Abstract
Asia is becoming the most significant regional market for private wealth management. Private banking units of large global financial firms and specialized private banking firms have expanded in the region. Hong Kong and Singapore, the leading financial centers of Asia, likewise are the greatest centers of private wealth management. China is on a trajectory to become the most important market, even as Japan remains the largest, albeit one that is stagnating. India’s demand for private banking services is growing, but it remains poor. Domestic financial firms in China and India increasingly compete with foreign private wealth managers, while Japan’s financial firms continue to thwart most foreign firms. The Swiss private banks, however, have made inroads into Japan, and they also are expanding elsewhere in Asia. Competition for the private banking market will grow as domestic firms throughout Asia expand. If the global economic crisis returns, private wealth management in Asia will face challenges.
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