The government first allowed people to own and fly private aircraft in 2003; now there are between 130 and 150 mainland-registered private business jets in China, and the market is set to increase tenfold in coming years.
Fuelled by the rapid growth of the economies in the Greater China region, and the steady inflow of wealth from regional and global markets, the PWM industry in Hong Kong is enjoying a promising outlook as well.
According to the Mei Moses World All Art index, investment grade art grew in value by 10.2 per cent in 2011, outperforming both the S&P 500 and the FTSE All Share total return indexes.
China’s new wealthy take tips from the West Wealthy Asians in China and elsewhere are recognising the need to properly manage and pass on their money, and are receiving advice from Western families, notes Scorpio Partnership.
According to estimates, this customer base is largely urban, tech-savvy and uses a host of services other than the traditional banking tools.
Having recently opened an office in Hong Kong, GWM has announced it plans to extend further across Asia with new operations based in Malaysia, Singapore and mainland China.
It’s more or less the model of much investment banking business, from mergers to IPOs, where banks charge pretty customary fees and market themselves not on price but on providing the best objective advice, though of course even there most of what y