Millionaires in Singapore among the world's youngest

Not only has Singapore been minting more millionaires per capita than any other country, but the millionaires here are also among the world’s youngest.

They form a lucrative market that banks are eager to court.

HSBC Private Bank – which targets rich individuals who each have assets under management (AUM) of US$3 million ($3.8 million) on average – said yesterday that, in line with industry-wide statistics, the average age of its client base here is 48 years.

HSBC’s chief executive for global private banking, Mr Chris Meares, said that this could be compared with the millionaire profiles in China, where the average age of millionaires with new wealth is under 40 years.

In Europe, meanwhile, the average age of the private bank’s clients is about 55, he said.

ORIGINAL SOURCE

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