Some 44 per cent of PWMA members, including top global private banks like UBS, BNP Paribas, HSBC, Morgan Stanley and JPMorgan, said their clients preferred Hong Kong over other cities – a jump from the 13 per cent last year, according to the 10th annual edition of the Hong Kong Private Wealth Management Report.
In comparison, only 30 per cent of private wealth firms saw an increase of clients seeking to book their assets in Singapore, down from 52 per cent last year, the report said.
The findings were based on a survey of 44 PWMA members as well as interviews with top bankers conducted in July and August.
The outlook for Hong Kong was overwhelmingly positive, the survey found, with all PWMA members expressing optimism about the city’s wealth management market over the next five years – up from 76 per cent last year.
