Leading private wealth managers, including private banks, trust companies, securities houses and family offices, were recognised at the annual China Wealth and Society Awards Ceremony 2024 in Shanghai on 6 December 2024. China Merchants Bank was recognised as the Best Private Bank in China, ICBC for Best Private Banking Entrepreneurial Service in China, and CCB for Wealth Planning and Asset Management Service of the Year in China.

China Industrial Bank was recognised for Best Private Banking Entrepreneurial Service in China (Joint Stock), Bank of Ningbo for Best Private Banking Entrepreneur Service in China (City Commercial), and Bank of Jilin for Regional Best Private Banking Entrepreneur Service.

Panhe Family Office was recognised as Family Office Management Consultancy of the Year, Taikang Family Office for Family Office Service of the Year (Insurance Company), China Industrial Bank for Best Family Office Service in Private Banking in China.

Additionally, China CITIC Bank was awarded Best Value-Added Service in Private Banking and Discretionary Wealth Management Service of the Year, Guotai Junan for Fund Advisory of the Year, China Minsheng Bank for High-Net-Worth Professional Service of the Year, ICBC as Best Private Bank in China (Mega Bank), and Dongrun Foundation as Best Philanthropy Platform of the Year.

China Merchants Bank was recognised as the Best Private Bank in China. It has innovatively utilised comprehensive net-worth management and digital customer journey technologies in 2024 to empower its services for high-net-worth clients. Compared to the end of 2023, it has achieved a 10.42% increase in client numbers and significant growth in asset under management, with portfolio returns generally surpassing performance benchmarks, reflecting its outstanding wealth management capabilities.

Industrial and Commercial Bank of China (ICBC) was recognised for Best Private Banking Entrepreneurial Service in China. It launched the "Entrepreneur Support Station" service platform, establishing nearly 2,000 service outlets and integrating local resources to provide entrepreneurs with diversified services, including health, talent, charity, legal and tax support, as well as inheritance planning. The bank, with senior management leading the charge, has visited nearly 300,000 businesses and conducted face-to-face meetings with almost 400,000 business executives, gaining deep insights into client needs and driving rapid growth in family trust services.

China Construction Bank (CCB) was recognised for Family Trust Service of the Year in China & Wealth Planning and Asset Management Service of the Year in China. It launched ten family trust service plans that comprehensively cover everything from family member care to family philanthropy. By the end of April 2024, the bank’s family trust management scale reached RMB 113 billion($15.5 billion), ranking among the industry’s top players, with a significant increase in the number of family trust clients, reflecting the broad recognition and market influence of its services. In 2024, the bank's asset allocation service reached over 50,000 clients, with significant growth in client retention rates and per capita assets, showcasing the excellence of its services.

China CITIC Bank was recognised for Best Value-Added Service in Private Banking in China. With its refined, diversified, and one-stop value-added service system, it meets the comprehensive personal, family, and business needs of private banking clients. Its innovative "Youth Programme" education service system integrates global top-quality educational resources to meet the full lifecycle educational needs of children aged 5 to 26. Additionally, the bank supports entrepreneurs by offering services like "Cloud Enterprise Meetings", "Personal + Family + Business" and "Private Enjoyment", covering areas like health, education and wealth planning.

Bank of Ningbo was recognised for Best Private Banking Entrepreneur Service in China (City Commercial). It has achieved remarkable success with its outstanding services and innovative wealth management philosophy. In 2023, the number of private banking clients grew by 25.83%, with asset under management reaching RMB 261.8 billion($36 billion), an increase of 31.63%. Its unique service system includes investment products and family succession solutions tailored specifically for ultra-high-net-worth clients, successfully helping more than 300 families realise wealth growth and inheritance.

CCB Trust was recognised as Outstanding Trustee of the Year in China (Family Trust). It has consistently cultivated a strong trustee culture, embodying the prudence and responsibility of a state-owned financial institution. It offers a comprehensive and professional service package, focusing on the meticulous and enduring legacy of its clients’ families. Over the past decade, the institution has gained widespread market recognition for its exceptional performance and industry leadership.

The Wealth and Society programme is highly respected for its rigorous and transparent selection process. The programme has always advocated the concept of "wealth for good," emphasising that wealth should not only aim for appreciation but also serve societal and economic development. In this critical period of China's economic transformation, the Wealth & Society Awards continues to recognise private wealth institutions that play a crucial role in supporting industrial upgrades and technological innovation, demonstrating the social value and responsibility of financial services.

See the full list of winners here: https://www.wealthandsociety.com/theglobalwealthandsocietyawards/winners

Click here for more details about the awards programme.

Wealth and Society is a worldwide programme that brings together Ultra-High Net Worth Individuals and their supporting institutions who believe that wealth has a higher purpose in creating opportunities that create a meaningful and sustainable society as a whole.

We have instituted a well-branded awards programme that honours Ultra-High Net Worth Individuals and leading wealth management institutions around the world that are committed to the long-term integrity and relevance of their wealth to society. We will be featuring a few Ultra-High Net Worth individuals at the awards dinner for their stated commitments as well as demonstrable achievements in achieving goals that are over and beyond the business of preserving and building on wealth.

The Global Wealth and Society Awards also recognises financial institutions, including private banks, multi-family offices fund managers and wealth management institutions that facilitate their ultra-high-net-worth clients to achieve goals that are over and above the business of preserving or growing wealth. These are very high-quality institutions that have achieved an intimacy with their clients in such a manner as to be able to advise and negotiate on complex goals of building businesses, philanthropies, foundations and projects that are for the good of the societies they live in.

The criteria for assessment consider the quality of your client managers, the extent to which your products and services are designed to be aspirational in nature. In addition to meeting your client’s risk appetite, we look for the ability and evidence of helping them meet their broader investment and social goals. The full criteria are listed in this document.

The programme is anchored by an international panel of advisors who have extensive experience in impact investing, philanthropy, and family wealth management. The evaluation process is rigorous.

Should you require further information or assistance regarding the awards programme, we encourage you to contact Mr. Chris Kapfer, Director of Research at TABInsights at ckapfer@tab.global . For institutions based in Mainland China, enquiries can be directed to Mr. Busch Pu, Research Manager, at bpu@tab.global . We are committed to providing comprehensive support and guidance throughout the application process.

Yours sincerely,

Gordian Gaeta
Chairman,
Wealth & Society