1、 Table of Contents Preface 3 Executive Summary 5 Despite Headwinds, Asia-Pacific Remains Leading HNWI Market 6 Asia-Pacific Remains Largest in HNWI Population and Wealth, But Growth Slows 7 Last Years HNWI Growth Drivers, China and Japan, Fall Back 7 Hong Kong Loses Steam, but Emerging Asia Growth O
2、ffsets Any Chance of a Slowdown 8 Asia-Pacific Expected to Lead HNWI Wealth Through 2025 10 Asia-Pacific Wealth Managers Led the World in Investment Performance, but HNWIs Demand More Holistic Value 12 Asia-Pacific (excl. Japan) Wealth Managers Delivered World-Leading Investment Performance in 2016
3、13 Equities at Five-year High, but HNWIs also Building Cash Buffers 15 Fee Concerns, Other Factors Dampen Overall HNWI Satisfaction 17 HNWIs Expectations Grow, Shaking Up Business Models 19 Changes Create Opportunities in Hybrid Advice 19 Economic and Political Uncertainty Drives HNWI Holdings Offsh
4、ore 20 HNWIs in Asia-Pacific (excl. Japan) Hold the Highest Levels of Offshore Wealth 20 Hong Kong and Singapore are Primary Offshore Destinations, but New York and London also Feature 21 Economic and Political Risk Increase as Drivers of Offshore Wealth 21 Offshore Wealth Demand Generates Implicati
5、ons for the Industry 23 Hybrid Advice is the Future for Asia-Pacific Wealth Management 24 A Primer on Hybrid Advice 25 Hybrid Advisory Model Gains Traction with Asia-Pacific HNWIs 26 Hybrid Advice Demand Varies Across Lifecycle Stages and Demographics 27 Asia-Pacific Firms Hybrid Advice Transformati
6、on Progress Lags Rest of World 31 The Effectiveness of Hybrid Advice Has Been Limited 33 Firms Face Several Challenges During Hybrid Advice Transformation 35 Transformation Can Be Accelerated Through People, Process, and Proposition Levers 37 Implications and the Future of Hybrid Advice 37 Appendix
7、40 About Us 42 Acknowledgements 43 ASIA-PACIFIC WEALTH REPORT 2017 3 Anirban Bose Head, FS SBU Banking (2) a human-led delivery (such as for complex wealth structuring); or (3) a wealth manager-assisted hybrid approach as preferred by the client” 4This is a general term to cover data-driven technolo
8、gy firms not traditionally present in financial services, such as Alibaba, Amazon, Apple, Facebook, Google, and Tencent ASIA-PACIFIC WEALTH REPORT 2017 5 Despite Headwinds, Asia-Pacific Remains Leading HNWI Market Asia-Pacific held its spot as the worlds leader in high-net-worth individual (HNWI) po
9、pulation and wealth, but lost some growth momentum in 2016. China and Japan were the engines that powered 2015 Asia-Pacific HNWI population growth, but a slowdown in their growth affected the overall Asia- Pacific region in 2016. After leading global growth from 2008 to 2015, Hong Kongs 2016 growth
10、was tempered, with muted progress for a second consecutive year. Our projection that Asia-Pacific would surpass US$40 trillion in HNWI wealth by 2025 still holds, but to reach this milestone key clusters in the region must accelerate. Economic and Political Uncertainty Drives HNWI Holdings Offshore
11、Asia-Pacific (excl. Japan) HNWIs lead the world in wealth held offshore with Hong Kong being home to the most internationally minded HNWIs. There are a wide variety of favored offshore destinations for Asia-Pacific HNWIs, with Hong Kong and Singapore most preferred overall. Concerns about economic/f
12、inancial markets and political risk are driving offshore wealth for both emerging and mature markets in Asia-Pacific. The industry, especially in Hong Kong and Singapore, will need to invest further in talent, product, risk and compliance, and technology to meet the HNWI demand for offshore wealth m
13、anagement and face the challenge of a potential increase in localization of wealth management. Hybrid Advice is the Future for Asia-Pacific Wealth Management Asia-Pacific (excl. Japan) HNWIs show the worlds highest demand for hybrid advice in wealth management. Hybrid advice preferences vary dependi
14、ng on a number of factors. Asia-Pacific (excl. Japan) HNWIs prefer a hybrid approach for four out of the five client lifecycle stages, with the Profile stage being the exception. Wealth management executives in Asia-Pacific welcome hybrid advice and many have begun their transformation, though objec
15、tives differ from those of global counterparts. Despite compelling drivers toward hybrid services, hybrid transformation effectiveness in Asia-Pacific has so far been limited. Asia-Pacific wealth management firms will need to accelerate hybrid advisory transformation, in order to improve HNW client
16、satisfaction, unlock financial benefits, and protect themselves from BigTech disruption. Asia-Pacific Wealth Managers Led the World in Investment Performance, but HNWIs Demand More Holistic Value Led by emerging markets, Asia-Pacific (excl. Japan) HNWIs saw the performance of their investments held
17、with wealth managers soar 33.0% in 2016, compared with 24.6% for HNWIs in the rest of the world. Investment performance helped to drive HNWI allocations toward equities to a five-year high, although cash allocations increased as well. HNWI satisfaction remains muted in Asia-Pacific (excl. Japan), pa
18、rtially driven by concerns regarding fee structures. Trends point to significant business model disruption on the horizon in Asia-Pacific, as HNWIs seek value beyond investment returns and Net Promoter Score (NPS)5 lags in key wealth markets. Executive Summary 5Net Promoter, Net Promoter System, Net
19、 Promoter Score, NPS, and the NPS-related emoticons are registered trademarks of Bain Chart numbers and quoted percentages may not add up due to rounding; Other Markets include Kazakhstan, Myanmar, New Zealand, Pakistan, Philippines, Sri Lanka, and Vietnam Source: Capgemini Financial Services Analys
20、is, 2017 1,739 1,822 1,902 2,327 2,452 2,720 2,891 535 562 643 758 890 1,034 1,129 193 180 207 219 226 234 255 153 126 153 156 198 200 219 146 144 160 176 189 193 208 0 1,500 3,000 4,500 6,000 200016 Number of HNWIs (Thousands) CAGR 20102015: 9.1%Annual Growth 20152016: 7.4% As
21、ia-Pacific Asia-Pacific (excl. Japan) 7.4% 8.6% % Change 20152016 Singapore Taiwan India Malaysia Thailand Hong Kong South Korea Australia China Japan 12.7% 3.0% 13.7% 6.6% 11.9% 4.1% 6.0% 9.5% 7.7% 9.1% 6.3% 8.7% Indonesia Other Markets Total 3.3mTotal 3.4m Total 3.7m Total 4.3m Total 4.7m Total 5.
22、1m Total 5.5m 84 89 91 65 55 32 118 114 95 101 62 73 38 135 124 112 105 80 66 40 156 138 125 107 91 67 47 160 142 127 104 96 65 48 170 148 142 110 108 66 54 181 101 94 99 58 50 30 116 8 DESPITE HEADWINDS, ASIA-PACIFIC REMAINS LEADING HNWI MARKET Even with these setbacks, given their overall large sh
23、are in HNWI wealth and population, Japan and China HNWI growth was robust in absolute terms. Only the United States added more HNWIs (337,000) than Japan (171,000) and China (95,000) in 2016. Hong Kong Loses Steam, but Emerging Asia Growth Offsets Any Chance of a Slowdown Hong Kong also put a damper
24、 on Asia-Pacific growth, with muted progress for a second consecutive year. From 2008 to 2015, Hong Kong was the worlds fastest-growing market at 22.1% annualized HNWI wealth growth. However, in 2016, its HNWI population (4.1%) and wealth (4.7%) growth (Figure 3), fell far below the 20102015 annuali
25、zed average of 7.0% and 7.5%, leading to its drop by one place in global HNWI population rankings. Hong Kong has close ties to China and was affected by the latters muted performance. However, Hong Kongs market is far smaller than those of Japan and China, so it had less overall impact on the region
26、s results. Hong Kongs economy slowed, with GDP growth expanding only 2.1% in 2016 compared with 2.6% in 2015. The recent downturn in the economy hit all sectors: tourism, retail, trade, financial services, and property development. This slowing of growth has highlighted Hong Kongs dependence on Chin
27、a, which accounts for 40% of its trade.6 Meanwhile, Hong Kongs financial rival Singapore grew faster for the first time in three years. In 2016, Singapore saw HNWI population and wealth annual growth of 6.0% and 6.6%, respectively, after declines of 3.5% and 2.9%, respectively, in 2015. This recover
28、y was driven primarily by a significant improvement in equity market performance, with a market capitalization growth of 1.5% in 2016 compared with the 15.0% decline the previous year. The picture across Asia-Pacific was not all disappointing. Emerging Asia markets, including Indonesia, Thailand, an
29、d India as well as ultra- HNWIs,7 with US$30 million or more in investable assets helped offset some of the regions sluggishness elsewhere. Three markets saw significant double-digit growth from 2015. Indonesia was up 13.7% and 14.3% for HNWI population and financial wealth, Thailand was up 12.7% an
30、d 13.3%, and growth in India was up 9.5% and 10.0%. All three markets posted growth that was higher than their individual annualized 20102015 rates. HNWI Financial Wealth (US$ Billions) CAGR 20102015: 10.0%Annual Growth 20152016: 8.2% Asia-Pacific Asia-Pacific (excl. Japan) 8.2% 9.1% % Change 201520
31、16 Thailand Singapore Australia Malaysia Taiwan South Korea Hong Kong India China Japan 12.4% 3.6% 14.3% 7.2% 6.6% 8.2% 13.3% 9.1% 4.7% 9.8% 6.7% 10.0% Indonesia Other Markets 4,1354,231 4,452 5,533 5,899 6,571 7,012 2,657 2,706 3,128 3,769 4,502 5,261 5,774 582477 589 612 785 797 877 582542 625 674
32、 707 735 802 511408 560 585 627 709 735 769 683 712 757 811 0 5,000 10,000 15,000 20,000 200016 Total US$10.8T Total US$10.7T Total US$12.0T Total US$14.2T Total US$15.8T Total US$17.4T Total US$18.8T 396 453 272 302 319 100 510 504 381 439 298 279 335 106 426 489 355 298 384 1
33、25 477 523 396 356 420 134 516 543 456 404 435 157 530 527 484 413 422 161 573 562 548 464 438 184 Figure 2. Asia-Pacifi c HNWI Wealth, 20102016, by Market Note: The totals for all years are expressed in US$ trillions and the US$ billions in the chart title does not apply to those numbers; Chart num
34、bers and quoted percentages may not add up due to rounding; Other Markets include Kazakhstan, Myanmar, New Zealand, Pakistan, Philippines, Sri Lanka, and Vietnam Source: Capgemini Financial Services Analysis, 2017 6Ben Bland, “Hong Kong: One country, two economies,” July 19, 2016, Financial Times, a
35、ccessed August 4, 2017 at eb0e795a-3d17-11e6-9f2c-36b487ebd80a 7For the purposes of our analysis, we separate HNWIs into three discrete wealth bands: those with US$1 million to US$5 million in investable wealth (millionaires next door); those with US$5 million to US$30 million (mid-tier millionaires
36、) and those with US$30 million or more (ultra-HNWIs) 9 ASIA-PACIFIC WEALTH REPORT 2017 A mixture of local economic dynamism and financial markets spurred the growth. Indonesia saw strong GDP growth of 5.0%, plus outstanding 22.8% equity market expansion, compared with 2015s 16.3% decline. Thailands
37、equity markets also bounced back to post a significant 25.4% gain combined with a GDP expansion of 3.2% to further power Asia-Pacific HNWI growth. India overachieved as well. After a sedate HNWI wealth expansion of 1.6% in 2015, India posted double-digit HNWI wealth growth of 10.0% in 2016. This jum
38、p was propelled mainly by a rebound in its equity markets and real estate witnessing a growth of 3.1% and 2.7%, respectively, compared with declines of 2.5% and 10.4%, respectively, in 2015. More good news may be on the horizon, with improved GDP forecasts for 2017 and 2018 expected to drive further
39、 economic growth. Other mature markets such as Taiwan, Australia, and South Korea also experienced strong HNWI growth in 2016, with HNWI population for these three markets growing 11.9%, 8.7%, and 7.7%, respectively (Figure 3), while HNWI wealth grew 12.4%, 9.1%, and 8.2%, respectively. HNWI populat
40、ion and wealth growth in all of these markets was faster in 2016 than the annualized 2.7% 9.4% 2.5% 5.5% 1.8%1.1% 16.2% 3.5% 2.2% 10.9% (3.5%) 3.0% (3.6%) 7.5% 7.4% 13.7% 12.7% 11.9% 9.5% 9.1%8.7% 7.7% 6.3% 6.0% 4.1% 3.0% (10%) 0% 10% 20% 30% Rest of the World Asia-Pacific HNWI Population Growth 5.5
41、4.811.27.110.18.49.45.11.12.17.14.76.5 Difference (PP)a Indonesia 1.0 % Thailand 2.0% Taiwan 2.6% India 4.0% South Korea 3.8% Australia 4.6% China 20.5% Hong Kong 2.7% Malaysia 1.2% Singapore 2.0% Japan 52.5% Growth 20142015Growth 20152016 (%) Figure 3. HNWI Population Growth Rates, 20152016, Select
42、 Asia-Pacifi c Markets a. PP difference denotes the percentage change in 20152016 over 20142015 Note: Numbers below the fl ags represent the individual markets share (%) of HNWI population in Asia-Pacifi c Source: Capgemini Financial Services Analysis, 2017 Number of Individuals 2016 40.7 k (0.7% of
43、 total) US$30m+ Ultra-HNWI US$5mUS$30m Mid-Tier Millionaire US$1mUS$5m Millionaire Next Door 5,003.3 k (90.8% of total) 466.7 k (8.5% of total) HNWI Population CAGR Growth HNWI Wealth CAGR Growth 2000132014 % of HNWI Wealth 2016 27.8% 23.9% 48.3% 10.7%8.9% 6.1%8.1% 11.5%9.5% 3.
44、8%9.1% 9.9%8.3% 6.1%7.8% 9.2%7.4% 6.3%7.5% 9.8%8.2% 6.2%7.7% 9.1% 6.3% 7.3% 7.5% Rest of the World average Figure 4. Number of Individuals per Wealth Band (2016) and Growth (20152016), Asia-Pacifi c (excl. Japan) Note: Chart numbers and quoted percentages may not add up due to rounding Source: Capge
45、mini Financial Services Analysis, 2017 10 DESPITE HEADWINDS, ASIA-PACIFIC REMAINS LEADING HNWI MARKET 20102015 rates. Australia also rebounded with higher HNWI population and wealth growth compared with the previous three years. Emerging Asia has been the powerhouse over the past few years in drivin
46、g HNWI population and wealth growth. Stepping back to examine the trend from 20102016, all the leading growth markets (Indonesia, Thailand, and China), were from Emerging Asia. Over this period, China stands out as the biggest contributor to the regions growth, with the highest HNWI population (13.3
47、% annually) and wealth (13.8% annually) expansion among the top global markets. In contrast, despite their contributions to growth, mature markets such as Singapore, Malaysia, and Australia grew at the slowest pace among all key Asian markets during this period. While slower than in years past, Asia
48、-Pacific ultra- HNWIs continued to be the fastest growing wealth band, in line with the global trend for 2016. In 2016, Asia-Pacific HNWI population growth (7.4%) was comparable to the 7.5% growth across the rest of the world. Nonetheless, ultra-HNWIs in the region continued to spur global growth de
49、spite some setbacks. After posting annualized double-digit ultra-HNWI population and wealth growth over 20102015, Asia-Pacific ultra- HNWI growth decelerated in 2016, with population growth of 8.9% and wealth expansion at 9.5%. At the same time, growth in the ultra-HNWI population and wealth across the rest of the world was very strong in 2016 (Figure 4), at 8.1% and 9.1% respectively, in comparison with the 2.3% and 0.1% growth recorded in 2015. Asia-Pacifics mid-tier millionaires (with between US$5 million and US$3
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