The Unequal COVID Saving and Wealth Surge

Household saving increased sharply during the COVID-19 crisis in many countries. Lower consumption, both as a result of lockdowns or precaution, combined with an increase in disposable income from government transfers allowed households to put more money into their bank accounts, buy shares, a house, or pay back their debt. Along with saving, surging equity and housing prices also made certain households a lot wealthier. In our latest chart of the week, an analysis of US data as part of our recent External Sector Report found the bulk of the increase in saving…

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Singapore’s OCBC Bank eyes ultra rich in Indonesia with set up of new private wealth business

Nicky Loh | Bloomberg | Getty Images Singapore’s second largest lender Oversea-Chinese Banking Corporation (OCBC) on Monday launched an Indonesian private banking unit as the bank expands its wealth management presence in the region. The new onshore unit will be run by OCBC NISP, the Indonesian subsidiary that is 85 percent owned by OCBC Bank. Its target clients are Indonesians with assets under management of more than $1 million. OCBC, citing Capgemini’s Asia Pacific Wealth Report 2016, said in a statement there are 48,000 high net worth individuals in Indonesia…

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