Understanding China’s Wealthy Clientele: Insights into Evolving Needs and Trends in International Banking

As China’s economy advances towards greater sophistication and global integration, its affluent class – the 中国富裕客群 (China’s wealthy clientele) – is emerging as an increasingly powerful and discerning force. This group is not only driving domestic consumption but also reshaping expectations for international banking services. Gaining a deep understanding of their mindset, preferences, and future needs is essential for banks, wealth managers, and marketers aiming to serve this influential segment effectively. The insights in this article draw on Standard Chartered’s report, which provides a data-driven view of the behaviours and expectations of China’s affluent clients.

The New Dynamics of China’s Wealthy

The profile of China’s wealthy clients has become increasingly nuanced. This group is marked by a blend of entrepreneurial ambition, international mobility, and digital fluency. According to a recent study, over half of China’s affluent individuals plan to allocate at least 20% of their income to cross-border savings or investments, signalling a heightened appetite for global diversification. For this segment, wealth management is not simply about returns – it is also about risk mitigation through international diversification, flexibility across markets, and structuring portfolios to preserve and grow wealth over generations.

Notably, this international outlook does not imply a wholesale shift away from China. Indeed, affluent clients from both the Chinese mainland and Hong Kong tend to retain the majority of their assets in onshore accounts, suggesting a cautious, diversified strategy that balances domestic familiarity with offshore opportunities.

A Strong Desire for Integrated, One-Stop Services

China’s wealthy clients increasingly seek an integrated, seamless banking experience. Nearly half consider one-stop financial services “extremely important,” and 89% are open to using digital channels such as virtual advisory and AI-assisted services for opening international accounts. This preference is especially strong among the “X Generation” (born after 1980), with 93% embracing digitalisation.

However, despite their digital openness, 67% still value face-to-face interaction, expecting in-person meetings with relationship managers at least twice a year. This dual demand for digital convenience and human connection presents both an opportunity and a challenge for global banks: to develop hybrid service models that seamlessly combine personalised human support with cutting-edge digital solutions.

Personalised Service: A Core Expectation

When it comes to personalisation, China’s wealthy clients demonstrate diverse preferences. While some value bespoke solutions that proactively address their unique needs, others emphasise the importance of high-quality relationship management and trust-building over time.

A critical operational factor is language support. Approximately one-quarter of respondents report encountering language barriers when using international banking services, a challenge especially prevalent among mainland Chinese clients, including those from the Greater Bay Area. This underscores the importance of providing relationship managers with language capabilities and culturally attuned services, which can serve as a key differentiator in meeting client expectations.

Risk Awareness and Sophisticated Diversification

Risk mitigation is front of mind for this segment. A striking 86% of affluent clients consider “diversification” either an important or very important reason for opening international bank accounts. This reflects their sophisticated understanding of geopolitical, currency, and market risks – and underscores why advisory capabilities are highly sought after.

Indeed, wealthy clients increasingly expect banks to deliver professional guidance not only in wealth preservation but also in structuring offshore accounts, estate planning, and tax-efficient investments that span jurisdictions.

Regional Nuances: Greater Bay Area vs. Mainland Affluent

The research highlights subtle but material regional differences. While both mainland and Greater Bay Area clients exhibit strong international banking appetites, Greater Bay Area clients show a slightly higher propensity for integrated services and are more likely to seek professional advisory support at key moments, such as account opening and complex transaction structuring.

This underscores the need for banks to fine-tune their propositions for different sub-segments within China’s wealthy clientele, rather than treat this market as monolithic.

Meeting the Needs of China’s Wealthy Clientele！

China’s affluent clients represent a discerning, digitally savvy, and globally mobile market. Their expectations for international banking services are shaped by a demand for personalisation, integration, and advisory excellence, underpinned by a clear-eyed approach to diversification and risk management.

If your goal is to better understand this discerning audience and develop strategies that align with their evolving needs and expectations, we’re ready to support you. Contact our team at China Trading Desk to discover how we can provide data-driven insights, local market expertise, and customised solutions to drive your success in China.