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A branch of HSBC at a mall (photo for illustration purposes only). Image Credit: Gulf News archives

Dubai: HSBC UAE has launched Jade, a new bank account designed for high networth individuals (HNWIs).

“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 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.

HSBC’s global study of around 1,000 people in eight countries, including the UAE, with between $1 million and $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 per cent ran their own businesses, 30 per cent held senior executive positions and 20 per cent worked in professional services.

“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,” said Sharaf.

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.

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. In addition, 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.