How is Goldman Sachs planning to expand in Asia to cater to the super-rich and family offices?

How is Goldman Sachs planning to expand in Asia to cater to the super-rich and family offices?

Goldman Sachs Plans to Expand in Asia to Woo the Super-Rich and Family Offices

Investment banking giant Goldman Sachs Group Inc. recently announced its plans to significantly expand its presence in Asia, with a focus on catering to the growing number of family offices and ultra-high-net-worth individuals (UHNWIs) in the region.

Targeting a Lucrative Market

Asia has emerged as a key growth market for wealth management, with the region’s UHNWIs population expected to grow by 20% in the coming years. Goldman Sachs sees this as an opportunity to capitalize on the growing demand for wealth management services tailored to the needs of the super-wealthy.

Expanding Headcount and Services

To meet this demand, Goldman Sachs plans to “hire steadily” in key Asian markets, including Singapore, Hong Kong, Australia, and Dubai. Singapore has been a particularly strong growth market for the bank, with its headcount increasing by 30% over the past three years. Goldman Sachs also plans to expand its range of wealth management services in the region, including investment advisory, trust and estate planning, and family office services.

Quotes from Goldman Sachs Executives

Marc Nachmann, Global Head of Asset and Wealth Management at Goldman Sachs, said, “Asia will continue to be a very big opportunity for us. We have a strong track record in the region and we see a growing number of family offices and super-rich individuals looking for sophisticated wealth management services.”

Singapore’s Growing Importance

Singapore has become a key hub for family offices in Asia due to its favorable tax regime, stable political environment, and highly skilled workforce. Goldman Sachs has recognized this and plans to further build its presence in the city-state.

Focus on Family Offices

Family offices are private wealth management firms that manage the investments and assets of high-net-worth families. Goldman Sachs believes that this segment of the market represents a significant growth opportunity in Asia. The bank is developing tailored wealth management solutions to meet the unique needs of family offices, such as customized investment portfolios and succession planning.


Goldman Sachs’ expansion in Asia is a reflection of the growing importance of the region in the global wealth management landscape. The bank is well-positioned to capitalize on the increasing demand for wealth management services among the super-rich and family offices. By expanding its headcount, services, and presence in key Asian markets, Goldman Sachs aims to become the leading provider of wealth management solutions for the ultra-wealthy in the region.

By Deepika

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