Rich Malaysians target gold, unit trusts
Seventy-five per cent affluent Malaysians are ambitious and aggressive in growing their wealth to close to US$4 million in 10 years, according to a study by Standard Chartered Bank.
The FuturePriority 2012 Report, the second series survey conducted by the bank together with Scorpio Partnership that captures the sentiment of over 2,700 Asian affluent individuals across nine markets, has revealed that affluent Malaysians remain confident in growing their wealth after Indonesia (98 per cent), India (88 per cent), China (78 per cent) and Thailand (78 per cent).
Tiew Siew Chuen, Country Head of Consumer Banking at Standard Chartered Bank Malaysia Bhd, said Malaysian affluent needed an annual return of 15 per cent to achieve the wealth target compared to an average of 12 per cent for Asia.
She said Asians were very confident on their wealth goal based on the expected resilient economy goind forward given the region being seen as the excellent wealth creation opportunity platform.
"Malaysian affluent top choices of investment are gold, high interest savings, unit trusts and real estate," she told reporters at a media briefing today.
She said that in wealth creation, it was important to consider not just investments but also the use of credit.
The survey showed that Malaysian affluent were smart wealth builders (42 per cent) who make use of credit to enhance their investment returns, Tiew said.
"Borrowing is no longer seen as a liability to one's wealth, instead when used carefully, it is a wealth management tool," she added.
She also said there was a strong desire among Malaysians to be financial independent when saving for retirement after Thailand.
Meanwhile, Tiew said Malaysian affluent also agreed with South Korea and Indonesia that a house was a good long-term asset compared to Thailand and India who consider it to be reflective of who they are.
More than 40 per cent Malaysian respondents of the study stated the influencing factor in their choice of banking partner was its ability to meet
wide range of needs.-- Bernama
The FuturePriority 2012 Report, the second series survey conducted by the bank together with Scorpio Partnership that captures the sentiment of over 2,700 Asian affluent individuals across nine markets, has revealed that affluent Malaysians remain confident in growing their wealth after Indonesia (98 per cent), India (88 per cent), China (78 per cent) and Thailand (78 per cent).
Tiew Siew Chuen, Country Head of Consumer Banking at Standard Chartered Bank Malaysia Bhd, said Malaysian affluent needed an annual return of 15 per cent to achieve the wealth target compared to an average of 12 per cent for Asia.
She said Asians were very confident on their wealth goal based on the expected resilient economy goind forward given the region being seen as the excellent wealth creation opportunity platform.
She said that in wealth creation, it was important to consider not just investments but also the use of credit.
The survey showed that Malaysian affluent were smart wealth builders (42 per cent) who make use of credit to enhance their investment returns, Tiew said.
"Borrowing is no longer seen as a liability to one's wealth, instead when used carefully, it is a wealth management tool," she added.
She also said there was a strong desire among Malaysians to be financial independent when saving for retirement after Thailand.
Meanwhile, Tiew said Malaysian affluent also agreed with South Korea and Indonesia that a house was a good long-term asset compared to Thailand and India who consider it to be reflective of who they are.
More than 40 per cent Malaysian respondents of the study stated the influencing factor in their choice of banking partner was its ability to meet
wide range of needs.-- Bernama
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