Millionaires Help Asia Private Bankers Earn More Than Bosses
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Julius Baer Group Ltd. Chief Executive Officer Boris Collardi enters the 18th-floor meeting room in the bank’s Hong Kong offices lugging a suitcase that contains a clue to the soaring pay of Asian private bankers.
“I don’t like to talk and not show things,” said the head of Switzerland’s fourth-biggest wealth manager, reaching into the black bag for the bank’s Asian wealth survey. The snapshot of spending by the region’s growing ranks of millionaires, released last week, tells a tale of rising consumption in the past year: bottles of Lafite Rothschild 2000 up 22 percent to $3,336; 500-person wedding banquet up 19 percent to $92,146; Hong Kong golf club memberships going for $360,400.