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It is well-known today that as a consequence of the financial crisis, the international private banking world is rapidly changing. The offshore-onshore move is a main driver of change in the Luxembourg private banking sector, experts said at a round table discussion organised by Avaloq Luxembourg. And this change is fast and profound.
Since a couple of years, the client profile is evolving. Luxembourgs private banks are experiencing an outflow of affluent clients with assets below 500,000 euros and, on the other hand, a strong inflow of fully tax compliant high networth individuals mainly entrepreneurs bringing in assets of more than 5 million euros. These clients appreciate the countrys political, social and legal stability...
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