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Asia

September 20, 2012

Asia-Pacific is now home to the most number of high net worth individuals, overtaking North America for the first time, thanks to growth in the number of wealthy in Japan and China.

Asia-Pacific is now home to the most number of high net worth individuals, overtaking North America for the first time, thanks to growth in the number of wealthy in Japan and China.

That’s according to the Asia-Pacific Wealth Report, released by Capgemini and RBC Wealth Management on 19 September, which said the number of people with more than $1 million in investable assets in the region hit 3.37 million last year.

March 27, 2012

Two European family businesses have posted poor financial results following “another difficult year”, but Li & Fung, a family-controlled trading group in Asia, has fared better.

Two European family businesses have posted poor financial results following “another difficult year”, but Li & Fung, a family-controlled trading group in Asia, has fared better.

In the UK, family-controlled Wates Group said on 26 March that revenues rose by 13% to £1.12 billion (€1.34 billion) in 2011.

October 28, 2011

With Asian economies growing rapidly, family businesses have been urged to seize the opportunities offered by the region.

With Asian economies growing rapidly, family businesses have been urged to seize the opportunities offered by the region.

Speaking at a Family Business Network International conference, Teo Chee Hean, Singapore’s deputy prime minister, said the time is now ripe for family businesses to take advantage of “potential sources of growth” in Asia.

September 20, 2011

Net profit at family-controlled fashion group Prada jumped 74% in the six months to 31 July, buoyed by higher consumer demand in Asia and the opening of 29 new stores. 

Net profit at family-controlled fashion group Prada jumped 74% in the six months to 31 July, buoyed by higher consumer demand in Asia and the opening of 29 new stores.

The Milan-based luxury goods maker, which include brands such as Miu Miu and Church’s, said its 2011 first-half net profit increased to €179.5 million, from €103 million during the same period in 2010.

Net revenues grew by 21% to €1.13 billion, up from €936.5 million a year earlier, the company announced on 19 September.

September 15, 2011

Family businesses are unlikely to play a big role in driving growth in the number of high net worth individuals in Asia, according to a Hong Kong-based analyst. 

Family businesses are unlikely to play a big role in driving growth in the number of high net worth individuals in Asia, according to a Hong Kong-based analyst.

Amar Gill, head of special projects research at brokerage and investment group CLSA Asia-Pacific Market, told CampdenFB that family businesses will account for only around 20% to 30% of new wealth created over the next four years.

September 2, 2011

The global economic crisis has left Asian consumers increasingly mistrustful of foreign banks, with many preferring to use local institutions, according to new research from McKinsey. 

The global economic crisis has left Asian consumers increasingly mistrustful of foreign banks, with many preferring to use local institutions, according to new research from McKinsey.

The study, published in the latest McKinsey Quarterly, comes at the same time as many multinational banks are focusing heavily on growing their presence in Asian markets, amid a rise in the number of wealthy individuals in the area.

September 1, 2011

The number of high net worth individuals in Asia looks set to soar over the next four years, thanks to currency appreciation and massive economic growth in the continent, according to a new report. 

The number of high net worth individuals in Asia looks set to soar over the next four years, thanks to currency appreciation and massive economic growth in the continent, according to a new report.

Swiss private banking group Julius Baer said wealth in the region is expected to triple in the next few years to $15.81 trillion from $5.60 trillion, while the number of high net worth individuals will jump to 2.82 million from 1.16 million.

August 24, 2011

Families in Asia who manage their philanthropic activities as a unit need to develop strong strategies for accommodating inter-generational differences to ensure the success of their efforts, according to a specialist in philanthropy.

Families in Asia who manage their philanthropic activities as a unit need to develop strong strategies for accommodating inter-generational differences to ensure the success of their efforts, according to a specialist in philanthropy.

August 22, 2011

Boodles, the high-end British jeweller owned by the Wainwright family, has opened a new store in Hong Kong, as the company attempts to break into the Asian market. 

Boodles, the high-end British jeweller owned by the Wainwrights, has opened a new store in Hong Kong, as the family business attempts to break into the Asian market.

The family decided to set up the concession, located in luxury department store Lane Crawford, because of growing demand from the Asian market, said joint managing director Michael Wainwright, whose great-great-grandfather purchased the business in the early 1900s.

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