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May 17, 2021

This research aims to take a differentiated look at the Chinese and Hong Kong wealth management markets, discuss the market environment and recent developments, and outline the “culture of wealth,” i.e., client preferences, requirements, and expectations distinct to this region.

China’s wealth market is not only highly promising but also very risky. In the past, the country’s financial services sector was considered the “Wild West” by non-domestic companies. Today, more stringent regulation of product distribution, reporting standards, and governance structures promises a more stable and sustainable framework for growth.

Moreover, market entry is made even more complex due to the factor of culture. Chinese HNWIs have very different backgrounds and demands than their North American and European counterparts. As a result, many foreign firms choose to seek partnerships instead of direct market entry, either through the route of joint ventures with Chinese banks’ wealth management units or via strategic cooperation in educational initiatives or product development.

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