India to grow @17%, China @13%
According to a study by Barclays Capital, India, China and South Korea are expected to see a double-digit growth for the next three years.india Updated: Mar 06, 2006 20:17 IST
Firms that manage money for wealthy individuals expect to see double-digit growth in China, India and South Korea every year for the next three years, according to a study by Barclays Capital.
The survey of 40 institutions found they expect 17 per cent annual growth in assets under management in India and South Korea, 14 per cent in China, 13 per cent in Taiwan and 11 per cent in Hong Kong.
Assets under management in Australia and New Zealand, the slowest-growing regions in the study, are expected to rise 10 per cent.
The firms surveyed expect that in three years they will manage about $334 billion for South Korean high net worth clients, $256 billion for Indian clients and $150 billion for Chinese clients.
The survey defined high net worth clients as those with more than $500,000 in liquid assets.
For investors with between $100,000 and $500,000, China is expected to become the largest market in Asia with an estimated $93 billion in assets under management, followed by South Korea and India with $50 billion each.
The survey's participants manage more than $3 trillion globally. Barclays said two thirds were part of a global banking group, with the remainder at small- to medium-sized firms.
First Published: Mar 06, 2006 20:17 IST