Hong Kong people love money and subscribe to the get-rich-quick philosophy. Little wonder then that this city of 6.9 million is a testament to economic achievement.
Just about everyone has some knowledge of the stock market and how shares are traded. The numbers are telling a remarkable story of the fast growth of wealth, and Hong Kong is positioned right in the midst of the action.
UBS, Asia Pacific's largest wealth manager, has estimated that investable liquid assets held by individuals in Asia, excluding Japan, will grow by 7.6 per cent annually between 2004 and 2008, compared with 5.9 per cent globally. This is good news not just for people making that money, but for those helping to invest it.
Since Asia's economic rebound began last year, there has been a surge of recruitment opportunities in the private banking industry. UBS alone has increased its wealth management staff by more than 400 in the past year.
But in an industry where experience and reputation are based on job stability that affords the opportunity to build up solid client relationships, good private bankers cannot afford to take advantage of these recruitment opportunities simply in the hope of getting fatter pay cheques or for the sake of change.
'Private bankers want stability, as do their clients,' said Philippe Legrand, head of ABN Amro's private banking activities in North Asia. 'It is one of the only fields where the longer you know the client, the better it is because you have built solid trust over time and you do not want to rock that relationship unnecessarily.'
