“This is more than the new entrants to the millionaire class in high-income countries outside North America and Europe,” notes the report, adding that this change is even more pronounced in the UHNW segment.
The proportion of the population of so-called low income, which is lower than 60 percent of the average income, has been increasing ever since 2010 and was 11.2 percent of the total population in 2017.
The famously frugal actor reveals he will give away his fortune, reported to be HK$5.6bn (£565m), after he dies.
“Difficult stock market conditions this year and the uncertainty of the trade tensions likely have been a challenge to many businesses,” said Philip Wyatt, a Hong Kong-based economist for UBS Group AG, who doesn’t see the downdraft conti
The new study of the Asian market for asset management draws on this Cube, as well an on interviews, and the Global Asset Management Benchmarking Survey.
“You want to give … but sometimes giving them isn’t actually helping them,” said Gary Cooper, a private wealth adviser at UBS Financial Services. “Our job is to help them, not do for them, right?”