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NEWS UPDATES 11 December 2009

Rich Malaysians escape financial crisis unscathed - survey

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The net worth of affluent Malaysians for the second half of the year increased 55 percent compared with the advance of 35 percent in the first half, reported the StarBiz daily, quoting a survey by the HSBC Affluent Asian Tracker, conducted by Nielsen for the HSBC group.

The banking group said the survey results showed a clear indication that savvy, affluent Malaysians came through the financial turmoil at the end of 2009 relatively unscathed.

Regionally, mainland China led the wealth surge in Asia with a reported 70 percent rise in net worth in the second half of the year against 46 percent in the first half.

HSBC Bank Malaysia Bhd personal financial services general manager Lim Eng Seong said affluent Malaysians were fast becoming savvy about growing and managing their newly-earned wealth.

“Riding on Asia’s recovery and improved market sentiment, the affluent in the country are regaining their confidence as investors and are providing momentum towards a more robust wealth management market in Malaysia,” he said.

Lim noted that growing affluence was the key driver for investment activity and diversification of asset holdings.

“While market sentiment will continue to remain an important driver, other factors will influence the psyche of the affluent Malaysian investor,” he said.

The survey showed that advice from independent financial advisors (involving 53 percent of respondents), financial media (40 percent), friends (29 percent), banks (28 percent) and family (27 percent) played a key role in shaping their investment portfolios.

The study also revealed that the majority of Malaysian respondents (89 percent) gained their wealth through employment.


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