After the US, Japan is home to the largest high net worth population in the world, a tantalising prospect for wealth managers who have been thwarted time and time again by the closed nature of the Japanese banking industry. Enter the latest contender for Japan's rich: Barclays Wealth.

Last week's announcement that the UK bank would enter the region, as part of a joint venture with Sumitomo Mitsui Banking Corporation, a Japanese mega bank, and Nikko Cordial Securities, a Japanese securities company, was met by some raised eyebrows in the industry.