27 November 2019

HSBC launches offering to capture SG’s salaried millionaires

  • 40% Singapore HNWIs list salary and bonuses as main income source
  • 77% see personal growth as more important than increasing their wealth
  • HSBC launching new banking and lifestyle features to meet these needs

HSBC Singapore has ramped up its high-net worth ‘Jade’ proposition with new experiential features. This coincides with new HSBC research that shows Singapore has the highest proportion (along with France) of salaried millionaires in the world. According to the research, these individuals prioritise self-enrichment over wealth accumulation.

The findings comes from a study by HSBC Jade, involving 1,000 affluent consumers1 across eight countries and territories, including 100 respondents in Singapore.

Jade is HSBC’s retail banking affluent proposition for individuals who have at least SGD1.2 million in cash and/or investments with the bank. Geared especially for customers with international needs, Jade provides personalised investment solutions and advice, and global concierge services

HSBC’s research shows that 40% (26%-global) of Singapore HNWIs (defined as people with assets of USD1-5 million) are salaried professionals – the highest proportion in the survey (alongside France). The research also finds that 69% (65%-global) of Singapore HNWIs believe that broadening horizons and discovering new things is an essential part of enrichment.

Ms Alice Fok, Head of Customer Proposition and Marketing, HSBC Bank (Singapore) said: “The acceleration of business activities towards Singapore over the past few years is resulting in a mushrooming of “salaried millionaires” who are supporting this commercial activity. This is a stark contrast to other markets where wealth is inherited. This evolving Singaporean strata is not just focused on becoming wealthier but in experiencing life.”

Currently 46% of Asia regional headquarters2 across a diverse range of industries that includes global financial institutions and technology MNCs are based in Singapore. Coupled with Singapore’s desire to be a regional hub for technology firms with advanced data expertise, HSBC Jade expects the number of “salaried millionaires” to continue to grow.

New data-backed HSBC Jade banking & lifestyle features

Jade together with its Premier International customers now forms more than half of HSBC’s retail banking affluent customer base in Singapore. They include Singaporeans, many of whom have global business or family connections abroad, as well as international customers from across ASEAN, mainland China and Hong Kong, UAE and non-resident Indian segment.

In response to the growing need for greater international banking support, HSBC Jade has launched Jade Passport, which is built on HSBC’s international connectivity and network capabilities to offer Jade customers from mainland China and Hong Kong, and Singapore seamless access to exclusive Jade services. This includes the use of the Jade Centre and preferential banking services in these markets.

The Enrich List, a curated portfolio of 50 unique global experiences with a focus on self-discovery and personal growth, will support these “salaried millionaires” needs for self-enrichment.

Ms Fok explained, “Jade Passport was created to facilitate seamless access to our banking services in the key Asia cities where we see a lot of cross markets activities, while the Enrich List aims to be a source of inspiration for them to live a more purposeful life.”

“Our research points to Singaporeans becoming more comfortable with their economic status. They are starting to shift their primary pursuit from material wealth to other more altruistic experiences which impacts the way they spend and invest. Jade Passport and The Enrich List were developed to respond to this shift.”

To view the full list and find out more, please visit: https://hsbcjade.ft.com/

1With available assets of USD1-5 million and aged 18-65