Millionaires in Asia Are Underserved by Branches

Millionaires in Asia Are Underserved by Branches

A study reveals that the average number of millionaires per physical branch of a private bank or wealth manager in Asia stands at 5,593, far exceeding the global average. 

In Asia, the ratio of millionaires to physical branch of a private bank or wealth manager stands at 5,593, exceeding the global average of 2,316. The figures are revealed by data compiled by «Wealth Insights» and «Private Banker International» (PBI). 

«It is clear from this ranking that many of Asia’s urban wealthy are under-served by wealth managers and private bankers, at least in the physical sense,» said Oliver Williams, editor of PBI in its recent report. In contrast the Middle East and Africa is a more saturated market with over 766 and 376 millionaires per branch of a private bank or wealth manager respectively.

Chinese and Japanese Cities Rank Highest

(Average of HNWIs per private bank/wealth manager branch)

While Yokohama in Japan tops the list for the most number of millionaires being served per branch, China ranks highest at a country level. Many of China’s tier 2 and 3 cities are rank among the top cities clocking the highest number of clients per branch.

«Though many private banks in Asia are reliant on technology to serve their clients, there will always be a demand for face-to-face advisor time. In times of economic uncertainty, which many Chinese millionaires are facing, personal advice is infinitely more valuable than a phone-call or app,» added Williams.