Asia's rich are different

There is a new generation of rich Asian individuals who are markedly different from the highly affluent who live in other regions of the world. It means that private banks have to adjust their models if they want to attract and retain them as clients.

“Their expectations and outlook are different, hence they need different things from us,” said Shayne Nelson, CEO of Standard Chartered’s private bank and global head of high-value client coverage.

The number of rich people in Asia is growing rapidly, supported by the region’s high savings rate but also its greater consumption levels and by its young populations. There are now about...