A Slice of Successional Mainland Pie?

by swisscham in Bank, Finance, Insurance

With the Chinese economy expected to overtake the US as the world’s largest by 2030, the rapid creation of wealth in the country will translate into tremendous demand for intergenerational wealth transmission and family business succession services. Hong Kong trust services players can meet that demand. Credit Suisse data reveals the number of millionaires in China will swell 97% to 1.9 million by 2017 from the 960,000 registered in 2012. China is expected to surpass Japan as the world’s second-wealthiest country, with aggregate household wealth above USD 38 trillion by 2017. The country’s total wealth level will be second to the US, with a total household wealth of more than USD 89 trillion. As China leapfrogs into the world’s wealthiest nations, the country’s stringent capital controls and high taxation remain as deterrents to invest. These conditions appear to compel wealthy clients to adopt Hong Kong trust administration.

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