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HSBC launches new bank account for UAE’s growing millionaires

Jade is a bespoke bank account catering to UAE’s millionaires

UAE HNWIs say exploration and adventure extremely important to living an enriched life Personal legacy most important for HNWI in the UAE and France, according to HSBC survey 40% of HNWI surveyed in the UAE run their own businesses

HSBC UAE has launched Jade, a new bank account geared towards the UAE’s HNWIs (high-net-worth-individuals). 

“Research conducted by HSBC shows that high net worth individuals want to be enriched, not just financially but with distinctive and unusual ways to explore the world, expand minds, and achieve a sense of purpose – that’s exactly what Jade is designed to deliver,” said Abdulfattah Sharaf, Group General Manager, Chief Executive Officer, UAE & Head of International, HSBC Bank Middle East Limited.

“Jade is a perfect fit for the UAE because this country is the destination of choice for ambitious individuals aspiring to achieve things in their lives, whether that’s economic prosperity, satisfying entrepreneurial goals, or thriving in a multi-cultural environment.”

Jade is a bespoke bank account offering a unique combination of personalised relationship management, advanced wealth solutions and luxury lifestyle services to support the needs of high net worth individuals (HNWIs) with investible assets of at least $1 million.

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HSBC’s global study of around 1,000 people in eight countries, including the UAE, with between US$1 million and US$5 million of personal wealth found that UAE HNWIs were the youngest among the surveyed population with an average age of just 35 years, followed by China at 37 years, and significantly younger that the United Kingdom (51 years), United States (61 years) and Canada (56 years). Of the UAE respondents, 40% ran their own businesses, 30% held senior executive positions and 20% worked in professional services.

Exploration and adventure is high on the priority lists of UAE millionaires, with 52% saying new adventures with the family are extremely important to living an enriched life, compared to 37% in China and 35% in France, the next two highest response rates.

The young millionaires of the UAE are also well-ahead of their global counterparts in attributing self-improvement as extremely important to living an enriched life (75%), the highest globally.

“According to our global survey, more and more of UAE’s HNWIs are shifting towards a broader view of enrichment where self-improvement, new experiences and mental well-being rate just as high, or higher, than wealth accumulation. These new perspectives are also changing the way the affluent manage their finances and invest.,” Sharaf said.

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Backed by a team of experts, a dedicated Relationship Director helps Jade clients create their own wealth strategy by leveraging HSBC Portfolio Advisory service to build investment exposure across different asset classes and geographies. HSBC Jade clients have access to sophisticated investment solutions like high yield bonds, specialised sector mutual funds, alternative investments and investment finance solutions.

They will also get preferential banking rates, and all the benefits and privileges of HSBC Premier for their spouse and children.

As well as new adventures with family, establishing a legacy is of utmost importance for UAE respondents – their peak definition of ‘enrichment’. For a strong majority of them (81%) the passing on of values is the most important factor in their personal legacy, second highest globally after France (86%), followed by the passing on of assets (56%) and the passing on of skills (54%).

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