High-net-worth individuals are increasingly shifting their focus from traditional assets like financial products and real estate to tangible assets, including art and cultural investments. As a result, financial institutions are expanding their wealth management services beyond financial consulting to encompass clients' interests and life stages, including culture and the arts.
According to the insurance industry on September 26, a report by the global art fair Art Basel and wealth management firm UBS, the proportion of assets allocated to art by high-net-worth collectors rose from an average of 15% in 2024 to 20% last year, marking a 5-percentage-point increase. This indicates that art is becoming a significant component of asset portfolios, moving beyond mere appreciation or hobby.
As the asset composition and interests of high-net-worth individuals diversify, financial institutions are adapting their wealth management strategies. Previously focused on financial product investments, tax, and inheritance issues, services are now increasingly incorporating clients' life plans, lifestyles, and cultural interests.
The insurance sector views the high-net-worth market as a new growth area and is enhancing related services. For instance, AIA Life held seminars in June and July focusing on the global art market, art collecting, and the value of art ownership. This month, they organized a program to tour major galleries in Seoul's Samcheong-dong and Hannam-dong with experts. They also conducted a docent program at a global art fair in Seoul, introducing contemporary art and key artists to VIP clients.
Earlier this year, AIA launched its premium wealth management brand, AIA Global Wealth, and opened a dedicated center in the Yeoksam-dong area of Gangnam, Seoul. This center supports clients with inheritance, gift planning, and retirement preparation based on their asset status, family composition, and life plans, while also providing consultations linked to tax, accounting, and legal experts. This approach extends beyond simple VIP marketing to encompass cultural and artistic management as part of asset succession and post-retirement life.
Industry experts anticipate that as financial institutions intensify their efforts to target the high-net-worth market, non-financial services, including culture and the arts, will continue to expand. An AIA representative stated, "We plan to continuously enhance our services for high-net-worth individuals by connecting our wealth management expertise with clients' diverse interests in culture and the arts."
According to the insurance industry on September 26, a report by the global art fair Art Basel and wealth management firm UBS, the proportion of assets allocated to art by high-net-worth collectors rose from an average of 15% in 2024 to 20% last year, marking a 5-percentage-point increase. This indicates that art is becoming a significant component of asset portfolios, moving beyond mere appreciation or hobby.
As the asset composition and interests of high-net-worth individuals diversify, financial institutions are adapting their wealth management strategies. Previously focused on financial product investments, tax, and inheritance issues, services are now increasingly incorporating clients' life plans, lifestyles, and cultural interests.
The insurance sector views the high-net-worth market as a new growth area and is enhancing related services. For instance, AIA Life held seminars in June and July focusing on the global art market, art collecting, and the value of art ownership. This month, they organized a program to tour major galleries in Seoul's Samcheong-dong and Hannam-dong with experts. They also conducted a docent program at a global art fair in Seoul, introducing contemporary art and key artists to VIP clients.
Earlier this year, AIA launched its premium wealth management brand, AIA Global Wealth, and opened a dedicated center in the Yeoksam-dong area of Gangnam, Seoul. This center supports clients with inheritance, gift planning, and retirement preparation based on their asset status, family composition, and life plans, while also providing consultations linked to tax, accounting, and legal experts. This approach extends beyond simple VIP marketing to encompass cultural and artistic management as part of asset succession and post-retirement life.
Industry experts anticipate that as financial institutions intensify their efforts to target the high-net-worth market, non-financial services, including culture and the arts, will continue to expand. An AIA representative stated, "We plan to continuously enhance our services for high-net-worth individuals by connecting our wealth management expertise with clients' diverse interests in culture and the arts."
* This article has been translated by AI.
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