HSBC launched The Enrich List to inspire Singapore’s “Salaried Millionaires”
HSBC Singapore has ramped up its high-net worth ‘Jade’ proposition with new experiential features. This coincides with new HSBC research that shows Singapore has the highest proportion (along with France) of salaried millionaires in the world. According to the research, these individuals prioritise self-enrichment over wealth accumulation.
New data-backed HSBC Jade banking & lifestyle features Jade together with its Premier International customers now forms more than half of HSBC’s retail banking affluent customer base in Singapore. They include Singaporeans, many of whom have global business or family connections abroad, as well as international customers from across ASEAN, mainland China and Hong Kong, UAE and non-resident Indian segment.
In response to the growing need for greater international banking support, HSBC Jade has launched Jade Passport, which is built on HSBC’s international connectivity and network capabilities to offer Jade customers from mainland China and Hong Kong, and Singapore seamless access to exclusive Jade services. This includes the use of the Jade Centre and preferential banking services in these markets.
The Enrich List, a curated portfolio of 50 unique global experiences with a focus on self-discovery and personal growth, will support these “salaried millionaires” needs for self-enrichment.
Ms Alice Fok, Head of Customer Proposition and Marketing, HSBC Bank (Singapore) explained, “Jade Passport was created to facilitate seamless access to our banking services in the key Asia cities where we see a lot of cross markets activities, while the Enrich List aims to be a source of inspiration for them to live a more purposeful life.”
“Our research points to Singaporeans becoming more comfortable with their economic status. They are starting to shift their primary pursuit from material wealth to other more altruistic experiences which impacts the way they spend and invest. Jade Passport and The Enrich List were developed to respond to this shift.”
Unveiling of the Enrich List
The Enrich List was unveiled to HSBC Jade customers at a carefully curated, intimate event on 26 November 2019. They were given a flavour of local experiences inspired by the four fundamental pillars by which the list was built on.
• Curated Adventures
• Ultimate Wellbeing
• A Purposeful Life
• Game Changers
The launch event featured local partners that embodied the spirit of The Enrich List, which include:
• Valerie Boffy, a game changer in her own right, being the 6th French woman to climb Everest and graciously offered her home, a beautiful Black and White colonial bungalow for HSBC Jade to host its customers.
• Christopher Kong, chef owner of Dearborn, a Singapore-based modern-American supper club that uses regional produce, and achieving minimal waste by serving only green, grains, and seafood, created the evening’s menu in partnership with Mandarin Oriental Hotel. Dearborn is one of the experiences featured in the Enrich List.
• Edmond Wong of Kim Choo Kueh Chang, and Lim Tian Wee of Ujong Gourmet, created a oneoff special kaya ondeh ondeh. Both are third- and fourth-generation who continues to run and reinvent their respective family businesses in Singapore.
• Simon Wong of social enterprise, Triquetra, which provided vintage Vespa sidecar adventure experiences for HSBC Jade customers.
• Denise Keller After 14 years in showbiz, Denise found balance between work and her passion for wellness. A certified yoga instructor, she shared her techniques with the HSBC Jade customers through her Pranayama session that aimed to empower, enhance and expand one’s ultimate well-being.
HSBC’s research also shows that 40% (26%-global) of Singapore HNWIs (defined as people with assets of USD1-5 million) are salaried professionals – the highest proportion in the survey (alongside France). The research also finds that 69% (65%-global) of Singapore HNWIs believe that broadening horizons and discovering new things is an essential part of enrichment.
Ms Fok added: “The acceleration of business activities towards Singapore over the past few years is resulting in a mushrooming of “salaried millionaires” who are supporting this commercial activity. This is a stark contrast to other markets where wealth is inherited. This evolving Singaporean strata is not just focused on becoming wealthier but in experiencing life.”
Currently 46% of Asia regional headquarters1 across a diverse range of industries that includes global financial institutions and technology MNCs are based in Singapore. Coupled with Singapore’s desire to be a regional hub for technology firms with advanced data expertise, HSBC Jade expects the number of “salaried millionaires” to continue to grow.
The findings comes from a study by HSBC Jade, involving 1,000 affluent consumers2 across eight countries and territories, including 100 respondents in Singapore.
Jade is HSBC’s retail banking affluent proposition for individuals who have at least SGD1.2 million in cash and/or investments with the bank. Geared especially for customers with international needs, Jade provides personalised investment solutions and advice, and global concierge services.
To view the full list and find out more, please visit: https://hsbcjade.ft.com/