- Joined
- Apr 9, 2009
- Messages
- 3,070
- Points
- 0
NOT only has Singapore been minting more millionaires per capita than any other country, but the millionaires here are also among the world's youngest. They form a lucrative market that banks are eager to court.
HSBC Private Bank - which targets rich individuals who each have assets under management (AUM) of US$3 million (S$3.8 million) on average - said yesterday that, in line with industry-wide statistics, the average age of its client base here is 48 years.
Citing statistics published in a recent wealth report by Datamonitor, HSBC's chief executive for global private banking, Mr Chris Meares, said that this could be compared with the millionaire profiles in China, where the average age of millionaires with new wealth is under 40 years.
In Europe, meanwhile, the average age of the private bank's clients is about 55, he said. Mr Meares said the bank will play to its strengths to further increase its AUM here.
The bank's AUM in Asia already contributes a hefty 30 per cent to its private-banking business worldwide which, at last count, totalled about US$450 billion.
HSBC Private Bank's profit in Singapore for 2009 came in at US$98 million - a strong 18 per cent contribution to the group's profit in Singapore.
"Singapore is appealing as a wealth-management centre, with mainland Chinese and those of other Asian nationalities visiting and residing here, as well as many wealthy Europeans who want to invest in Asia and have their money managed in Asia," he said.
Mr Meares said HSBC is well-placed to deliver acrossthe- board solutions not only to help its corporate clients in Asia expand to other parts of the world, but also to look after their private-banking needs.
He added that, with a global reach, the bank can provide a wide range of wealth-management solutions other than the traditional products.
For instance, the bank now helps its clients with real-estate investment clubs, which bring together people to invest collectively in real estate, particularly in the United States and Britain.
The bank has closed three such deals in the last 18 months - two of which were for commercial properties, with equity investment of about US$100 million each.
Mr Meares said the global connectivity means a lot to people now, especially in South-east Asia.
"We're well-placed to have an advantage, as long as we maximise the opportunities."
HSBC Private Bank - which targets rich individuals who each have assets under management (AUM) of US$3 million (S$3.8 million) on average - said yesterday that, in line with industry-wide statistics, the average age of its client base here is 48 years.
Citing statistics published in a recent wealth report by Datamonitor, HSBC's chief executive for global private banking, Mr Chris Meares, said that this could be compared with the millionaire profiles in China, where the average age of millionaires with new wealth is under 40 years.
In Europe, meanwhile, the average age of the private bank's clients is about 55, he said. Mr Meares said the bank will play to its strengths to further increase its AUM here.
The bank's AUM in Asia already contributes a hefty 30 per cent to its private-banking business worldwide which, at last count, totalled about US$450 billion.
HSBC Private Bank's profit in Singapore for 2009 came in at US$98 million - a strong 18 per cent contribution to the group's profit in Singapore.
"Singapore is appealing as a wealth-management centre, with mainland Chinese and those of other Asian nationalities visiting and residing here, as well as many wealthy Europeans who want to invest in Asia and have their money managed in Asia," he said.
Mr Meares said HSBC is well-placed to deliver acrossthe- board solutions not only to help its corporate clients in Asia expand to other parts of the world, but also to look after their private-banking needs.
He added that, with a global reach, the bank can provide a wide range of wealth-management solutions other than the traditional products.
For instance, the bank now helps its clients with real-estate investment clubs, which bring together people to invest collectively in real estate, particularly in the United States and Britain.
The bank has closed three such deals in the last 18 months - two of which were for commercial properties, with equity investment of about US$100 million each.
Mr Meares said the global connectivity means a lot to people now, especially in South-east Asia.
"We're well-placed to have an advantage, as long as we maximise the opportunities."
