Hong Kong is poised to expand as a global hub of private wealth management, thanks to robust GDP growth, increased levels of personal savings and an upsurge of self-made billionaires across the Asia Pacific region. Having lived and built several asset management businesses in the area for almost ten years, I monitor the region closely and maintain many connections with friends and business partners in the region.
Thanks to strong GDP growth, higher levels of personal savings and many more self-made billionaires across Asia, there are now more wealthy families and individuals in the region than in North America or any other emerging countries in the world. And Hong Kong can capture much of their need for private wealth management – a sector of financial services poised to undergo tremendous growth.
According to a recent report by PwC and Hong Kong-based Private Wealth Management Association (PWMA), 10 of the 30 glo