(Yicai) Sept. 15 -- Global Chinese people, those with roots in China whose lives and assets spread across borders, are growing in financial influence and complexity. They invest internationally, operate across jurisdictions, and expect more from their banking relationships.

This presents a major opportunity for banks in Hong Kong and Singapore, as with the right strategy, global Chinese clients could contribute up to 30 percent of their net new money, according to the latest report by consulting firm Oliver Wyman. But winning this segment requires not only new products or channels but also rethinking how banks operate, build relationships, and deliver value across borders.

China ranks first in Asia Pacific, with a total wealth of USD39.23 trillion in investable personal financial assets, such as deposits, equities, and bonds, excluding assets held in insurance policies, pensions, and direct real estate, the report showed. Japan ranked second with USD6.52 trillion.

High-net-worth and ultra-high-net-worth individuals hold nearly 53 percent of the total wealth across Asia Pacific, with the region expected to see USD9.7 trillion in additional wealth by 2029, Oliver Wyman predicted.

Between 30 percent and 40 percent of Chinese wealth offshore flows through Hong Kong, with Singapore becoming increasingly prominent as an alternative. Global Chinese investors are channeling capital into cross-border life insurance, exchange-traded funds, public investment vehicles, private markets, and alternative asset structures, according to Oliver Wyman.

Global Chinese have increased their investment in offshore assets since the Wealth Management Connect program that links Hong Kong, Macao, and the Chinese mainland was expanded last year. Hong Kong's life insurance sector is growing, with industry premiums expected to jump at a compound annual growth rate of 3.3 percent to USD73.7 billion by 2028 from USD62.6 billion last year.

"Global Chinese investors are increasingly sophisticated, operating across jurisdictions and demanding more from their banking relationships," Oliver Wyman said. "This presents both a major opportunity and a strategic challenge for financial institutions."

However, accessing global assets remains complex for investors with capital in China, as official outbound programs remain tightly controlled. Structural changes are emerging. For example, Hong Kong is preparing digital currencies and tokenized investment pilots, while the Hainan Free Trade Port has initiated island-wide customs operations.

Oliver Wyman identifies three critical strategies for lenders in Hong Kong and Singapore to capture the global Chinese segment. They are bridging generational wealth priorities to secure long-term client loyalty, developing flexible financial solutions for global Chinese clients' diverse needs, and using integrated technology to meet their distinct expectations.

First-generation wealth creators are expected to transfer USD2.7 trillion to their heirs across Asia Pacific by 2030. Among global Chinese families, this handover often reveals deep generational contrasts. For banks, the opportunity lies in bridging these differences, helping clients navigate complex dynamics and build continuity.

While Hong Kong and Singapore remain the core destinations for offshore Chinese wealth, global Chinese families are increasingly turning to other financial hubs, such as the United Arab Emirates and Bermuda, to diversify how they manage and structure their assets.

Supporting this evolution requires banks to go beyond traditional models. Success depends on delivering the right products from the right jurisdictions, backed by the infrastructure and expertise to move at the speed of their clients' ambitions.

Capturing the global Chinese opportunity takes more than new products or digital upgrades. It calls for rethinking how banks operate, from decision-making to delivery. Lenders also need teams with the right mix of cultural fluency and technical skills.

Tools like smart onboarding, multi-currency reporting, and integrated portfolio views help deliver the kind of experience this segment expects. Artificial intelligence is also accelerating impact, with banks seeing efficiency gains of up to 40 percent in client conversion tasks and 35 percent in administrative work.

"Global Chinese clients are mobile, discerning, and clear about their expectations," the Oliver Wyman report concluded. "Success will come to institutions willing to rethink how they serve across borders, generations, and priorities."

Editor: Futura Costaglione