Asia Minute: Wealth and the Geography of Personal Priorities
What’s more important to you—your health or your child’s education? That’s one of the questions that a credit card company recently asked several thousand wealthy people in Asia. And the results varied depending on the country involved. HPR’s Bill Dorman has more in today’s Asia Minute.
Bankers and credit card companies always want to know more about wealthy people: how they think, what they like, and especially, of course, how they spend their money. This is especially true for those whom bankers call “High Net Worth Individuals.” To join this particular club, one starts with a million dollars of liquid, investible income. Banks create entire divisions to cater to these people—private client banking or personal wealth management. Visa is the latest to come out with a survey of these folks—seeking opinions from some 4,000 of them in eight Asia-Pacific countries. When it comes to priorities, the ChosunIlbo reports personal health scored highest in South Korea—followed by time spent with family and work-life balance. Those were also the top three priorities for Australians and for residents of Hong Kong.
For wealthy Indians, their children’s education topped any other consideration...followed by time with family and health.
In China and Indonesia, health came first, followed by education of the next generation. Oh—and a “healthy work-life balance?” Not even in the top three priorities in China, India or Indonesia.