Asia’s reputation as a playground for the super-rich has been growing in recent years, so it’s no wonder that a private client firm such as Withers would want to tap into that.
Having previously opened in Singapore to provide tax and trust advice to Southeast Asia’s high-net-worths, the firm has now sealed an Australian alliance with the aim of helping wealthy Asians emigrate there (see story here).
According to Withers managing director Margaret Robertson, Australia is attractive to the firm because it is a “stand-alone market for successful people” as well as being an “integral part of the regional Asia-Pacific market”.
With The World Wealth Report from RBC and Capgemini noting that Australia had 219,000 high-net-worth individuals in 2013 while the Asia-Pacific region as a whole had over four million, Withers could well be on to something – but it may have to expand its offering to get a decent slice of the pie.
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