The survey distinguishes between two clients segments – high-net-worth and mass affluent. High-net-worth clients are defined as those with assets under management of $500,000 and above, while mass affluent clients are those with assets under management of $100,000-500,000.
For the mass affluent segment, the survey predicts that China will be the largest market in Asia with an estimated $93 billion of assets under management, followed by Korea and India with $50 billion each.
Participants in the survey also forecast double-digit growth in assets under management across the region. Asset growth is expected to reach 17% a year in both India and Korea over the next three years. China is expected to grow by 14%, southeast Asia and Taiwan by 13%, Hong Kong by 11% and New Zealand by 10%.
The survey also found equity to be the preferred asset class for high-net-worth individuals, followed by credit and debt-related products.
The Barclays Capital Wealth Management Survey includes participants from 40 institutions with more than $3 trillion of assets under management. These firms predict that in three years’ time, they will be managing an estimated $334 billion of assets for South Korean high-net-worth clients, $256 billion for Indian clients and $150 billion for Chinese clients.