An increasing number of private banks are targeting the children of ultra-high-net-worth clients in a bid to train the next generation of millionaires in the region. Standard Chartered is the newest kid on the
block having recently started a trainee programme for the children of
private-banking clients. It thus joins rivals including Citigroup, UBS
and JP Morgan Private Bank in reaching out to the next generation of
millionaires. Kids from all over the Asian region can enroll for this programme and it has started well. Why Asia? Asia's wealth may grow at double the global
pace over the next four years, a Boston Consulting Group report
published in June said. The emphasis of the banking industry has shifted to Asia in the past year after the economic crisis hit the banks big in the Western regions. The course will offer lectures, training, case studies of what to do in different situations and better equip the next generation on the idea of investment.There is a reason why the big European and American banks are shifting their attention to this region. This is where the money is and where people are spending it actively. Targeting the children of the region is further vindication that they see the future as being very Asian indeed. In the coming 10-20 years, this is the region with the most population, highest increase in millionaires, most people online, so all signs for this being the main region in the world. Do have an Asian strategy for your business now.
Source: http://www.scmp.com
Image: LuMaxArt
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