Overview
Introduction
Datamonitor's Wealth Management in South Korea 2004 focuses on the onshore liquid wealth of mass affluent and high net worth customers in South Korea. It provides detailed analytical views of macro-economic background, retail savings and investments, mass affluent and high net worth individuals, competitive dynamics, customer preferences and forecasts.
Scope
- The macroeconomic and savings and investment data was collected directly from governmental sources such as the Bank of Korea
- Insight into the South Korean financial services market was obtained through in-depth interviews with wealth managers and private bankers
- Sizing and forecasting of mass affluent and high net worth individuals were generated from Datamonitor's proprietary Global Wealth Model
Report Highlights
Banks believe that the local market for private banking has a lot of promise and here Datamonitor is in agreement. As was evidenced earlier, in 2003, there were 42,000 individuals in South Korea with more than USD750,000 in investible assets.
The purchase of KorAm bank, gives Citigroup first mover advantages as the first foreign bank to gain a significant footing in the Korean market. Its acquisition, gives it a significant head start in tapping the relatively nascent Korean wealth management market.
South Korea's high net worth population is expected to grow at an average annual rate of 9.9% and the number of high net worth individuals in South Korea will reach 270,200 by 2008.
Reasons to Purchase
- This report forecasts the market to 2008, allowing competitors to plan strategies on the basis of detailed market information
- Allows foreign wealth managers to assess the attractiveness of the market and to pick out opportunities
- Helps competitors plan products and services by giving key information on their customers' financial services preferences
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