HONG KONG - Rich Chinese are expected to park fewer funds in Hong Kong on worries that Beijing's proposed national security law for the city could allow mainland authorities to track and seize their wealth, bankers and other industry sources said.
Interviews with half a dozen bankers and headhunters have revealed that some Chinese clients are looking for other hubs as their main offshore wealth base with Singapore, Switzerland and London high on the list. He said his bank had begun receiving inquiries from Chinese high net worth individuals about opening accounts outside Hong Kong.
The expected shift has led some wealth managers to tap corporate recruiters to help hire Mandarin-speaking client advisers in other locations including Singapore and Switzerland, said the sources.Globally, Hong Kong ranked second in wealth per adult after Switzerland in mid-2019, and 10th in the number of people with more than $50 million in assets, according to a Credit Suisse report.
Now the proposed security law is triggering concerns about the semi-autonomous city's freedoms and particularly, the legal protections it offers.
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