The rise of international financial centres in the East

FOR the first time in modern history, the Asia-Pacific now has more rich individuals than North America. The rising wealth in China, India, Indonesia and Thailand has greatly contributed to the number of affluent individuals in the region. According to the World Wealth Report 2015 by Capgemini and RBC Wealth Management, the population of high net worth individuals (HNWIs) across the Asia-Pacific grew 8.5 per cent in 2014 to 4.7 million people, while total wealth increased 11.4 per cent to US$15.8 trillion.

The rapid creation of wealth across the region, a trend that has been prevalent for nearly two decades, has resulted in the growing demand for wealth management services in Asia. A large number of companies specialising in this sector have established their presence in the region. This includes leadin…