Song Management Group (www.songmanagementgroup.com) Company News: Chinese Millionaires Have Below Average Wealth Confidence in Asia, Report Shows
Chinese Millionaires Have Below Average Wealth Confidence in Asia. The Report reveals insights about the Asian affluent.
Shanghai, China, May 01, 2011 --(PR.com)-- When it comes to Asia’s wealthy, which nationalities are most likely to want to drive a flashy car, seek personal fame or be publicly identified with charity? Which wealth group is the most aggressive when it comes to building its fortune and which shows the most confidence in growing its wealth?
Song Management Group have released their findings report: Just what are Asia’s Wealth priorities? – based on a study which used a wide sample of Asia’s affluent to gather insights into the world’s fastest growing wealth region. The report reveals interesting findings, including:
- In general, the wealthy across Asia demonstrate high levels of wealth confidence. Of those who took part in the study, 60 per cent said they have made money in the last 12 months and 81 per cent believe they will make money in the next 12 months.
The wealthy in Mainland China and Hong Kong both show a relatively lower wealth confidence than the region as a whole. In Singapore, 76 per cent feel their wealth will increase in the next 12 months, compared to the Asian average. Hong Kong is also below average at 67 per cent.
Singaporeans are the most worried about job security across Asia with it being a concern for 68 per cent of Singaporeans surveyed, followed by South Koreans (62 per cent) and Indonesians (60 per cent).
- The affluent from Hong Kong are much more likely to buy a flashy car and to be publicly identified with charity than those from the Mainland. 48 per cent of the affluent from Hong Kong want a car that makes a statement and 54 per cent like to be publicly identified with charity, compared to 23 per cent and 34 per cent of affluent mainland Chinese, respectively.
- The wealthy from India, Indonesia and China have the shortest horizons (less than eight years) for achieving their wealth goals, while those from Hong Kong and Taiwan had the longest (more than 10 years).
- In terms of investment attitudes, 50 per cent of respondents across the region are moderately disposed to risk and cite both capital growth and safety of principal as important. Hong Kong, Indonesia, India and South Korea demonstrate the highest risk appetites, whereas a more conservative attitude prevails in Malaysia, China and Singapore.
- Post-crisis, the primary drivers of confidence in banks are driven are good reputation (41 per cent) and banks’ ability to keep things simple (24 per cent). By country, Good reputation is most highly ranked in China (55 per cent), Indonesia (54 per cent) and Hong Kong (50 per cent).
This report clearly shows there is no ‘one size fits all’ when it comes to understanding the priorities and needs of the wealthy across Asia. Each individual has a different emotional connection to their wealth and their ability to create it. This report and our own research show that banks need to ensure their offerings are customised to meet a wide range of lifestyle and financial needs if they are truly to connect with customers and meet their expectations. At Song Management Group we are using this insight to ensure we are the best prepared to meet the needs and expectations of this significant community of clients and stay at the forefront of customer service.
Andrea Chan. pr@songmanagementgroup.com
Song Management Group (www.songmanagementgroup.com) is an established Options and Futures third party advisory brokerage company located in Shanghai, China offering full-service and managed commodity brokerage services.
website: http://www.songmanagementgroup.com
###
Song Management Group have released their findings report: Just what are Asia’s Wealth priorities? – based on a study which used a wide sample of Asia’s affluent to gather insights into the world’s fastest growing wealth region. The report reveals interesting findings, including:
- In general, the wealthy across Asia demonstrate high levels of wealth confidence. Of those who took part in the study, 60 per cent said they have made money in the last 12 months and 81 per cent believe they will make money in the next 12 months.
The wealthy in Mainland China and Hong Kong both show a relatively lower wealth confidence than the region as a whole. In Singapore, 76 per cent feel their wealth will increase in the next 12 months, compared to the Asian average. Hong Kong is also below average at 67 per cent.
Singaporeans are the most worried about job security across Asia with it being a concern for 68 per cent of Singaporeans surveyed, followed by South Koreans (62 per cent) and Indonesians (60 per cent).
- The affluent from Hong Kong are much more likely to buy a flashy car and to be publicly identified with charity than those from the Mainland. 48 per cent of the affluent from Hong Kong want a car that makes a statement and 54 per cent like to be publicly identified with charity, compared to 23 per cent and 34 per cent of affluent mainland Chinese, respectively.
- The wealthy from India, Indonesia and China have the shortest horizons (less than eight years) for achieving their wealth goals, while those from Hong Kong and Taiwan had the longest (more than 10 years).
- In terms of investment attitudes, 50 per cent of respondents across the region are moderately disposed to risk and cite both capital growth and safety of principal as important. Hong Kong, Indonesia, India and South Korea demonstrate the highest risk appetites, whereas a more conservative attitude prevails in Malaysia, China and Singapore.
- Post-crisis, the primary drivers of confidence in banks are driven are good reputation (41 per cent) and banks’ ability to keep things simple (24 per cent). By country, Good reputation is most highly ranked in China (55 per cent), Indonesia (54 per cent) and Hong Kong (50 per cent).
This report clearly shows there is no ‘one size fits all’ when it comes to understanding the priorities and needs of the wealthy across Asia. Each individual has a different emotional connection to their wealth and their ability to create it. This report and our own research show that banks need to ensure their offerings are customised to meet a wide range of lifestyle and financial needs if they are truly to connect with customers and meet their expectations. At Song Management Group we are using this insight to ensure we are the best prepared to meet the needs and expectations of this significant community of clients and stay at the forefront of customer service.
Andrea Chan. pr@songmanagementgroup.com
Song Management Group (www.songmanagementgroup.com) is an established Options and Futures third party advisory brokerage company located in Shanghai, China offering full-service and managed commodity brokerage services.
website: http://www.songmanagementgroup.com
###
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Song Management Group
Andrea Chan
+852-51947166
www.songmanagementgroup.com
Andrea Chan
+852-51947166
www.songmanagementgroup.com
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