Ashmita Acharya, Head of Retail Banking of Citibank Singapore
There is a tremendous demographic shift which is happening, Asian wealth is obviously growing very fast at 11% compared to global wealth which is growing at 5%. I think it’s coming from wealth creation in China and all over the world but really in the middle-class expansion which is taking place. We are also seeing a very clear need for the next-gen wealth transfer. That’s becoming another very important thing which will happen. The next generation looks at wealth very differently. They’re much more digitally attuned and savvy. They are looking at risk-taking in a very different manner as well. Of course, in between, there is the idea of the entrepreneurial mindset which has crept in Asia, which is leading to a much more global perspective on wealth management. We’re looking at global capital markets, non-traditional asset classes, alternatives, private assets. Therefore, that entire demographic shift is a big one for us which we’re all contending with.
