Hong Kong a magnet for Asia’s rich as diverse investment options boost Citibank’s clientele
High-net-worth individuals from mainland China and Asia use Hong Kong to invest their wealth as they seek wider investment choices and better returns
Rich customers from mainland China and Asia prefer to deploy their wealth in Hong Kong as they seek wider investment choices and better returns, which in turn is driving Citibank’s international wealth-management business, according to a senior executive.
Citibank, the wealth-management arm of Wall Street giant Citigroup, saw its high-net-worth international personal banking clients double in the first eight months this year from a year earlier, said Janus Wu, head of international personal banking at Citibank Hong Kong.
With the minimum requirement of HK$1.5 million (US$192,308) for the bank’s Citigold account for international customers, he said the net new investment assets brought by these high-net-worth customers increased by more than 1.5 times year-on-year.