As China’s affluence continues to rise, we see more and more ultra-high net worth (UHNW) individuals who are globally mobile and internationally minded with increasingly complex financial needs. These wealthy “Global Chinese” have substantial wealth and are actively engaging in international investments and business ventures. This demographic is not limited to those residing within mainland China but also includes Chinese expatriates and entrepreneurs based overseas who are deeply integrated into the global economy.
One region in particular that has experienced rapid wealth accumulation in China is the Greater Bay Area (GBA), a megalopolis of 86 million people made up of nine cities and two special administrative regions in South China, including Guangdong Province, Hong Kong and Macau.
Guangdong alone is home to over 300,000 households with net family assets exceeding RMB10 million (US$1.4 million). Indeed, the number of high net worth (HNW) households in the province accounts for 16% of all such households on the mainland. Meanwhile, Hong Kong is the top destination of wealthy mainland Chinese for their overseas investments.
The financial needs of the Global Chinese are diverse. These individuals often require comprehensive solutions that go beyond traditional banking, encompassing personal wealth management, business financing and cross-border transactions. Furthermore, as they often have families residing in different countries, they also require convenient access to financial services in multiple jurisdictions.
“A typical UHNW Chinese client might have a private banking account in Hong Kong, a family office in Singapore, an SME account in mainland China and a mortgage for a property in the United Kingdom. The ability to manage such a complex portfolio across various locations requires a bank with both global reach and local expertise,” says Raymond Ang, Global Head of Private Bank and Affluent Clients, and Head of Greater China and North Asia, Wealth and Retail Banking, Standard Chartered.
Global Connections, Local Expertise
Standard Chartered Bank, with its deep roots of over 160 years in China and an extensive international network, is well positioned to serve these clients, offering tailored solutions that meet both personal and business needs across geographies.
The bank’s clients often have cross-border needs, such as investments in international markets, managing multi-currency payments, funding their children’s education abroad or purchasing a second home in a different jurisdiction as an investment.
With a wealth presence in 25 markets and four wealth hubs—Hong Kong, Singapore, the United Arab Emirates (UAE) and Jersey—the bank ensures that such client needs are met, regardless of where they or their investments are based.
As a universal bank, Standard Chartered offers a single platform that allows UHNW clients to manage both their personal finances and business needs under one roof. This “one-bank” approach is particularly beneficial for business owners who need solutions for both their personal wealth, and to support their corporate transactions.
The “one-bank” capabilities have been demonstrated for multiple clients. Just this year Standard Chartered has facilitated several corporate transactions for clients globally to help them with corporate solutions such as debt issuance, trade finance, qualified domestic institutional investor (QDII) schemes, and syndicated loans. The private bank continues to be in active conversations with other UHNW clients to help them with their corporate needs beyond personal wealth management.
Global Head, Private Bank and Affluent Clients and Head, Wealth and Retail Banking, Greater China and North Asia, Standard Chartered.
“We see Global Chinese continuing to expand their influence and investments internationally. With Standard Chartered’s long standing presence and on-the-ground knowledge of China and with our international network, we are equipped and ready to partner with Chinese clients to help them effectively manage their wealth, no matter where in the world they choose to grow it.”
Whether a Chinese client based in Hong Kong is looking to invest in UK real estate, or a Singapore-based Chinese entrepreneur is managing business interests in mainland China, Standard Chartered’s wealth hubs help clients manage and grow their wealth across borders.
In particular, the bank leverages its strong presence in Hong Kong—the primary financial hub of the GBA—to serve clients with cross-border needs. Hong Kong’s status as a leading offshore financial center for Chinese clients makes it an ideal location for managing international investments and accessing global financial solutions.
In the case of Singapore, its established legal and regulator y frameworks are attractive as a financial hub giving clients access to markets in Southeast Asia and even extending to South Asia.
Furthermore, Standard Chartered has steadily invested in resources and capabilities designed to enhance the client experience over the years. Among other initiatives, it has steadily expanded its stable of relationship managers, set up specialized teams for wealth planning, family advisory, corporate solutions and sustainable finance, and continued to enhance its digital platforms.
“By focusing on these areas, Standard Chartered ensures that its services are not only comprehensive but also future-ready, meeting the evolving needs of our Global Chinese clients,” says Ang.
Unlocking Offshore Opportunities
As UHNW Chinese clients increasingly look beyond mainland China for offshore investment opportunities, Standard Chartered’s global presence becomes even more critical. The bank’s deep understanding of regional business dynamics, regulatory environments and cultural nuances enables it to offer tailored advice and solutions to its clients.
Furthermore, Standard Chartered’s global Chief Investment Officer’s (CIO) team provides them with timely market insights to help Chinese clients capitalize on global market opportunities. The bank’s open architecture approach to wealth solutions ensures that clients receive best-in-class products sourced from leading international fund managers.
Having over 900 international and private banking relationship managers stationed across its four wealth hubs is just another way that Standard Chartered seeks to bridge any cultural and language gaps with clients, and enhance their wealth journey.
Says Ang: “We see Global Chinese continuing to expand their influence and investments internationally. With Standard Chartered’s long standing presence and on-the-ground knowledge of China and with our international network, we are equipped and ready to partner with Chinese clients to help them effectively manage their wealth, no matter where in the world they choose to grow it.”
