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☆ Mumbai overtakes Beijing to become Asia's billionaire capital for the first time
  + stars: | 2024-03-27 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com   time to read: +1 min
With 92 billionaires, Mumbai ranks third behind New York and London, but ahead of Beijing, and Shanghai. Tuul & Bruno Morandi | The Image Bank | Getty ImagesMove over, Beijing. Mumbai is now the Asian capital with the most number of billionaires, according to Hurun Research Institute's global rich list. In Asia, Mumbai — India's financial capital — moved ahead with 92 billionaires, according to Hurun. Following close behind are Beijing (91) and Shanghai (87).
Persons: Bruno Morandi, Topping, — Organizations: New, Tuul, Bank, Getty, Research, New York, London, Mumbai, Beijing, Shanghai, Shenzhen, Hong Kong, Moscow, New Delhi, San Francisco, Hurun Research, United States, India, United Kingdom, Germany, Russia, Italy, France Locations: Mumbai, New York, London, Beijing, Shanghai, Asia, China, U.S, India, Switzerland, Brazil
☆ Wealth managers ramp up staff in Hong Kong to chase Chinese demand
  + stars: | 2023-03-24 | by ( Summer Zhen | ) www.reuters.com   time to read: +4 min
HONG KONG, March 24 (Reuters) - Wealth management firms are expanding operations aggressively in Hong Kong to meet pent-up demand from rich Chinese individuals looking to invest more money overseas after three years of COVID-19 curbs, industry sources said. Noah Holdings (NOAH.N), the largest independent wealth management firm in China, was among five private banks and wealth management firms Reuters talked to that said they held client events in the city and organised private art tours. Hywin Holdings (HYW.O), another Chinese wealth manager, invited 30 ultra-high-net worth clients to workshops, fund manager visits and even a yacht party in Hong Kong last week. Chinese financial institutions are vying for this growing wealth management business in Hong Kong. Chinese Everbright Bank and Hua Xia Bank set up private banking departments in Hong Kong in the past few months, according to sources familiar with their plans.
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