Jersey: Insights Into The Asian Evolution

Last month marked the 20th anniversary of the start of the Asian financial crisis. Whilst for most of us the global financial crisis was something that emanated in the US in 2007, the collapse of a number of Asian currencies a decade before (July 1997) as a result of over-dependence on foreign flows was a hugely impactful event too, and saw economies in the region seek emergency rescue packages from the IMF and endure years of economic turmoil.

20 years on and the Asian picture is quite different. The latest Global Wealth 2017 report compiled by the Boston Consulting Group ‘Transforming Client Experience’, for instance, shows that Asia Pacific was the fastest growing region globally last year in terms of private financial wealth with almost double-digit growth (9.5%), considerably outstripping the global average of 5.3%.

That upward trajectory is expected to continue and, equally significantly given the Asian experience in the late 90s, the propensity to look to overseas markets is as strong as ever. The China Private Wealth Report 2017 (Bain & Co. and China Merchants Bank), for example, shows that the proportion of HNWIs with overseas investment has risen to 56% in 2017, up from 19% in 2011.

This is pertinent to outward looking international finance centres (IFCs) like Jersey, which has invested significantly over the years in extending its reach to emerging markets. Today, 50% of the work done in Jersey comes from outside of the GMT time-zone, with the Far East, in particular Greater China, as well as member states of the Gulf Corporation Council (GCC) are now key markets for Jersey. Indeed, the Boston report also highlights that private wealth growth in the Middle East (8.5%) is not far behind Asia Pacific.

If the past few years have taught IFCs anything, though, it’s that resting on your laurels is not an option – jurisdictional differentiation is key to maintaining a positive reputation, particularly in the Asian markets.

Jersey has taken this head-on by providing fresh insights into global financial flows to develop a compelling and honest narrative for IFCs, and to give international investors the confidence they need in an increasingly complex environment. And it’s why we continue to invest in independent data-driven research.

Two recent white papers produced in conjunction with Hubbis are a case in point, and particularly relevant when reflecting on Asia’s transformation over the past 20 years. The “How to Service Chinese Wealth as it Goes Global” and “Driving Forces Behind GCC HNW Investors” reports identified some key challenges facing wealth management practitioners supporting HNWIs in China and the GCC.

In particular, the research showed a real drive by wealthy individuals in both regions towards the globalisation of their wealth and an acknowledgement of the importance of asset protection for future generations, with legacy planning being the main priority (47%) amongst Chinese investors and business succession planning being the main priority within the GCC (56%).

At the same time, the reports also found a real gap between this desire for succession planning and how to achieve it, including some real misconceptions around wealth planning. Most significantly, the overwhelming sense was that wealth planning involves a loss of control over their assets – an attitude shared by 88% of Chinese and 56% of GCC HNWI clients.

Meanwhile, in both regions, wealth practitioners also revealed a key concern in advising families around reporting requirements such as Automatic Exchange of Information (AEOI) and the Common Reporting Standard (CRS) was that clients don’t reveal enough information about their situation and assets (23% in China and 42% in GCC).

These are a snapshot of the reports’ findings, but combined they have provided some valuable insights into the role IFCs can play in supporting the growing demand for global wealth and succession planning amongst HNWIs in the Far and Middle East.

They have also articulated some real challenges, as a new generation of wealthy Chinese and GCC individuals are having to grapple with the concept and practicalities of international succession planning.

There’s no doubt that Asian markets are considerably more experienced and sophisticated than they were 20 years ago, and against that backdrop it’s understandable that there is an air of caution amongst some HNWIs when it comes to venturing into global wealth and succession planning.

The professional support those markets receive now from advisers on and offshore will be instrumental in re-shaping the region’s attitudes towards global structuring, and Jersey’s commitment to providing insights in this area should position us as a key player in helping to do so.

Linkedin -
Twitter - @jerseyfinance
Youtube -

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on

Click to Login as an existing user or Register so you can print this article.

In association with
Related Topics
Related Articles
Up-coming Events Search
Font Size:
Mondaq on Twitter
Mondaq Free Registration
Gain access to Mondaq global archive of over 375,000 articles covering 200 countries with a personalised News Alert and automatic login on this device.
Mondaq News Alert (some suggested topics and region)
Select Topics
Registration (please scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of

To Use you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.


The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.


Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions