Julius Baer eyes rising millionaires
By Lydia Chen |
December 1, 2011, Thursday
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Print Edition
Print Edition
SWISS private bank Julius Baer aims to open a representative office in Shanghai to tap China's growing number of millionaires which are set to hold more than half of the region's wealth by 2015, its Asia head said yesterday.
Its plan for the local office marks its ambition to establish a brand within the mainland market where it predicted in an earlier report that the number of millionaires in the world's second-largest economy will account for about half of Asia's rich and hold over 50 percent of the region's wealth by 2015.
Asia's millionaires will more than double in number to 2.8 million, with 1.4 million high net worth people in China, according to the bank's Asia Wealth Report released in September.
Chinese millionaires will hold US$8.76 trillion of the US$15.81 trillion that the region's millionaires are expected to have, according to the bank report.
Its plan for the local office marks its ambition to establish a brand within the mainland market where it predicted in an earlier report that the number of millionaires in the world's second-largest economy will account for about half of Asia's rich and hold over 50 percent of the region's wealth by 2015.
Asia's millionaires will more than double in number to 2.8 million, with 1.4 million high net worth people in China, according to the bank's Asia Wealth Report released in September.
Chinese millionaires will hold US$8.76 trillion of the US$15.81 trillion that the region's millionaires are expected to have, according to the bank report.
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