Pay rises for wealth managers have been pushed to their highest level in more than a decade in Singapore and Hong Kong, according to private bankers and recruiters.
The driving force behind the increase is the competition to manage the money of Asia’s growing pool of millionaires, reports Bloomberg.
The head of greater China and north Asia at the Bank of Singapore, Derrick Tan, described it as “a crazy market”.
“Every day we’re discovering new high net worth clients,” he told the newswire.
Amy Lo, head of Hong Kong’s Private Wealth Management Association, told Bloomberg: “It won’t be easy to retain people when they can easily get a 20-30% premium and an upgrade in title.”
The burgeoning wealth coming from China also means Mandarin speakers are able to demand even more money.
