HSBC today launched their Jade service in the United Arab Emirates to cater to a growing wealth demographic in the country. This is off the back of the Singapore Jade move in November of last year.
The Jade account is a bespoke offering a combination of personalized relationship management with a “dedicated Jade Wealth Manager”, advanced wealth solutions and luxury lifestyle services to support the needs of wealthy individuals with investible assets of at least $1 million.
“Research conducted by HSBC shows that high net worth individuals want to be enriched, not just financially but with distinctive and unusual ways to explore the world, expand minds, and achieve a sense of purpose – that’s exactly what Jade is designed to deliver,” said Abdulfattah Sharaf, CEO, UAE and head of international, HSBC Bank Middle East Limited.
A HSBC study of around 1,000 people in eight countries, including the UAE, with between $1 million and $5 million of personal wealth found that UAE HNWIs (High Net Worth Individuals) were the youngest among the surveyed group with an average age of only 35 years, followed by China at 37 years. Significantly younger that the United Kingdom (51 years), United States (61 years) and Canada (56 years). Of the UAE respondents, 40 per cent ran their own businesses, 30 per cent held senior executive positions and 20 per cent worked in professional services.
“Jade is a perfect fit for the UAE because this country is the destination of choice for ambitious individuals aspiring to achieve things in their lives, whether that’s economic prosperity, satisfying entrepreneurial goals, or thriving in a multi-cultural environment” noted Sharaf.