HSBC has launched private banking services in China, joining global and local rivals such as Citigroup, Standard Chartered and the Industrial & Commercial Bank of China in offering wealth management services to the country’s surging numbers of rich people.

HSBC is targeting customers with net assets of $10m (£5m, €6.3m) or more with $3m available for investment, who can deposit a minimum of $1m. The bank estimates there will be more than 16m such potential Chinese customers by 2011 with total assets of more than $6,200bn.