deVere poll reveals Hong Kong and Shanghai business communities are upbeat about Trump presidency
A new survey undertaken by deVere Group’s Acuma Hong Kong and deVere Shanghai have shown that the business communities of two of Asia’s financial centres are mainly positive about Donald Trump becoming President-Elect of the U.S.
Over 650 professionals based in the Hong Kong business districts of Central and Kowloon, and Shanghai’s Financial District, Lujiazui, took part in the poll.
Doug Tucker, deVere Group’s Head of East Asia comments: “Those who were interviewed for the survey included local and expat hedge fund managers, C-suite executives of major financial institutions, and individuals running SMEs providing professional and support services.
“Whilst many of those surveyed may hold wildly different political views to the President-Elect, the consensus is mainly positive about the Donald Trump presidency.”
The six primary questions asked in this survey:
1) Were you surprised by the result? Yes 68% / No 32%
2) Do you think Trump will have a positive or negative effect on the global economy? Positive 55% / negative 45%
3) Overall do you agree with Trump’s tax policies? Yes 42% / No 58%
4) Will your industry be affected? Yes 90% / No 10%
5) Will the election result have a positive or negative effect on your assets in the medium term? Positive 66% / Negative 34%
6) Will the election result have an effect on where you move next or where you retire? 97% No / 3 % Yes
Indeed, the results of this survey show that the vast majority of Hong Kong and Shanghai’s business communities are of the opinion that Trump will have a positive impact on the global economy. Furthermore, they believe the election result will positively affect their assets in the medium-term.
That said, the professionals surveyed showed some concern about Mr Trump’s tax policies, with most citing that, on the whole, they disagree with them.
However, there is a general sense of Trump-fuelled optimism amongst the business leaders and professionals in Asia’s ‘world city’ and mainland China’s financial capital.
Doug continues: “Hong Kong and Shanghai’s business communities – savvy as ever and always keen for a ‘win win’ – are aware that the new era that is approaching will provide major opportunities. They are, it would seem, preparing to capitalise on these.
“They understand that with change comes waves of volatility, and history shows that volatility always creates opportunity.”
An example of this is that the U.S. banking sector should benefit from a Trump presidency, as certain rules will be lifted; a degree of relaxation in environmental regulations will provide a boost to energy and mining sectors; whilst the pharmaceutical sector will gain should Obamacare be scaled down or discarded altogether.
Savvy investors are aware that maintaining a properly diversified portfolio – across geographical regions, assets classes and sectors – plus consulting the services of a good fund manager, means they are in an optimum position to accumulate wealth in such times of change and volatility.