HSBC launches Jade for UAE's growing 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 designed to help customers achieve the wealth, lifestyle and social goals of a new era.

“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 US$1 million.

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, and HSBC Jade with its access to multidisciplinary specialists and bespoke lifestyle benefits is the bank account of choice for their complex needs,” Mr Sharaf said.

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.

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

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%).

“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,” Mr 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.

Media enquiries to:
Neil Churchill                                   
+971 4 423 7203                            
neil.w.churchill@hsbc.com 

Information on research: Scorpio Partnership carried out the research in August – September 2019. There were 979 respondents aged 25 – 66, with between $1-5 million dollars’ worth of available assets. Research took place in USA, United Kingdom, Canada, France, UAE, mainland China, Singapore and Hong Kong.

Terminology: The use of the term ‘affluent consumers’, ‘affluent individuals’, and ‘affluent people’ refers to individuals with between $1-5 million dollars’ worth of available assets.

HSBC Jade

HSBC Jade is a current account offering a unique combination of personalised relationship management, advanced wealth solutions and luxury lifestyle services, underpinned by all of HSBC’s everyday transactional banking features.

For more information on Jade and how to become a member, please visit https://servicing.hsbc.co.uk/current-accounts/products/jade/ 

HSBC in the MENAT region

HSBC is the largest and most widely represented international banking organisation in the Middle East, North Africa and Turkey (MENAT), with a presence in 9 countries across the region.  HSBC has operations in the United Arab Emirates, Egypt, Turkey, Qatar, Oman, Bahrain, Kuwait and Algeria. In Saudi Arabia, HSBC is a 29.2% shareholder of Saudi British Bank (SABB), and a 51% shareholder of HSBC Saudi Arabia for investment banking in the Kingdom.

This presence, the widest reach of any international bank in the region, comprises some 350 offices and around 10,500 employees. In the year ending 31st December 2018, HSBC in the MENAT region made a reported profit before tax of US$ 1,557m.

The Enrich List

The Enrich List is a curated portfolio of 50 experiences and a source of inspiration launched by HSBC Jade to help with self-enrichment. ​Created in partnership with a team of experts – including global cultural insights and strategy group Crowd DNA and leading trend forecasters the Future Laboratory and Trend Watching – the Enrich List is built on four fundamental pillars: Curated Adventure, Ultimate Wellbeing, Game Changers and A Purposeful Life.

These themes all relate to the broader idea of enrichment: from self-betterment and exploration, taking on challenges and giving back. To view the full list and find out more, please visit https://hsbcjade.ft.com/the-making-of-the-enrich-list 

© Press Release 2020