HSBC Launches New 'perfect' Bank Account For UAE Millionaires

HSBC UAE has announced the launch of Jade, a new bank account designed to help customers achieve the wealth, lifestyle and social goals of a new era.

Jade is a bespoke bank account offering a 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.

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.

Jade clients also 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.

For clients looking for self-enrichment and novel experiences, the HSBC Jade concierge service, delivered by Ten Lifestyle Group, offers access to a range of bespoke luxury experiences provided by a network of global and local partners.

“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, CEO, UAE and 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.”

HSBC research of around 1,000 people in eight countries, including the UAE, with between $1-5 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 percent ran their own businesses, 30 percent held senior executive positions and 20 percent worked in professional services.

Exploration and adventure was high on the priority lists of UAE millionaires, according to the survey, with 52 percent saying new adventures with the family are extremely important to living an enriched life, compared to 37 percent in China and 35 percent 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 percent), 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, and HSBC Jade with its access to multidisciplinary specialists and bespoke lifestyle benefits is the bank account of choice for their complex needs,” Sharaf said.

“By researching and understanding the evolving needs of the HNW segment we have been able to bring to the market a tailored service that truly meets their expectations of enrichment and personal legacy. The launch of HSBC Jade will help us grow our market share in retail banking and wealth management through customised solutions that meet the needs of specific customer segments looking at a long-term stay in the UAE, with an international footprint,” Sharaf added.

Working with futurologists and leading trend forecasters, HSBC Jade has compiled the Enrich List, where it has sourced the most distinctive and unusual ways to explore the world, expand minds, and achieve a sense of purpose.

From holistic jungle retreats and neuro-enhancement, to innovative crying therapy and immersive culinary experiences; the list encourages people to step out of their comfort zone and discover new things, along with their family.