A recent report has revealed that affluent Asians remain confident in growing their wealth despite the uncertain economic landscape, seeking to increase it to US$4 million in 10 years, looking for an annual return of 12%.
Date: Mar 23, 2012
A recent report has revealed that affluent Asians remain confident in growing their wealth despite the uncertain economic landscape, seeking to increase it to US$4 million in 10 years, looking for an annual return of 12%.
Conducted by Standard Chartered Bank and Scorpio Partnership, the “FuturePriority Report” shows that Asian affluent are sophisticated wealth builders who adopt a dual-prong approach of investing and using credit or leverage to enhance their returns.
In addition, the report also depicts that while most respondents see Asia as offering excellent wealth creation opportunities, in the longer term they adopt a more international perspective.
To meet the expectations of Asia’s affluent, three factors stand out in importance for banks: brand reputation, service and the advisory process.
Three themes have also been identified as emerging for the future – education, the use of the internet and advice.
"Customers, not banks, are driving the agenda in Asia. They have distinctive and more complex needs and hence cannot be treated with a one-size-fits-all approach,” said Foo Mee Har, global head of priority and international banking at Standard Chartered Bank. “Therefore, to succeed in this important client segment, banks need to focus more on their service and quality of their advisory processes, rather on the products they sell.”
The Standard Chartered FuturePriority survey was conducted from October to November 2011, covering China, India, South Korea, Hong Kong, Singapore, Taiwan, Indonesia, Thailand, and Malaysia. 2,768 individuals with an average of US$1.4 million assets participated in the survey.
