China’s young, tech-savvy, ultra-rich cohort is shaping the wealth management and luxury spending industries, including art collecting, according to experts at a conference in Hong Kong.
“The asset management landscape in Asia is undergoing significant transformations due to changing demographics and digitisation,” said Chen Ding, the CEO of CSOP asset management.
Speaking on a panel at the HSBC Global Investment Summit on Wednesday, Ding added that the wealth-management industry is being reshaped by social media, youth and key opinion leaders (KOLs), a term used for influential online content creators.
“For the next few decades Gen Z or even the next Gen Alpha, their investment may be through asset tokenisation and AI wealth advisers,” she said, adding that the industry is working towards transforming wealth into “a new virtual format in addition to the traditional finance space”.
Mainland China is projected to see a 47 per cent increase in the number of ultra-high-net-worth individuals by 2028, despite the global slowdown in wealth growth, according to the Wealth Report by Knight Frank.