Rich people in Asia saw their assets eroded by the global financial crisis, with Taiwanese suffering losses next only to their counterparts in Singapore, an HSBC report said yesterday.
The report, which polled 1,500 people in seven countries with a monthly salary equivalent to NT$70,000 (US$2,150) and above and more than NT$3 million in liquid assets, showed that 44 percent suffered losses in the past six months because of the market turmoil.
About 51 percent of respondents in Taiwan — second only to Singapore’s 56 percent — were affected by the economic downturn, the survey conducted between April 23 and May 4 showed.
The figure ranges from 21 percent to 49 percent for China, Australia, Japan, India and Malaysia, the report said.
Betty Miao (繆莉莉), head of HSBC’s personal financial services, said the financial storm not only took a toll on personal wealth but also affected investors’ risk appetite and private consumption.
The report showed that 43 percent of rich Taiwanese traded their portfolio for cash and another 31 percent trimmed their investments over the last six months.
Only 14 percent were bold enough to raise their investments, lower than Malaysia’s 36 percent, India’s 30 percent and China’s 30 percent, the survey said.
Steve Chuang (莊懷德), senior vice president of HSBC wealth management, said it made better sense for investors to diversify their portfolio and make adjustments in phases.
Despite the market tumult, some affluent people managed to gain from their investments, the report said. About 46 percent of Chinese respondents said their wealth rose as much as 50 percent in the last six months.
The figure stood at 32 percent in Taiwan, 21 percent in Japan and 19 percent in Australia, the report said.
While uncertain about the economic outlook, many affluent people said they hoped to accumulate more wealth through different investment options, with 63 percent of Taiwanese favoring securities transactions, the report said.
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