Foreign banks turn away U.S. millionaires

UBS

UBS, the world’s biggest non-U.S. private bank, said in 2008 it would discontinue offshore accounts for U.S. citizens.

Some of the world’s largest wealth-management firms are wanting American millionaires to go away ahead of Washington’s implementation of the Foreign Account Tax Compliance Act, known as Fatca, which seeks to prevent tax evasion by Americans with offshore accounts. HSBC, Deutsche Bank, Bank of Singapore and DBS Group all say they have turned away business.

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What’s at the top of wish list for China’s wealthiest? To leave China

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Goldlink Go-Abroad Consulting Co., an immigration consulting firm in Bejing assists Chinese to immigrate to Canada and the United States.

One of the people powering China’s economy on its path to becoming the world’s biggest is Chines millionaire Su, who builds skyscrapers in Bejing.

 

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India’s Expanding Wealth Boosts Charitable Giving

offerings at the mosque

Offerings at a Mosque in India

The Malkani family made its fortune selling plane tickets and tour packages to India’s fast-expanding middle class, building one of the country’s first online travel agencies.  Now the Malkanis are among a growing number of successful Indian entrepreneurs blazing another trail: charitable giving.

 

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