Doing well amid market turbulence

ASIA'S private banking business continues to do well amid financial market turbulence with major players posting strong results in the first quarter of 2015. In fact, it has been the best quarter in several years for many banks as Asia remains the fastest growing wealth region in the world; it's no longer just churning out millionaires, but also billionaires with insane regularity.

China minted a new billionaire almost every week in the first quarter of this year, said a report in May. The rich there, and in Asia as a whole, come younger than their global peers. And, for the first time, these moneyed Asians have amassed more money through their own work than their counterparts in Europe.

At this rate, the Asian ultra-high net worth market will trump that in the US in as few as five years, said the report by UBS and PwC.