Kane Wu and Julie Zhu

HONG KONG (Reuters) – JPMorgan Chase & Co (NYSE:) plans to boost its private banking business headcount in Asia by more than 100 this year, two people with direct knowledge of the matter said, joining its peers in a push to grab a bigger share of the region’s wealth.

According to the people, about a fifth will concentrate on China’s clients. China is an extremely fast-growing wealth market, even with unprecedented regulations that have hampered it from growing economically.

One source said that Wall Street Bank has been aggressive in Asia since 2021, adding 42 more members based in Hong Kong, to serve mainland clients. This brings the total of its China staff to 80.

JPMorgan wants to target China’s rich individuals in new economic sectors like tech, biotech and electric cars, a source claimed. The source also added that JPMorgan has private banking clients in China. Alibaba Jack Ma, founder of the Group (NYSE:).

Ma’s charitable foundation, which handles his media queries, did not immediately respond to a request for comment.

JPMorgan’s private bank business targets people with at least $25,000,000 in investable assets. This is unlike its competition that focuses on the middle affluent.

A spokesperson from J.P. Morgan Private Bank refused to comment.

The global wealth managers include Credit Suisse (SIX :), HSBC & UBS are increasing their Asia headcount as more countries, including China and India have minted billionaires and millionaires.

Senior executives stated that HSBC has exceeded its targets in terms of hiring for its Chinese retail wealth management company and was looking into re-entering India’s private banking industry.

The company is planning to increase its mobile wealth-planning service, HSBC Pinacle in China, by having 700 personal wealth planners at the end of the year, instead of the 550 initially planned.

Citigroup (NYSE:) Last May, the company stated that it would aim to hire 1,000 wealth professionals in Hong Kong over the next five-years. This includes 550 private bankers as well as relationship managers.

In a report released by Boston Consulting Group in June 2013, the wealth group said that Asia’s wealth-management revenue pools will grow at a faster rate than any other market and could double in five years, to nearly $52 billion.

JPMorgan’s wealth and asset management division had $3.0 billion of assets under its management during the third quarter. It does not disclose how much is Asia-accounted for, or give a breakdown of regional headcount.