Malaysia's US$250,000-plus club to double in size over next decade, says HSBC

Malay Mail

a day ago

KUALA LUMPUR, Aug 13 — HSBC Bank expects the number of Malaysians with at least US$250,000 (RM1.18 million) in financial assets to double in the next 10 years, underpinned by sustained economic growth and rising affluence, business publication The Edge reported today.
Kai Zhang, HSBC's head of international wealth and premier banking Asia, said Malaysia's expanding economy was creating significant opportunities for wealth accumulation.
'As the Malaysian economy grows, so does the opportunity to build and sustain wealth. We estimate that the percentage of adults in Malaysia with at least US$250,000 in financial wealth will double over the next decade,' he said at the launch of HSBC Bank Malaysia Bhd's upgraded HSBC Premier service.
The refreshed HSBC Premier package, first introduced in Malaysia 25 years ago, now focuses on four pillars — wealth, health, travel, and international banking — aimed at high-net-worth and affluent customers.
HSBC Malaysia's country head of international wealth and premier banking, Linda Yip, noted that wealthy Malaysians were seeking 'holistic solutions' that balance wealth growth with lifestyle and health needs.
She cited HSBC's 2023 Quality of Life report, which found affluent Malaysians placed 78 per cent of their portfolios in investments such as bonds and equities, with 22 per cent in cash.
Over half (51 per cent) prioritised saving for leisure or vacations, while 48 per cent viewed physical and mental health as central to quality of life, she added.
The bank's wealth services now offer access to more than 350 investment products across unit trusts, bonds, and protection plans, supported by digital tools for account opening, investment tracking, and insurance analysis. Health benefits include up to 30% discounts on screenings via Sunway Healthcare, and complimentary screenings for Premier Elite clients.
Travel perks range from enhanced credit card rewards and up to 12 free airport lounge visits, to travel insurance worth US$500,000 and roaming in over 120 countries. International banking privileges feature zero-fee global transfers to more than 50 countries, preferential forex rates, and access to 111 currencies.
HSBC, named Malaysia's Best International Bank by Euromoney, is also offering promotional deposit rates of up to 10.88 per cent per annum for clients who invest or insure, and time deposit rates of 4.28 per cent per annum for fresh funds, The Edge said.