HSBC is targeting Singapore’s salaried millionaires – high net worth individuals (HNWIS) with at least $1.2 million in assets who cite salaries and bonuses are their main source of income – whose aim it is to live purposefully, pursue self-improvement, give back to society and enjoy quality experiences with friends and family.
In other words, these millionaires are seeking enrichment, rather than more wealth.
According to the bank in a press release, Singapore has the highest percentage of HNWIS (40 percent) who are salaried millionaires, along with France. Of these, a survey commissioned by the bank discovered that about 70 percent of this target group are looking for value and purpose instead of more wealth.
Through HSBC Jade – the bank’s personalised relationship management, advanced wealth solutions and luxury lifestyle service, it hopes to attract these individuals, opening them up to the newly launched “Enrich List” through its global concierge facility – 50 rewarding experiences that spell adventure, well-being, purpose and game-changing.
The experiences include a voyage to the wreck of the Titanic, a stay at an eco-luxury resort in the jungle and even meeting former special forces and intelligence officers who would test participants in high pressure real-life scenarios in an exercised designed to improve decision making in everyday life.
The move to target these individuals came after the bank observed an emerging change in attitudes among its Jade clientele, whereupon they turned to Crowd DNA, a cultural insights and strategy company, to investigate this shift.
“For those without wealth, capital represents security,” said Laura Warby, Director of Strategic Insights at Crowd DNA. “Once people have achieved security, they seek to find a greater purpose for their wealth, to give it meaning and to have impact for themselves and others.”
Said Alice Fok, head of Customer Propositions & Marketing, HSBC Bank (Singapore): “This evolving Singaporean strata is not just focused on becoming wealthier but in experiencing life.”