Asian high net-worth clients are considering relocating their entire families in a pandemic-linked move that will alarm private banks in the region.
The finding comes from an annual study of 620 high net-worth individuals in Asia by Lombard Odier. Although few investors have relocated since the beginning of the Covid-19 crisis, many are considering it: 41% of Singapore-based respondents, 34% of Thailand’s, 32% of those in the Philippines and 29% in Hong Kong.
“The main question this raises is the following: as a bank, how will you retain a client if he or she relocates to another country, market or jurisdiction?” asks the accompanying report, ‘The certainty deficit’.
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