And wealth businesses in the region also command a higher premium than the global average, according to consultancy Scorpio Partnership.
The benevolence of Asia's wealthy could be directed to improve economic and social conditions, but the entrepreneurial source of their fortune may lead to a different approach and limited impact, writes Scorpio Partnership.
A slew of bad news overshadowed one of the stories of the summer: how regulators are making headway against tax evasion. The landscape is changing for good, writes Scorpio.
In partnership with Catherine Tillotson
Effective brand strategies are critical to success, increasingly so in China. Scorpio Partnership highlights five steps that wealth managers use to create a positive impression.
Many firms view social networking as another marketing channel, but are underestimating the damage that the growing power of blogging can do, writes Scorpio Partnership.
Methods to separate customers into groups are ineffective, argues Catherine Tillotson of Scorpio Partnership. She points to the potential importance of new behavioural analysis.
The firm says wealth managers in Asia need to be at the forefront of dialogue with clients and insurers about how to tailor and enhance insurance solutions to meet their specific needs.
High-net-worth investors continue to shun alternative investments, as private banks increasingly favour in-house product, according to research by Scorpio Partnership.
Global wealth managers now actively manage $17.4 trillion, with Asia flows compensating for market index losses, says Scorpio.
But despite their combined $4.3 trillion of the global market, the industry remains surprisingly fragmented, says Scorpio.