This article was last updated on April 16, 2022
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According to HSBC Holdings Plc well-off community in China is the youngest out of a eight economies in Asia and will soon outdo opposite numbers in developed markets of the region.
People with net worth of at least 500,000 Yuan which makes $78,000 have an average age of 36 years, whereas Hong Kong has 48 years and Indonesia 38 years. These numbers were released by an HSBC report today and include Taiwan, India, Malaysia, Singapore and Australia.
Mr. Bruno Lee who is the head of HSBC Wealth management in Asia Pacific said” They’re all in their 30s — the wealth accumulation phase, you will not be surprised to see this group of people becoming bigger and bigger. At some point, it’s possible that the number will surpass that in the mature markets.”
The scope of economic growth and wealth maximization in this region is the primary reason why the Asia Pacific market is going ahead of giants like U.S and Europe. Europe’s debt crisis will further give Asian investors a reason to invest in the local market.
Mr. Bruno Lee also added “The euro debt crisis and the global financial crisis have increased risk aversion among the investors,” he said. “They prefer to invest in places closer to their home base.”
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