HSBC Targets Singapore’s Salaried Millionaires

The bank said that globally, Singapore has among the highest share of millionaires whose main source of income is their salary, and they prioritize self-enrichment over wealth accumulation.

Based on its research that Singapore’s rich are not just focused on becoming wealthier but experiencing life, HSBC Singapore is launching new banking and lifestyle features to meet these needs, the bank announced in a statement on Wednesday.

As part of this push, HSBC Singapore will add experiential offerings to its high-net-worth Jade platform, which gives wealthy individuals personalized investment solutions and advisory services, the statement said.

The bank also unveiled its «Enrich List,» which it describes as a «curated portfolio of experiences and a source of inspiration» that can be arranged for Jade clients through its global concierge facility. These experiences relate to the broader idea of enrichment: self-betterment, exploration, taking on challenges and giving back, the bank said.

Some 40 percent of Singapore HNWIs (people with assets between $1 million and $5 million) list salary and bonuses as the main income source, compared to 26 percent globally, according to a study conducted by HSBC Jade among 1,000 HNWIs in eight countries and territories, including 100 in Singapore.

Additionally, among this group, 69 percent believe that broadening horizons and discovering new things is an essential part of enrichment, compared to 65 percent globally.

This evolving Singaporean stratum is not just focused on becoming wealthier but in experiencing life, said Alice Fok, head of Customer Propositions & Marketing, HSBC Bank (Singapore).