High net worth individuals (HNWI) in China have a positive stance on risky assets and are turning increasingly to private banks to meet their financial service needs, according to a report from Julius Baer and Bank of China.
This year’s Julius Baer – Bank of China Wealth Report: Asia provides a focused China Lifestyle Index of 12 mainland China cities. The report also examines pivotal shifts in the world’s second largest economy and how HNWI in China see private banking as well as the education for their next generation.
Shumin Zhu, executive vice president of Bank of China Limited, says: “Internationalisation of the renminbi is a key element in China’s wider economic reform process and Bank of China is at the forefront of this development. As a bank, we are committed to contributing to supporting China’s businesses and entrepreneurs, who strive to further develop the country’s economy and contribute to the China Dream. We are very pleased to cooperate with Julius Baer in producing this landmark report. The findings confirmed that our clients, many of whom are entrepreneurs, are confident about the future of the Chinese economy and investment environment. As the leading wealth manager in China, sharing expertise with Julius Baer as new opportunities emerge in global private banking, is an exciting proposition for Bank of China.”
Boris FJ Collardi, chief executive officer of Julius Baer Group Ltd, says: “Our strategic partnership with Bank of China comes as the economies in the region are becoming increasingly synchronised and financially integrated. It is clear to us that the combination of these factors, together with the internationalisation of the renminbi, Asia’s growth drivers are evolving rapidly. These are important issues, and our partnership with Bank of China places Julius Baer in a prime, unique and privileged position to engage with our international clients on these matters.”