Despite the looming global financial crisis, the average wealth of China's wealthiest individuals surged in the past year, a researcher announced on Thursday in Beijing.
Stephen Diggle, who co-founded a hedge fund that made $2.7 billion for investors in 2007 and 2008, set up a family office to manage the millions in fees he earned instead of entrusting his wealth to private bankers.
Few economies felt the pain of the last financial crisis as much as Singapore. But the city-state bounced back sharply, and has lately gained traction as a regional and global leader in private banking and wealth management.
It is the bank's 38th private banking center in China, filling a gap for the service in Tibet and aiming to serve the region's burgeoning private financial needs, said Han Wenzhen, president of the Tibet branch of the CCB.
HSBC and metals consultancy GFMS both said they see gold rising above $2,000 an ounce, citing high government debt levels and instability in the currency markets, even as spot prices slipped back below the $1,800 mark.
The unpredictable behaviour of the markets has left many clients I have been meeting confused about where to invest: equities, bonds, gold or real estate?
They made their fortunes from China’s economic boom, but many of China’s wealthy are hoping to leave the country, taking their money with them.