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Wealth in Taiwan: HNW Customers

Wealth in Taiwan: HNW Customers


This report is based on our 2014 Global Wealth Managers Survey. The results of the survey are accompanied by best-practice case studies on how to target Taiwanese HNW individuals where applicable.


  • Understand the major sources of HNW wealth in Taiwan and the industries from which it has been amassed.
  • Interpret the investment portfolios of Taiwanese HNW individuals through detailed asset allocation analysis.
  • Evaluate product and service demand among Taiwanese HNW individuals, from discretionary asset management to art advisory and philanthropy.
  • Analyze the best methods to capture new Taiwanese HNW clients and how best to maintain communication throughout the client relationship.
Reasons To Buy
  • How do Taiwanese HNW individuals amass their wealth?
  • What investments make up an average Taiwanese HNW investment portfolio?
  • Which wealth management products and services are in demand in Taiwan?
  • How often do Taiwanese wealth managers contact their clients through email, social media, and face-to-face meetings?
  • How do Taiwanese HNW individuals compare to their global peers?
Key Highlights

Family business owners and first-generation entrepreneurs together form the largest HNW client segment in Taiwan. Wealth managers need to be prepared for clients with irregular incomes, heavy exposure to single industries, and finances entwined with their manufacturing business.

Equities holdings, currently a minor element in the local HNW portfolio, are forecast to be the top draw over the next two years. Providers need to be able to provide suitable funds as well as direct market access (the asset class is relatively evenly split between direct and fund holdings) to ensure they can capture this growing investor appetite.

Few wealth managers in Taiwan are leveraging social media, despite the clear appetite for use in the broader market. With Taiwan’s wealth managers relatively poor at leveraging referrals, social media will provide a much needed boost to this critical acquisition channel, with little competition for those relationship managers able to leverage it.

  • Executive Summary
    • The Taiwanese HNW community resembles a mix of Hong Kong's wealth and China's size
    • Key findings
    • Critical success factors
  • Profiling the Taiwanese HNW Customer
    • Sources of wealth
      • Business owners remain the most important segment, with first-generation entrepreneurs particularly strong
      • Classic manufacturing families remain the backbone of the HNW market
      • BNP Paribas specifically caters to business owners
    • Expats are not a significant opportunity in Taiwan's HNW market
      • Dedicated expat services are a little-needed luxury in the Taiwanese market
      • HNW expats from Taiwan's chief immigration destinations suggest returned Taiwanese and family connections
      • A small investor visa program does exist but has not been a major driver of expat numbers
  • Understanding Asset Allocation Trends Among Taiwanese HNW Investors
    • Traditional asset classes are relatively underweight among Taiwanese HNW investors
      • Illiquid property investments are balanced by a higher reliance on deposit products
      • HNW investors have largely confined fund purchases to traditional equity, mixed, and bond funds
      • The growth of Taiwan as an offshore renminbi center has fueled the growth in foreign currency deposits
      • Wealth managers need to be prepared for portfolios shifting away from property and cash
  • Product and Service Demand Among Taiwanese Individuals
    • Asset management services
      • Demand is strongest for advisory asset management, with other styles having less appeal
      • The expanding HNW investor market will see growth primarily in the advisory channel
    • Planning services
      • All planning services have robust demand among HNW clients
      • Bank of East Asia Private Bank helps its clients minimize their tax liabilities
    • Credit products
      • Growing the earning asset base will be more of a challenge for those that relied upon property lending
      • Only lending for margin loans and cash flow will see demand from the HNW client base
      • Citi Private Bank provides a range of lending services to HNW individuals around the world
    • Art and philanthropy advisory
      • Current demand for philanthropy services is limited
      • Demand for niche advisory services will grow over the next two years
    • Insurance products and advice
      • Insurance is an easier sell in Taiwan than the wider region
      • Protection demand will rise strongly in Taiwan
  • Customer Acquisition and Communication
    • Client acquisition
      • Investor events are a major source of clients for wealth managers in Taiwan
    • Client communication
      • Frequent client communication is critical and wealth managers need to invest in digital channels to facilitate it
      • Telephone is the most common form of communication with HNW clients
      • Mobile wealth management has become standard in Taiwan
      • Wealth management via social media remains nascent in Taiwan
  • Appendix
    • Abbreviations and acronyms
    • Definitions
      • Affluent
      • HNW
      • Liquid assets
      • Mass affluent
    • Methodology
      • Verdict Financial's 2014 Global Wealth Managers Survey
    • Bibliography
    • Further reading

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