Reuters said:

"It's a wealth center," said Martyn Schilte, a manager in charge of selling million dollar supercars in Singapore. "If you look at the type of client we sell to, it's people with a net worth of $50 million-plus."

The city-state has its sights on attracting the world's wealthy to its palm-tree-lined coastline where some apartments come with a private yacht berth. Its plan is working.

As Asia's elite move billions to the country, assets under management soared by a third last year to more than $800 billion.

The amount may be small compared to Switzerland. Singapore had $500 billion in offshore assets under management last year, according to the Boston Consulting Group, compared to four times as much in Switzerland

Recommended by Selfrevolution: "In this climate of financial meltdown, will the long-term reputation of Singapore be affected by our hurry to become the world banking sector's Plan B for secrecy?"

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