WHICH FIRM WOULD not want to be in private banking in Asia? About one-third of the world’s millionaires live in the region, and their wealth is growing fast. According to the Merrill Lynch/Capgemini World Wealth Report, wealth in the region is growing at an annual rate of 8.5%, second only to the Middle East.
Many of these assets have yet to work their way into private banks. One private bank head estimates that only about 17% of high-net-worth individuals in the region have private banking relationships.
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