Citing a private bank in Europe, Lim said it had 32,000 high net worth customers in Malaysia as of September 2011 and the number is forecast to grow to 68,000 by 2015.
But Peter Flavel, the bank's chief executive for Asia, is determined to expand that clientele, setting his sights on the segment just below the ultra-high net worth - that is, catering for account sizes of between US$10 million and US$30 million.
Executive vice president Kris Chantanotoke said these trends were increasing in Thailand in line with the rest of Asia-Pacific, driven mainly by growing numbers of new entrepreneurs and business successors.
Saverin renounced his U.S. citizenship and officially became a resident of Singapore. He made the decision to do so last September, and the news came out when an Internal Revenue Service list was published April 30, causing much consternation, as it was r
“The downside is the bankers assigned to such a service are typically young and eager to progress up the ranks, meaning if they are any good they move on rapidly, and building a personal relationship is difficult. But value for the service is good,&
The report, titled The Price of Offshore Revisited, was prepared by a non-profit watchdog group, the Tax Justice Network (TJN).
With luxury homes costing HK$100 million ($15 million) or more, rental yields for high-end homes already yield less than 2 percent, a return set to dwindle further.
The restructuring will be carried out by the representative office of Bank Hapoalim (Switzerland) and by its Hong Kong subsidiary, BHI Investment Advisors (Asia) Ltd., which specializes in investment advice, and by Poalim Asia Direct Ltd., which operates
According to a recent report by Crisil's research division commissioned by Kotak's wealth management arm, the wealth of ultra high net worth households is slated to grow nearly five-fold in as many years to Rs 318 trillion.