China Sees Double Digit Growth in High Net Worth Individuals in 2007
There are now 8.7 million people globally that hold more than US$1 million in financial assets, and are classified as High Net Worth Individuals, according to the latest World Wealth Report published by Capgemini and Merrill Lynch. This represents an increase of 6.5% over that of 2004.
The growth momentum is expected to continue into 2007, spurred by stronger than expected global economic recovery and revitalization of financial markets. The Asia Pacific region is expected to lead in this sector. KMPG for example, cites the region as accounting for 41% of all private banking new client acquisitions in 2005.
Three Asian markets will witness the strongest growth. Traditionally wealthy markets, Singapore and Hong Kong, will register respectable growth rates of 5.8% and 6.7% respectively. China on the other hand, will top the world average with a strong 11.6% growth rate in the near term, and a total HNWI population of over 1.4 million by 2008.
Despite the strong growth potential, China remains a trying market for international wealth management firms and private banks to tap into, according to Alisha Work, Senior Financial Advisor at Hong Kong based Financial Partners International.
Indisputably, China is getting richer fast. How to capture that wealth growth with customized product offering and marketing strategy remains an imminent issue on every private banker/wealth management professional’s agenda.
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