Wealth-X, the Singapore-based wealth consultancy, has opened an office in Hong Kong and has hired a head of business development for Greater China, who will also lead the new division.

Wealth-X, the Singapore-based wealth intelligence provider, has opened an office in Hong Kong and has hired a head of business development for Greater China, who will also lead the new division.

Steve Farrer has joined the firm, charged with driving the expansion of Wealth-X’s business in China. Farrer previously worked as a consultant at World-Check and MasterCard International in Asia-Pacific, focusing on regulatory risk and compliance mitigation in financial services. There will be an official event to mark the opening in January, Wealth-X said.

It is Wealth-X’s second office in China after opening a branch in Guangzhou, and supports the company’s inherent belief of the shift of power from West to East.

The latest intelligence published by Wealth-X in the World Ultra Wealth Report estimates there are 11,475 individuals with a minimum net worth of $30 million each in Mainland China and 3,200 ultra high net worth individuals in Hong Kong.

Wealth-X forecasts that the UHNW population in Asia-Pacific will surpass that of Europe in 2024 and overtake that of the US in 2032.

Although private banks are investing heavily in the region to tap this wave of wealth, industry experts warn that margins are thinner in Asia than anywhere else - and are still narrowing. This is partly down to a lack of trust: Asia's wealth management industry is relatively young compared with that in the West. 

But also many firms are taking the wrong approach to build books of clients, commented Farrer. Wealthy Asians have different priorities to Western HNW individuals, and a one-size-fits-all approach will not succeed. Wealth-X says it has seven out of the world's top ten private banks on its books seeking advice about this sector. 

"We’ve experienced strong demand for client acquisition solutions intelligence on UHNW from financial institutions, not-for-profits and luxury brands in China, hence there is a need to expand our existing China and Greater China operations," said Mykolas Rambus, chief executive of Wealth-X and the former Forbes Media chief investment officer. "With two offices in China; Guangzhou and Hong Kong, we’re in a better position to serve our members in this important market.’’

"As China leads the expansion of UHNW in Asia Pacific, professionals who deal with this client segment find it increasingly difficult to connect and build trust with the ultra wealthy,’’ said Farrer. 

"Intelligence is the key to unlocking this massive wealth potential, and I’m excited to be joining such a fast-growing organization.’’

Wealth-X was co-founded in 2009 by Rambus and other Forbes executives. It provides members with intelligence on UHNW individuals and with the privately held-companies they control. Its clients are global private banks, educational institutions, not-for-profits and luxury brands. Headquartered in Singapore, Wealth-X has offices in Guangzhou, Hong Kong, New York, Mumbai, Lugano, Sydney and London.