Hong Kong a magnet for Asia’s rich as diverse investment options boost Citibank’s clientele
High-net-worth individuals from mainland China and Asia use Hong Kong to invest their wealth as they seek wider investment choices and better returns
Rich customers from mainland China and Asia prefer to deploy their wealth in Hong Kong as they seek wider investment choices and better returns, which in turn is driving Citibank’s international wealth-management business, according to a senior executive.
Citibank, the wealth-management arm of Wall Street giant Citigroup, saw its high-net-worth international personal banking clients double in the first eight months this year from a year earlier, said Janus Wu, head of international personal banking at Citibank Hong Kong.
With the minimum requirement of HK$1.5 million (US$192,308) for the bank’s Citigold account for international customers, he said the net new investment assets brought by these high-net-worth customers increased by more than 1.5 times year-on-year.
“We have seen an increasing number of high-net-worth customers from mainland China and other parts of Asia who want to invest in Hong Kong, as the city has a wide range of investment products allowing them to diversify their portfolio and achieve good returns,” Wu said in an interview.
Some 70 per cent of the bank’s clients are from mainland China, with Taiwan, Singapore, Malaysia, the Philippines and other Southeast Asian countries accounting for the rest, he added.
