nigera, Zimbabwe to be world centres of commerce, and not high cost places like New York or London.
If costs is so substantial that it could deters these 'wealth managers', what do you think is the outlook for the small SMEs or your neighbourhood shops?
Maybe these 'wealth managers' are complaining because there isn't much wealth left in Singapore.