These newsbriefs present snapshots of how the rich live and die
Gerry van Klinken
The exclusive Maybach car is only available for the super wealthy.
Standard Chartered Plc plans to hire 100 relationship managers for its onshore wealth management business in Indonesia over the next one or two years. ‘We believe the Indonesia onshore market is big,’ said Lanny Hendra, general manager for wealth management in Jakarta, in an interview on Friday. Standard Chartered is targeting onshore wealth starting from the ‘priority banking’ level of $50,000 in assets and upwards. The bank has been marketing its services at shopping malls, looking for those who may never have used a wealth manager. A global and domestic crackdown on tax evasion could encourage new money to be invested in the country, while some clients were moving funds back to Indonesia from offshore centres to invest in the country’s surging bond and stock markets.
(Neil Chatterjee, ‘Interview Stanchart hiring Indonesia wealth managers’, Reuters, 29 January 2010)
The trend of purchasing luxury cars started when the government allowed the import of completely built up cars in 1997. The moment to realise their dreams was welcomed by the superrich of the country. PT Grandauto Dinamika sold 157 Jaguars in 2002, up 50% from 2001. Ferraris are produced in limited quantity and Indonesia gets a quota of only eight cars a year. All eight