1、 Table of Contents Preface 3 Executive Summary 5 Asia-Pacific Continues to Fuel Global HNWI Population and Wealth 7 Asia-Pacific remains the worldwide leader in HNWI population and wealth 8 Emerging Asia surpasses Mature Asia in HNWI population and wealth growth 11 The regions ultra-HNWIs maintain g

2、rowth pace 12 Asia-Pacific wealth growth ahead of projections, on track to reach US$42 trillion by 2025 12 Personal Connection is Critical to Client Satisfaction and Wealth Industry Success 15 HNWIs unfazed by robust investment returns, satisfaction muted 16 Lack of holistic services and tailored so

3、lutions hold back HNWI satisfaction 16 Personal connections between HNWIs and wealth managers lag in key Asia-Pacific markets 18 Firms that improve client intimacy open the door to more assets under management 20 Equities retain preferred asset class status, but lose ground to cash and real estate 2

4、1 Hybrid Advice Model Transformation Must Be Fast-Tracked Amid Potential BigTech Disruptions 23 Firms embrace hybrid advice transformation but fail to meet HNWIs expectations 24 Asia-Pacific (excl. Japan) HNWIs value account aggregation services 25 Competition intensifies as HNWI interest in BigTech

5、 offerings rises 27 Multiple scenarios for BigTechs to enter the wealth management space 31 Wealth management firms must prepare to invest for success to cope with an evolving landscape 33 The way forward for Asia-Pacific firms 34 Appendix A 36 Appendix B 38 About Us 42 Acknowledgments 43 3 ASIA-PAC

6、IFIC WEALTH REPORT 2018 Preface Asia-Pacific continued its growth trajectory in 2017, extending its lead over other regions for high net worth individual (HNWI) population and wealth.1 A stellar performance puts the region on a comfortable path to surpassing US$42 trillion in HNWI wealth by 2025, as

7、 we projected in the World Wealth Report 2016. Despite high return on investments, Asia-Pacific HNWIs satisfaction with their wealth management firms remained significantly lower than that of their counterparts in the rest of the world. This dissatisfaction may stem from unmet demands for holistic w

8、ealth services and customized solutions, as well as discomfort with what they perceive as high fees for the quality of services delivered. In addition to high returns and the delivery of sophisticated services, a strong personal connection between HNWIs and their wealth managers is critical to enhan

9、ced client satisfaction. Wealth management firms need more innovative approaches to targeting, retaining, and building client relationships. Considering that HNWIs in certain markets have higher willingness to adopt new ways of choosing a wealth manager, firms need to prioritize these markets to pro

10、vide focused solutions. With increasing trend of wealth consolidation among many HNWIs, robust personal connections may put managers in a good position to convince clients to increase their firm-managed assets. The likeliness of assets under management (AUM) consolidation increases when HNWIs feel s

11、trongly connected to their wealth management firms. Technological advancements and HNWI demand for hybrid advice have encouraged wealth management firms to embrace hybrid business models.2 Most Asia-Pacific firms are making progress, but full hybrid-advice transformation remains a future state. HNWI

12、 satisfaction with hybrid services dropped year over year, so clearly work remains to be done. These days more and more BigTech firms are exploring financial services opportunities and Asia-Pacific HNWIs are becoming increasingly curious about BigTech wealth management offerings.3 This is why now mo

13、re than ever hybrid transformation is competitively critical for established wealth management firms. Clearly, the probability is high that Asia-Pacific (excl. Japan) HNWIs will consider turning to BigTechs to meet their dynamic wealth management needs. As BigTechs begin to compete in the wealth man

14、agement space more aggressively, multiple entry scenarios and models may emerge. The question is, how will incumbents respond to the industrys changing dynamics? We hope you find the Asia-Pacific Wealth Report 2018 to be useful in mapping short- and long-term strategies. 1 HNWIs are defined as those

15、 having investable assets of US$1 million or more, excluding primary residence, collectibles, consumables, and consumer durables 2 We define hybrid advice as “Putting clients in the drivers seat by allowing them to tap into life-stage and need-based wealth management and financial planning capabilit

16、ies in a modular, personalized, pay-as-you-go manner.” 3 BigTech is a general term for data-driven tech firms not traditionally present in financial services: Amazon, Google/Alphabet, Alibaba, Apple, Facebook, and Tencent Anirban Bose FS SBU CEO Chart numbers may not add up due to rounding; Other Ma

17、rkets include Kazakhstan, Myanmar, New Zealand, Pakistan, Philippines, Sri Lanka, and Vietnam Source: Capgemini Financial Services Analysis, 2018 9 ASIA-PACIFIC WEALTH REPORT 2018 Figure 2. Asia-Pacifi c HNWI Wealth, 20102017, by Market a. Indonesia HNWI population and fi nancial wealth have been re

18、based for 2017 to refl ect the impact of the 201617 tax amnesty and increased information availability Note: The total for all years are expressed in US$ trillion and the US$ billion in chart title does not apply to those numbers;Chart numbers may not add up due to rounding; Other Markets include Ka

19、zakhstan, Myanmar, New Zealand, Pakistan, Philippines, Sri Lanka, and Vietnam Source: Capgemini Financial Services Analysis, 2018 (US$ Billions) 41354,231 5,533 5,899 7,012 7,731 2657 2,706 3,769 4,502 5,774 6,495 582 477 612 785 877 1,067 511 408 627 709 769 895 582 542 674 707 802 884 396 381 477

20、516 573 677 100106 134 157 184 661 453 439 523 543 562 633 272298 396 456 548 630 302 279 356 404 464 526 319 335 420 435 438 469 510 504 683 712 811 924 0 5,000 10,000 15,000 20,000 25,000 2001420162017 HNWI Financial Wealth Singapore Taiwan India Other Markets Malaysia Thailand Hong Kon

21、g South Korea Australia China Japan Indonesia 17.4% 13.3% 7.2% 12.8% 18.3% 14.9% 10.2% 16.3% 12.5% 10.3% 21.6% 13.9% N.A.a Total US$10.8T Total US$10.7T Total US$14.2T Total US$15.8T Total US$18.8T Total US$21.6T Asia-Pacifi c (excl. Japan) % Change 20162017 CAGR 20102016: 9.7%Annual Growth 20162017

22、: 14.8% 10 Asia-Pacific Continues to Fuel Global HNWI Population and Wealth Figure 3. Real GDP, Market Capitalization, and Real Estate Growth, 20162017, Select Asia-Pacifi c Markets Note: 2016 and 2017 GDP data from Economist Intelligence Unit; 2017 Real Estate Growth is based on Global Property Gui

23、de House Price Index, March 2018 Source: Capgemini Financial Services Analysis, 2018; Economist Intelligence Unit, July 2018; World Federation of Exchanges, December 2017; Global Property Guide House Price Index, March 2018 ThailandJapan 20162017 GDP1.01.7 Market Cap3.422.9 Real Estate(1.2)13.2 2016

24、2017 GDP3.23.9 Market Cap25.425.5 Real Estate(1.1)3.2 SingaporeHong Kong 20162017 GDP2.13.8 Market Cap0.336.2 Real Estate6.412.8 20162017 GDP2.03.6 Market Cap1.521.2 Real Estate(3.3)1.1 IndonesiaTaiwanAustralia 20162017 GDP1.52.9 Market Cap15.724.5 Real Estate(3.0)0.5 20162017 GDP5.05.1 Market Cap22

25、.820.0 Real Estate0.00.0 20162017 GDP2.52.2 Market Cap10.914.6 Real Estate7.42.8 Malaysia South Korea 20162017 GDP2.83.1 Market Cap4.138.2 Real Estate(0.5)0.3 20162017 GDP4.25.9 Market Cap (5.2)25.5 Real Estate3.80.7 IndiaChina 20162017 GDP7.16.7 Market Cap3.151.3 Real Estate2.74.8 World Asia-Pacifi

26、 c (excl. Japan) 20162017 GDP6.76.9 Market Cap (10.6)19.0 Real Estate21.30.3 20162017 GDP2.33.0 Market Cap5.721.8 20162017 GDP5.45.6 Market Cap0.725.8 (%) 11 ASIA-PACIFIC WEALTH REPORT 2018 Emerging Asia surpasses Mature Asia in HNWI population and wealth growth Emerging Asia powered the regions gro

27、wth in HNWI population and wealth with growth rates of 16.9% and 19.9%, respectively, compared to 10.1% and 11.2% for Mature Asia.6 Emerging Asia-Pacific markets made up 38.4% of the regions HNWI population growth and 52.9% of HNWI wealth growth in 2017 (Figure 4). India grew by more than 20% in bot

28、h wealth and population, far above its 20102016 annualized average HNWI population (6.1%) and HNWI financial wealth (7.1%) growth rates, which led to a step up in its HNWI population ranking from 12th in 2016 to 11th in 2017. A mix of economic and financial dynamism were the growth propellers for th

29、e market. Government stability encouraged favorable business development policies, especially in manufacturing, which resulted in a 30-step jump in ranking for ease of doing business in 2017.7 Indias equity market capitalization increased by 51.3% while its GDP grew by 6.7% (Figure 3). Chinas HNWIs

30、continued their accelerated trajectory in 2017 with growth rates of 11.2% for population and 12.5% for wealth compared, respectively, with 9.1% and 9.8% in 2016, to further power overall Asia-Pacific HNWI growth. Chinas equity capitalization revival, which posted a 19.0% gain in 2017, aided growth a

31、nd also helped to offset sluggish 0.3% real estate growth (down from 21.3% in 2016). Mature Asia-Pacific markets also grew in 2017 and contributed 58.6% to HNWI population and 43.4% to HNWI wealth growth for the region overall. South Korea, Hong Kong, Taiwan, and Singapore saw double-digit HNWI popu

32、lation growth rates, adding 88.2k HNWIs collectively in 2017. Strong equity performance spurred wealth across these four markets. Figure 4. HNWI Population Growth Rates, 20162017, Select Asia-Pacifi c Markets a. PP diff erence denotes the percentage change in 20162017 over 20152016 b. Contribution r

33、efers to Emerging/Mature Asias share (%) to overall Asia-Pacifi c population growth Note: Indonesia HNWI population and fi nancial wealth have been rebased for 2017 to refl ect the impact of the 201617 tax amnesty and increased information availability; Indonesias population growth and contribution

34、is considered in Emerging Asia cluster but not shown individually in the chart for comparisons; Numbers besides country fl ags represent the individual markets share (%) of HNWI population in Asia-Pacifi c; Mature Asia includes Japan, Australia, New Zealand, Singapore, Hong Kong, Taiwan, Malaysia, a

35、nd South Korea; Emerging Asia includes China, India, Indonesia, and Thailand; Chart numbers and quoted percentages may not add up due to rounding Source: Capgemini Financial Services Analysis, 2018 7.4% 7.5% 9.5% 12.7% 9.1% 7.7% 4.1% 11.9% 6.0% 6.3% 8.7% 3.0% 12.1% 8.2% 20.4% 13.6% 11.2% 17.3% 15.0%

36、 12.3% 11.5% 9.4% 9.2% 6.1% 0% 10% 20% 30% Asia-Pacifi c Rest of the World India Thailand China South Korea Hong Kong Taiwan Singapore Japan Australia Malaysia HNWI Population Growth Growth 20152016Growth 20162017 10.9 0.9 3.2 10.9 5.59.63.10.54.70.7 2.1 0.4 2.02.64.33.94.520.32.81.12.051.2 Emerging

37、 Asia Growth: 16.9% Mature Asia Growth: 10.1% Contribution : 38.4% (%) Contribution : 58.6% Diff erence (PP)a bb Percentage Proportion of Overall Asia Pacifi c HNWI Population X 6 Mature Asia includes Japan, Australia, New Zealand, Singapore, Hong Kong, Taiwan, Malaysia, and South Korea 7 World Bank

38、 press release, “India Jumps Doing Business Rankings with Sustained Reform Focus,” Nandita Roy, October 31, 2017, https:/www.worldbank.org/en/news/press-release/2017/10/31/india-jumps-doing-business-rankings-with-sustained-reform-focus 12 Asia-Pacific Continues to Fuel Global HNWI Population and Wea

39、lth Meanwhile, as one of the largest markets, Japans contribution at 40.8% of overall HNWI population growth was the highest in the region, adding 271k new HNWIs. Low-interest rates coupled with the devaluation of the Yen fueled Japanese real estate sales. In fact, 2017 real estate prices appreciate

40、d by 13.2% and equity market capitalization rose by 22.9%.8 The regions ultra-HNWIs maintain growth pace Double-digit growth in all wealth bands bolstered robust Asia-Pacific wealth management expansion in 2017. Aligned with the global trend, Asia-Pacific ultra-HNWIs continued to be the fastest-grow

41、ing wealth segment. Moreover, Asia-Pacifics ultra-HNWI population growth (17.0%) and wealth growth (19.5%) surpassed the 20102016 annualized rate. In Asia-Pacific, India was the most fertile market for ultra-HNWI population (22.2%) and wealth (23.4%) growth. Comparatively, ultra-HNWIs in the rest of

42、 the world managed to sustain 9.2% growth momentum for population and 9.6% for wealth. The millionaires next- door segment, representing 90.6% of Asia-Pacific HNWIs, grew 11.8% and 12.1% in population and wealth, respectively (Figure 5). Asia-Pacific wealth growth ahead of projections, on track to r

43、each US$42 trillion by 2025 Asia-Pacific, a catalyst for global HNWI wealth growth, is expected to surpass US$42 trillion by 2025 as projected in the World Wealth Report 2016. The required compound annual growth rate (CAGR) necessary to reach the mark has now fallen to 8.7% for the 20172025 timefram

44、e (Figure 6). With its 16.9% growth rate, Emerging Asia continued to drive Asia-Pacific wealth creation in 2017. Now this bloc needs only 12.0% annualized growth (20172025) versus the 12.6% we projected in 2016. Mature markets in Asia-Pacific significantly exceeded projections (6.4%) with 11.2% grow

45、th in 2017. These markets now need 5.8% annualized growth over 20172025. Also, the rest of Asia achieved 15.0% growth in 2017, substantially higher than the projected 8.1% rate and, therefore, requires only 7.4% growth over 20172025. Figure 5. Asia-Pacifi c Number of Individuals per Wealth Band (201

46、7) and Growth (20162017) Note: Chart numbers and quoted percentages may not add up due to rounding Source: Capgemini Financial Services Analysis, 2018 Rest of the World US$1mUS$5m US$5m-US$30m US$30m+ Ultra-HNWI 47.6 k (0.8% of total) 533.6 k (8.6% of total) Number of Individuals 2017 5,594.2 k (90.

47、6% of total) Mid-Tier Millionaire % of HNWI Wealth 28.9% 23.9% 47.2% Millionaire Next Door HNWI Population CAGR 20001620172017 Growth HNWI Wealth CAGRGrowth 10.4% 6.5% 17.0% 9.2% 11.2% 4.7% 19.5% 9.6% 9.5% 6.4% 14.3% 8.6% 9.6% 6.4% 14.7% 8.5% 8.8% 6.5% 11.8% 8.2% 8.9% 6.5% 12.1

48、% 8.2% 8 Financial Times, “Is Tokyos property market reaching its peak?” Hannah Roberts, November 17, 2017, content/4fcac308-c48f-11e7-b30e-a7c1c7c13aab 13 ASIA-PACIFIC WEALTH REPORT 2018 Figure 6. HNWI Financial Wealth, Actual vs Projection (US$ Trillions), 20152025P, Asia-Pacifi c Note: 2025 data

49、was calculated by applying the market-level annualized growth rate from 2006-2015 for the 20152025 period; Projected data is for illustrative purposes; Source: Capgemini Financial Services Analysis, 2018 18.8 21.6 22.7 24.8 27.1 29.6 32.3 35.3 38.5 42.1 15 25 35 45 20018P2019P2020P2021P2022P2023P2024P2025P HNWI Financial Wealth Actual Growth: 14.8% (US$ Trillions) Projected Growth 20152025Actual Growth 20162017Projected Growth 20172025 Projected growth in APWR 2016: 9.2% Higher growth in 2017 decreases required 20172025 CAGR to 8.7% from 9.2% (as estimated