Asia Minting Millionaires Despite Market Volatility
"Asia is at the beginning of the wealth creation cycle, which should last 25 years. The current volatility, if viewed historically, is a drop in the bucket."
Sebastian Dovey, Managing Partner of global wealth management consultancy, Scorpio Partnership says Asia-based millionaires remain very optimistic about their wealth creation capabilities, despite the recent market tumble. "Most expect to triple their wealth fortunes inside a decade. Whether they achieve this is another matter.”
Most of Asia’s rich are still looking to grow their wealth, unlike in the West where the mood is to protect and preserve wealth, according to Rambus of Wealth-X.
In fact, savvy risk-taking clients see the current market turmoil as an opportunity, according to a number of private bankers. A Singapore-based private banker, who requested anonymity in order to discuss client behavior said he has a 60-year old Singaporean client who has been willing to take big risks in the forex market.
"(The client) is happy if he makes 50 percent and does not care if he loses 100 percent,” he said.