Robust fee growth tipped for Hong Kong, Singapore banks as mainland Chinese clients’ offshore allocations driven by diversification: report
2-MIN READ2-MINYulu AoPublished: 5:00pm, 19 Aug 2026Goldman Sachs has remained upbeat about offshore wealth management despite concerns over Beijing’s tighter scrutiny of cross-border money flows.The Wall Street investment bank forecast wealth fee income at Standard Chartered and HSBC to grow 30 per cent and 13 per cent, respectively, in 2026, while projecting 16 to 25 per cent growth for Singapore banks.“We continue to believe offshore wealth allocation by Chinese clients is driven primarily by diversification benefits and access to a broader investment universe, rather than tax considerations alone,” wrote Melissa Kuang and Wayne Wang, Singapore-based analysts at the bank, in a report on Monday.
Concerns over the sector’s outlook have intensified following developments involving offshore trusts, overseas insurance income and other cross-border wealth activities in mainland China.
Goldman’s analysts viewed the measures largely as clarification and enforcement of existing rules rather than new restrictions.
