Goldman Sachs upbeat on wealth outlook amid market worries over China’s tighter scrutiny

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Goldman Sachs remains optimistic about offshore wealth management despite concerns over China’s regulatory tightening on cross-border money flows. The bank forecasts significant wealth fee income growth for regional banks by 2026.

Goldman 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...