The pandemic has minted a record number of billionaires — nowhere more so than in Asia. For HSBC, that rise validates a bet on regional wealth management.
The Asia-focused bank is aggressively expanding in the region, adding more than 5,000 staff and investing $3.5bn in wealth management operations. Over the medium to long term, it hopes to grow wealth revenues at a compound annual growth rate of more than 10 per cent.
Demand is there. Asia-Pacific accounted for 38 per cent of the world’s billionaires as of July last year, according to a UBS report. Of those, half are in mainland China.
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