Mega rich flock to buy superyachts at Singapore boat shows Yacht makers, brokers and owners head to the city state in their droves for one week every year hoping to tap into the city's wealthy masses. Singapore has the world's highest ratio of millionaires. Western yacht builders also see Singapore as a gateway to China, which is slowly developing a sailing culture within its millionaire set. Mark Cavendish, sales director of yacht builders Heesen, said: "We are very keen to develop the Asian market, because I don't know how much business there will be in Europe in the next five to 10 years." When it comes to being a millionaire haven, Singapore's numbers could swell even further, according to a recent report. WealthInsight, a London-based research firm, has found Singapore to be the fastest growing wealth centre in the world. If it continues its rapid pace of accumulating assets under management it will leapfrog Switzerland by 2020. The long-established tax haven of Switzerland is falling out of favour with the world's wealthiest individuals as it is being forced to lift the lid on its much-criticised bank secrecy laws. Singapore has been one of the main beneficiaries of this exodus, while at the same time enjoying inflows from wealthy Asians, particularly Chinese, who value its stable government and vibrant economy. The report said: "The Swiss wealth management model is under intense pressure. Offshore centres have suffered significant reputational damage in the past four years and advanced economies are increasing their oversight of cross-border banking and tax havens.