Asia is leading the way in global wealth shift, with a forecasted growth in financial assets in the coming years. HSBC predicts that by 2025, Asia excluding Japan will surpass the US in financial wealth. The number of Asian millionaires outside Japan and China is expected to more than double by 2030. In India, the number of adults with a net wealth above US$250,000 is projected to triple to 60 million by 2030, with similar growth trajectories in Vietnam, the Philippines, and other Asean economies.
This growth is driven by the rising number of young, tech-savvy entrepreneurs. Raymond Ang, global head of private and affluent banking at Standard Chartered, highlights the significant growth in the ultra-high net worth client segment, driven by wealth creation from first-generation entrepreneurs. Asian assets are also moving within families, in what Kamran Azim, chief operating officer of RBC Wealth Management Asia, describes as “the greatest generational wealth transfer in history”.
These trends have spurred activity among banks and wealth managers across the region. In 2021, HSBC announced a US$3.5bn investment to boost wealth management services in Asia. UBS, having acquired Credit Suisse, operates across 13 Asian markets and offers clients a range of investment solutions. Standard Chartered positions itself as a leader in highly bespoke private banking for the very high end of the wealth spectrum.
As wealth shifts in the region, the needs of clients are evolving. Maggie Ng, head of wealth at HSBC Hong Kong, notes that as clients accumulate wealth and progress through life, their needs and objectives become more complex. Advisers are under pressure to improve their wealth preservation and succession planning services, as well as offering a broader range of investment choices and instruments.
Digitalisation is increasingly central to these wealth management services, especially for the younger generation of clients. UBS has established a dedicated private client team to cater for younger, digitally focused clients who want an “omnichannel experience” when managing their wealth.
There has also been a response to the increasingly multigenerational aspect of wealthy families. At LGT Private Banking, this long-term intergenerational lens is central to its offering. The modern LGT client in Asia is typically multigenerational, with a respect for family heritage and legacy, but also an ambition to deploy capital strategically to achieve family goals.
Among the younger Asian client base, there is now strong interest in investing in sustainable solutions. Managers provide a range of sustainable investment options. UBS also offers a networking “academy” to help connect wealthy individuals with each other and with environmental experts. Sustainability is particularly well-embedded at LGT, driven by the Liechtenstein royal family’s own focus on the wellbeing of future generations.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇺🇸 🇯🇵 🇨🇳 🇮🇳 🇵🇠🇱🇮 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Lim Ping Ping, Kamran Azim, Maggie Ng, Jin Yee Young, Amy Lo, Azim, Jason Moo, Raymond Ang |
| Companies | Boston Consulting Group, RBC Wealth Management Asia, LGT Private Banking, UBS Global Wealth Management Asia, HSBC |
| Currencies | None |
| Securities | None |
