China Thought Leadership Paper: Inside the Mind of Chinese High-Net-Worth Individuals: What Do They Want in the New Normal?
For this Thought Leadership Article, 11K Consulting and Quintessentially invited 13 respected experts across luxury property, family office, legal, design, hospitality, and professional services sectors in China, Singapore, the UK and the Middle East to offer their unique insights on these topics from their industry perspective.
Key insights from our 13 respected industry experts in Asia, the UK and the ME:
1. Chinese HNWIs are craving more travel opportunities and are increasingly focused on wellness, self-care, and personal space, driving demand for luxury branded residences with wellness facilities and lifestyle services.
2. Sustainable investing is gaining traction among Chinese HNWIs, leading to a greater diversification of investment portfolios across jurisdictions, industries, asset classes, and platforms.
3. UK property remains a top choice for Chinese HNWIs, with London's prime property market being a coveted status symbol.
4. Climate change, sustainable living, healthcare, and medical research are emerging as areas of heightened interest.
5. Geographically, Chinese investors are eyeing expansion in the Middle East, recognising opportunities in infrastructure, energy, technology, and consumer markets.
6. Quality is paramount post-pandemic, with an emphasis on luxury new build homes boasting top-notch interiors and finishes.
7. Most of the newly created wealth is from the technopreneurs who are generally younger, ranging from late 20s to early 40s. They have usually built their wealth in a relatively shorter span of time and are more aggressive in their investment strategies.
8. The new Chinese HNWIs are often involved in industries such as e-commerce, fintech, and digital assets, which are driving China’s economic growth and transformation. They tend to be more globally-minded than the traditional HNWIs, with a strong interest in international investments and business opportunities.
9. Investing in both Hong Kong and Singapore is usually part of Chinese HNWIs’ investment strategies. Hong Kong is known as the gateway to China, while Singapore is the gateway to Southeast Asia.
10. Many Chinese HNWIs and investors are taking a longer-term view of their investment, thinking beyond their immediate position to where they will want to live and work for several years ahead.
If you have any enquiries or feedback about this paper, please contact Sally Maier-Yip, MD and Founder, 11K Consulting, at sally@11kconsulting.com. Happy reading!