Business owners, who make up a large proportion of HNW individuals in China, demonstrate distinct demands and preferences toward private banking services.
About 20 percent of HNW individuals are business owners who have little experience of financial investment. They prefer high-return products but often lack investment experience and knowledge. They have a strong preference for a comprehensive array of products and are seeking banks that tailor products to their needs.
About 10 to 15 percent of business owners are savvy investors who rely less on their banking services because they often possess several years of investment experience and deep knowledge of financial products. They value privacy and hence are less willing to rely on their bank for their personal and business needs.
Some 10 percent of investors in business as a first choice have a lower risk tolerance. Their business and personal needs are closely linked and they value convenience and are therefore more willing to use one bank for both of these.
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