10/11/23

HONG KONG: Hong Kong poised to manage ‘lion’s share’ of Asia’s wealth

As published on: scmp.com, Friday 10 November, 2023.

• ‘Hong Kong is probably going to be one of the biggest wealth centres in the world, and Singapore is catching up very quickly,’ says Harshika Patel
• The support Hong Kong’s government has laid out to foster Hong Kong as a family office hub is working, she says

Asia is creating wealth faster than any other region, and Hong Kong is in position to manage the “lion’s share” of that wealth, according to Harshika Patel, JPMorgan’s Hong Kong chief executive and the newly appointed head of the bank’s Asia private banking unit.

“I’m very excited about the broader wealth creation agenda in Asia-Pacific,” Patel said during an interview. “Hong Kong has the lion’s share of the wealth creation at this point in time in the region because of the significant role it continues to play in the economic and financial development of the Greater China region.”

Asia’s two hubs for banking - Hong Kong and Singapore - “both have a very positive future ahead of them,” said Patel, who succeeds Kam Shing Kwang in the bank’s private banking role. “Hong Kong is probably going to be one of the biggest wealth centres in the world, and Singapore is catching up very quickly.”

Read more on scmp.com. 

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Hong Kong Asia Family Offices