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| In China, many high net worth individuals are business owners who have little experience of financial investment. They prefer high-return products but often lack investment experience and knowledge. [Provided to China Daily] |
They look forward to tailor-made, innovative services, survey shows
A large number of high-net-worth (HNW) individuals in China are not satisfied with private banking services and look forward to tailor-made, innovative offerings, a survey that polled some 700 individuals across 29 cities in China revealed.
A report based on the survey was jointly published by Minsheng Bank Corp and McKinsey & Co. It showed that about 40 percent of customers are dissatisfied with what their current private bank provides for them.
Roughly 50 percent of HNW individuals also allocate just 20 percent or less of their investable assets to their main bank, the survey found.
While offshore investments are becoming more common, they represent only about 10 percent of total HNW individuals' assets. All main investment activity is still onshore in China.
Onshore investments provide a significant opportunity. At least 60 percent of HNW individuals say they have assets offshore. About 10 percent of them are kept offshore. The top two reasons for keeping assets abroad are diversification of risk and a wider product selection.
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