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Wealthy people in China are the youngest among eight Asian economies and their numbers are poised to surpass counterparts in the region’s developed markets, according to HSBC Holdings Plc.
The average age of people in China with liquid assets of at least 500,000 yuan ($78,000) is 36, compared with 48 in Hong Kong and 38 in Indonesia, according to an HSBC report released today that also covered Australia, India, Malaysia, Singapore and Taiwan.
“They’re all in their 30s — the wealth accumulation phase,” Bruno Lee, HSBC’s Asia-Pacific head of wealth management, said in an interview in Hong Kong yesterday. “You will not be surprised to see this group of people becoming bigger and bigger. At some point, it’s possible that the number will surpass that in the mature markets.”
HSBC, Citigroup Inc. and Standard Chartered Plc are among global banks expanding in Asia, where economic growth and wealth creation are outpacing the U.S. and Europe. Signs of a global slowdown fueled by Europe’s sovereign debt crisis are likely to prompt Asia’s wealthy to invest more locally, Lee said. (Bloomberg)
Via L2
Luxury News / Golden Choice by Lux Creative International
