Traditionally there have been three wealth centers - Switzerland, Hong Kong and Singapore. Switzerland is no longer secret and has been forced to open up while the Asian centers accumulate the wealth that is being generated.

"When you look at what is happening in terms of wealth accumulation and wealth growth in Asia, it is only a matter of time before Singapore takes the lead," Pogson says.

Explosion of riches

China enters new luxury market era

UBS, Switzerland's biggest bank, has already recognized Asia as its priority growth area.

According to a report by Bloomberg, the bank intends to hire 88 advisers this year just to service its rich Asian clients.

Bloomberg says assets at UBS wealth management business in the region jumped 38 percent in the past two years.

Credit Suisse, which is facing an investigation into how it helped tax evasion in the US, is looking to increase private banking services to its wealthiest clients in emerging markets, and in particular Asia.

Switzerland's second-biggest bank is approaching Asia differently from second- or third-generation wealth in the US or Europe, according to Francesco de Ferrari, managing director and head of the bank's private banking division.

"In Asia, a lot more of the wealth is generated by first-generation entrepreneurs who are optimistic about the returns their businesses will yield," de Ferrari says. "The last thing you want from a bank is for them to ask you to put funds to buy something with them. You actually want them to give you money."

When the entrepreneur becomes successful, de Ferrari says, the bank will aim to raise equity or debt for the business and build a personal treasure chest on the side.

"The next stage is to help structure that wealth to pass on to heirs and preserve the business," he adds.

A report by the Financial Times says: "In Singapore alone, the accumulation of wealth - and the speed with which it has happened - has been staggering."