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Goldman stays upbeat on offshore wealth as China tightens scrutiny

Goldman projects wealth fee income growth for Standard Chartered and HSBC in 2026, citing diversification and access to a wider investment universe.

Reported · Written up by our desk · Emerging Markets

Goldman Sachs said it remains optimistic about offshore wealth management even as concerns grow over Beijing’s tighter scrutiny of cross-border money flows, according to a report cited by the South China Morning Post.

The bank forecast wealth fee income to rise 30.0% at Standard Chartered and 13.0% at HSBC in 2026, and projected 16.0% to 25.0% growth for Singapore banks.

Goldman analysts Melissa Kuang and Wayne Wang wrote that offshore wealth allocation by Chinese clients is driven primarily by diversification benefits and access to a broader investment universe, rather than tax considerations alone.

They also said recent developments involving offshore trusts and overseas insurance income appear to be more about clarification and enforcement of existing rules than new restrictions, the outlet reported.

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