The number of millionaires in mainland China grew by 35% in 2020, while the number of millionaires in Hong Kong fell by 7%, according to a new report from the private bank.
Wealthy families are setting up secondary offices in Singapore to diversify their exposure to risks, particularly in Hong Kong, and to avoid areas being badly affected by the pandemic.
Wealthy individuals are increasingly shifting assets out of the city and considering moving themselves elsewhere too, amid rising sanctions and lost confidence, say financial advisers.
Family offices in the US are increasingly keen on building investments in Asia and especially China. But doing so can be tricky, which is leading many to seek partners.
A new generation of wealthy people sees the potential of adding modern technology into their family offices. But traditional skills and experience are also a vital commodity.
The Swiss firm has hired its first private bank chief based in China, as it continues to build out local businesses in Asia. It's not clear whether it is still seeking local mainland partners.