11K & Hawksford Thought Leadership Article on “Inside the Mind of a Chinese HNWI”
11K CONSULTING AND HAWKSFORD: THOUGHT LEADERSHIP ARTICLE
INSIDE THE MIND OF A CHINESE HNWI: On Investment, Lifestyle, UK, Singapore and Trust
China is the world’s second-largest wealth market, with the largest number of people in the top 10% of global wealth distribution. What happens in China is key.
It is widely believed that the COVID-19 outbreak has already caused the largest global recession in history and has had a substantial impact on the global high-net-worth individuals (HNWIs) market. China currently has 2.3 million HNWIs (with not less than $3 million in investable wealth), including almost 26,700 ultra-high-net-worth individuals (with more than $30 million in investable wealth).
How are these wealthy Chinese people reacting to the coronavirus pandemic? Has COVID-19 changed their investment portfolios? Are they concerned about an economic slowdown following the COVID-19? Do they think that the UK and Singapore are still good choices for their investments? How can individuals build trust with Chinese HNWIs in this uncertain time?
The Luxury Property Forum’s member’s 11K Consulting and Hawksford’s have produced a Thought Leadership Article, interviewing 13experts in China, Hong Kong, Singapore and the UK, who are either Chinese HNWIs themselves, or who advise Chinese HNWIs on their investment strategies, were asked to offer their unique insights into these topics.
KEY FINDINGS
Chinese HNWIs are generally concerned about an economic slowdown, but this does not mean that they will cut or reduce their spending on lifestyle choices.
Health is the real wealth for Chinese HNWIs. Wellness is the new big trend. Quality of water, air, energy, and mental wellness matter to them.
Chinese HNWIs’ investment strategies for 2021 include increased investment in Chinese firms, and the Chinese private healthcare and technological sectors, as well as integration of environmental, social and governance (ESG).
Despite ongoing Brexit negotiations and COVID-19, the UK remains a top choice for Chinese HNWIs deciding on where to pursue their investment goals and lifestyle aspirations. The ongoing trade war between the US and China has discouraged many Chinese HNWIs from investing in the US, and this capital is being rerouted to the UK.
Despite COVID-19, Singapore remains a top choice for Chinese HNWIs looking to carry out their investments in the Asian region. Chinese HNWIs will continue to choose Singapore to set up family trusts for succession and legacy planning.
To gain trust with Chinese HNWIs, it is crucial to understand traditional Chinese values that prioritise honour and trustworthiness in any relationship, and that promote the idea that “we must become friends first before we do business”.
ABOUT 11K CONSULTING:
11K Consulting is a UK’s leading China PR and communications agency for companies who want to target and influence Chinese investors, U/HNWIs and luxury consumers in China, HK and the UK. Their clients are a mix of international and emerging property developers, interior design, architecture, luxury, education and retail companies in the UK and Europe. www.11kconsulting.com
ABOUT HAWKSFORD:
Hawksford is an international provider of Corporate, Private Client and Funds services. They are trusted to deliver efficient administration services to large and multinational corporates, FTSE listed companies, and SMEs as well as entrepreneurs, HNWI individuals and intermediaries. Hawksford has provided wealth structuring solutions for 60 years. The multi- jurisdictional private client offering is built on long-term, steadfast and personal relationships, founded on a deep understanding of what matters to clients, now and in the future. Hawksford.com/privateclient
KEY CONTACTS:
If you would like to speak to any of the interviewees above or to 11K about your Chinese PR and marketing strategy, please contact Sally Maier-Yip, Founder & MD, 11K Consulting, at sally@11kconsulting.com or +44(0)7841377018.
If you would like to speak to Alice Quek, Director, Private Client Services, Asia, Hawksford, about wealth planning or structuring, please email her on alice.quek@hawksford.com.