Capgemini-2018年亚太地区财富报告（英文）-2019.1-44页.pdf.pdf

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

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

3、ld back HNWI satisfaction 16Personal connections between HNWIs and wealth managers lag in key Asia-Pacific markets 18Firms that improve client intimacy open the door to more assets under management 20Equities retain preferred asset class status, but lose ground to cash and real estate 21Hybrid Advic

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

5、27Multiple scenarios for BigTechs to enter the wealth management space 31Wealth management firms must prepare to invest for success to cope with an evolving landscape 33The way forward for Asia-Pacific firms 34Appendix A 36Appendix B 38About Us 42Acknowledgments 433ASIA-PACIFIC WEALTH REPORT 2018Pre

6、faceAsia-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 we projected in the World W

7、ealth 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 wealth services and customized

8、 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 enhanced client satisfaction. Wealt

9、h 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 provide focused solutions.With in

10、creasing 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 strongly connected to their weal

11、th 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 satisfaction with hybrid servic

12、es 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 more than ever hybrid transformatio

13、n 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 management space more aggressively, m

14、ultiple 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 having investable assets of US$1 mi

15、llion or more, excluding primary residence, collectibles, consumables, and consumer durables2 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 capabilities in a modular, personalized, pay-a

16、s-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 TencentAnirban BoseFS SBU CEO Chart numbers may not add up due to rounding; Other Markets include Kazakhstan, Myanmar, New Z

17、ealand, Pakistan, Philippines, Sri Lanka, and VietnamSource: Capgemini Financial Services Analysis, 20189ASIA-PACIFIC WEALTH REPORT 2018Figure 2. Asia-Pacific HNWI Wealth, 20102017, by Marketa. Indonesia HNWI population and financial wealth have been rebased for 2017 to reflect the impact of the 201

18、617 tax amnesty and increased information availabilityNote: 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 Kazakhstan, Myanmar, New Zealand, Pakistan, Philipp

19、ines, Sri Lanka, and VietnamSource: Capgemini Financial Services Analysis, 2018(US$ Billions)41354,2315,5335,8997,0127,73126572,7063,7694,5025,7746,4955824776127858771,067511408627709769895582542674707802884396381477516573677100106134157184661453439523543562633272298396456548630302279356404464526319

20、33542043543846951050468371281192405,00010,00015,00020,00025,000201020112013201420162017HNWI Financial WealthSingaporeTaiwanIndiaOther MarketsMalaysiaThailand Hong KongSouth KoreaAustraliaChinaJapanIndonesia17.4%13.3%7.2%12.8%18.3%14.9%10.2%16.3%12.5%10.3%21.6%13.9%N.A.aTotal US$10.8TTotal US$10.7TTo

21、tal US$14.2TTotal US$15.8TTotal US$18.8TTotal US$21.6TAsia-Pacific (excl. Japan)% Change 20162017CAGR 20102016: 9.7%Annual Growth 20162017: 14.8%10Asia-Pacific Continues to Fuel Global HNWI Population and WealthFigure 3. Real GDP, Market Capitalization, and Real Estate Growth, 20162017, Select Asia-

22、Pacific MarketsNote: 2016 and 2017 GDP data from Economist Intelligence Unit; 2017 Real Estate Growth is based on Global Property Guide House Price Index, March 2018 Source: Capgemini Financial Services Analysis, 2018; Economist Intelligence Unit, July 2018; World Federation of Exchanges, December 2

23、017; Global Property Guide House Price Index, March 2018ThailandJapan20162017GDP1.01.7 Market Cap3.422.9 Real Estate(1.2)13.220162017GDP3.23.9 Market Cap25.425.5 Real Estate(1.1)3.2SingaporeHong Kong20162017GDP2.13.8 Market Cap0.336.2 Real Estate6.412.820162017GDP2.03.6 Market Cap1.521.2 Real Estate

24、(3.3)1.1IndonesiaTaiwanAustralia20162017GDP1.52.9 Market Cap15.724.5 Real Estate(3.0)0.520162017GDP5.05.1 Market Cap22.820.0 Real Estate0.00.020162017GDP2.52.2 Market Cap10.914.6 Real Estate7.42.8Malaysia South Korea 20162017GDP2.83.1 Market Cap4.138.2 Real Estate(0.5)0.320162017GDP4.25.9 Market Cap

25、 (5.2)25.5 Real Estate3.80.7IndiaChina20162017GDP7.16.7 Market Cap3.151.3 Real Estate2.74.8WorldAsia-Pacific (excl. Japan)20162017GDP6.76.9 Market Cap (10.6)19.0 Real Estate21.30.320162017GDP2.33.0 Market Cap5.721.820162017GDP5.45.6 Market Cap0.725.8(%)11ASIA-PACIFIC WEALTH REPORT 2018Emerging Asia

26、surpasses Mature Asia in HNWI population and wealth growthEmerging Asia powered the regions growth 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 populatio

27、n growth and 52.9% of HNWI wealth growth in 2017 (Figure 4).India grew by more than 20% in both 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 20

28、16 to 11th in 2017. A mix of economic and financial dynamism were the growth propellers for the 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

29、 market capitalization increased by 51.3% while its GDP grew by 6.7% (Figure 3).Chinas HNWIs 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 gr

30、owth. Chinas equity capitalization revival, which posted a 19.0% gain in 2017, aided growth and 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

31、the region overall. South Korea, Hong Kong, Taiwan, and Singapore saw double-digit HNWI population 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-Pacific Marketsa.

32、 PP difference denotes the percentage change in 20162017 over 20152016b. Contribution refers to Emerging/Mature Asias share (%) to overall Asia-Pacific population growthNote: Indonesia HNWI population and financial wealth have been rebased for 2017 to reflect the impact of the 201617 tax amnesty and

33、 increased information availability; Indonesias population growth and contribution is considered in Emerging Asia cluster but not shown individually in the chart for comparisons; Numbers besides country flags represent the individual markets share (%) of HNWI population in Asia-Pacific; Mature Asia

34、includes Japan, Australia, New Zealand, Singapore, Hong Kong, Taiwan, Malaysia, and South Korea; Emerging Asia includes China, India, Indonesia, and Thailand; Chart numbers and quoted percentages may not add up due to roundingSource: Capgemini Financial Services Analysis, 20187.4%7.5%9.5%12.7% 9.1%7

35、.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%12.3% 11.5%9.4%9.2%6.1%0%10%20%30%Asia-PacificRest of the WorldIndiaThailandChinaSouth KoreaHong KongTaiwanSingaporeJapanAustraliaMalaysiaHNWI Population GrowthGrowth 20152016Growth 2016201710.90.93.210.95.59.63.10.54.70.72.10.42.02.6

36、4.33.94.520.32.81.12.051.2Emerging Asia Growth: 16.9% Mature Asia Growth: 10.1%Contribution : 38.4%(%)Contribution : 58.6%Difference (PP)abbPercentage Proportion of Overall Asia Pacific HNWI PopulationX6 Mature Asia includes Japan, Australia, New Zealand, Singapore, Hong Kong, Taiwan, Malaysia, and

37、South Korea7 World Bank 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-focus12Asia-Pacific Continues to Fuel Global HN

38、WI Population and WealthMeanwhile, 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 esta

39、te prices appreciated by 13.2% and equity market capitalization rose by 22.9%.8The regions ultra-HNWIs maintain growth paceDouble-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 b

40、e the fastest-growing 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-HNW

41、Is in the rest of 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 projection

42、s, on track to reach US$42 trillion by 2025Asia-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 20

43、172025 timeframe (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%) w

44、ith 11.2% growth 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-Pacific Number of Individuals per Weal

45、th Band (2017) and Growth (20162017)Note: Chart numbers and quoted percentages may not add up due to roundingSource: Capgemini Financial Services Analysis, 2018Rest of the WorldUS$1mUS$5mUS$5m-US$30mUS$30m+ Ultra-HNWI47.6 k (0.8% of total)533.6 k (8.6% of total)Number of Individuals 2017 5,594.2 k (

46、90.6% of total)Mid-Tier Millionaire% of HNWI Wealth 28.9%23.9%47.2%Millionaire Next DoorHNWI PopulationCAGR 201020162010201620162017201620172017GrowthHNWI WealthCAGRGrowth10.4%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%8.2%8 Financial Time

47、s, “Is Tokyos property market reaching its peak?” Hannah Roberts, November 17, 2017, https:/ content/4fcac308-c48f-11e7-b30e-a7c1c7c13aab13ASIA-PACIFIC WEALTH REPORT 2018Figure 6. HNWI Financial Wealth, Actual vs Projection (US$ Trillions), 20152025P, Asia-PacificNote: 2025 data was calculated by ap

48、plying the market-level annualized growth rate from 2006-2015 for the 20152025 period; Projected data is for illustrative purposes;Source: Capgemini Financial Services Analysis, 201818.821.622.724.827.129.632.335.338.542.1152535452015201620172018P2019P2020P2021P2022P2023P2024P2025PHNWI Financial Wea

49、lthActual Growth: 14.8% (US$ Trillions)Projected Growth 20152025Actual Growth 20162017Projected Growth 20172025Projected growth in APWR 2016: 9.2%Higher growth in 2017 decreases required 20172025 CAGR to 8.7% from 9.2% (as estimated in APWR 2016)17.413ASIA-PACIFIC WEALTH REPORT 201815Personal Connection is Critical to Client Satisfaction and Wealth Industry Success Asia-Pacific (excl. Japan) HNWI satisf