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 p
2、ace 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 hold
3、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 Advice Mo
4、del 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 27Multi
5、ple 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 2018PrefaceAsi
6、a-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 Wealth Repor
7、t 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 solutions,as
8、 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.Wealth management fir
9、ms 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 increasing trend of we
10、alth 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 wealth management firms.Tech
11、nological 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 services dropped year over year,
12、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 transformation is competitively critical
13、 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,multiple entry scenarios and model
14、s 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 million or more,excluding primary resi
15、dence,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-as-you-go manner.”3 BigTech is a general ter
16、m for data-driven tech firms not traditionally present in financial services:Amazon,Google/Alphabet,Alibaba,Apple,Facebook,and TencentAnirban BoseFS SBU CEO&Group Executive Board Member Capgemini5ASIA-PACIFIC WEALTH REPORT 2018Asia-Pacific Continues to Fuel Global HNWI Population and Wealth Asia-Pac
17、ific powered global HNWI population and wealth growth in 2017,generating 41.4%of all new global HNWI wealth Emerging markets were the Asia-Pacific growth engine,driving more than half of regional wealth growth4 In alignment with global trends,Asia-Pacific ultra-HNWIs accelerated population and wealt
18、h growth Asia-Pacific HNWI wealth is forecast to surpass US$42 trillion by 2025,fueled by the Emerging Asian marketsCustomer Intimacy is Key to Firms Understanding of Holistic HNWI Demands Satisfaction levels remained muted(below 70%)for Asia-Pacific(excl.Japan)HNWIs Lack of holistic services offere
19、d by wealth management firms and concern over value delivered for management fees charged were significant HNWI disengagement factors A strong personal relationship with clients is critical for wealth management firms,seeking to improve HNWI satisfaction Robust client intimacy will help wealth manag
20、ers capitalize on the industrys ongoing asset consolidation trendFirms Embrace Hybrid Transformation,Yet HNWIs Interested in BigTechs Despite challenges,wealth management firms in the region have made significant progress in ramping up their hybrid transformation activities Amid BigTech threats,the
21、urgency to accelerate hybrid advice transformation programs is critical,especially in Asia-Pacific(excl.Japan)Multiple entry scenarios exist as BigTechs enter the wealth management industry,with partnership/frenemy models more likely than outright competition5 Regardless of which segments BigTechs a
22、re most likely to target,it is imperative for Asian wealth management firms to strategically determine how to invest for success within a disrupted landscapeExecutive Summary4 Emerging Asia-Pacific markets includes China,India,Indonesia,and Thailand5 A frenemy arrangement could include a utility-bas
23、ed model that leverages BigTechs technology and operational scale to support wealth management firms with outsourced back-and middle-office processesWORLD INSURTECH REPORT 2018ASIA-PACIFIC WEALTH REPORT 20187Asia-Pacific Continues to Fuel Global HNWI Population and Wealth Asia-Pacific fueled global
24、HNWI population and wealth growth in 2017,generating 41.4%of all new global HNWI wealth.Both HNWI population and wealth grew by more than 12%,thereby confirming its status as the powerhouse of HNWI growth globally.Emerging markets were the engine of growth within the Asia-Pacific region,driving more
25、 than 50%of the regions new wealth growth.India was the fastest growing market globally in 2017 with a growth rate of more than 20%in HNWI population and wealth.Asia-Pacific ultra-HNWIs accelerated the pace of population and wealth growth in alignment with the global trends.In 2017,Asia-Pacific ultr
26、a-HNWI growth in population(17.0%)and wealth(19.5%)surpassed the 2010-2016 annualized growth rates.Asia-Pacific HNWI wealth is forecast to surpass US$42 trillion by 2025,fueled by Emerging Asia markets.Due to remarkable performance in 2017,the compounded growth rate required to meet the projection s
27、hrank from 9.2%in 2016 to 8.7%in 2017.8Asia-Pacific Continues to Fuel Global HNWI Population and WealthAsia-Pacific remains the worldwide leader in HNWI population and wealthAsia-Pacific witnessed accelerated growth over the previous years,outperforming all other regions.In 2017,Asia-Pacific HNWI po
28、pulation rose 12.1%(up by 665k individuals)and wealth climbed 14.8%as the region accounted for 41.4%of all new global HNWI wealth.The total Asia-Pacific HNWI population was 6.2 million in 2017(Figure 1).The regions 14.8%HNWI wealth gain from US$18.8 trillion to US$21.6 trillion led global wealth gen
29、eration(Figure 2).Asia-Pacific the largest global HNWI region continued its lead over North America in HNWI population(by 514k)and financial wealth(by US$1.8 trillion).Growth rates for 2017 were higher compared to the annualized 20102016 HNWI population and wealth growth rates of 8.8%and 9.7%,respec
30、tively.Economic stability and booming capital markets conducive to wealth creation were the impetus behind strong Asia-Pacific growth.Equity market capitalization grew by 25.8%in Asia-Pacific(excl.Japan)in 2017,for comparison the global average growth was 21.8%.Gross Domestic Product(GDP)growth rate
31、 also improved marginally to 5.6%for Asia-Pacific(excl.Japan)in 2017,better than the global average of 3.0%(Figure 3).Figure 1.Asia-Pacific HNWI Population,20102017,by Market17391,8222,327 2,452 2,891 3,162534562758 890 1,129 1,256193180219 226 255 278153126156 198 219 263146144176 189 208 243101841
32、24 138 148 1709489112 125 142 160303240 47 54 124586580 91 108 123999155105 107 110 1225066 67 66 71116118156 160 181 203 01,5003,0004,5006,000201020112013201420162017HNWI PopulationSingaporeTaiwanIndiaOther MarketsMalaysiaThailand Hong KongSouth KoreaAustraliaChinaJapanAsia-Pacific(excl.Japan)Indon
33、esia15.0%Change2016201713.6%6.1%12.3%15.0%11.5%20.4%17.3%11.2%9.4%9.2%12.4%N.A.aTotal 6.2mTotal 3.4mTotal 4.3mTotal 4.7mTotal 5.5mTotal 3.3m(Thousands)CAGR 20102016:8.8%Annual Growth 20162017:12.1%a.Indonesia HNWI population and financial wealth have been rebased for 2017 to reflect the impact of th
34、e 201617 tax amnesty and increased information availabilityNote:The total for all years are expressed in US$trillion and the US$billion in chart title does not apply to those numbers;Chart numbers may not add up due to rounding;Other Markets include Kazakhstan,Myanmar,New Zealand,Pakistan,Philippine
35、s,Sri Lanka,and VietnamSource:Capgemini Financial Services Analysis,20189ASIA-PACIFIC WEALTH REPORT 2018Figure 2.Asia-Pacific HNWI Wealth,20102017,by Marketa.Indonesia HNWI population and financial wealth have been rebased for 2017 to reflect the impact of the 201617 tax amnesty and increased inform
36、ation availabilityNote:The total for all years are expressed in US$trillion and the US$billion in chart title does not apply to those numbers;Chart numbers may not add up due to rounding;Other Markets include Kazakhstan,Myanmar,New Zealand,Pakistan,Philippines,Sri Lanka,and VietnamSource:Capgemini F
37、inancial Services Analysis,2018(US$Billions)41354,2315,5335,8997,0127,73126572,7063,7694,5025,7746,4955824776127858771,06751140862770976989558254267470780288439638147751657367710010613415718466145343952354356263327229839645654863030227935640446452631933542043543846951050468371281192405,00010,00015,0
38、0020,00025,000201020112013201420162017HNWI 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.aTotalUS$10.8TTotalUS$10.7TTotalUS$14.2TTotalUS$15.8TTotalUS$18.8TTotal US$21.6T
39、Asia-Pacific(excl.Japan)%Change20162017CAGR 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-Pacific MarketsNote:2016 and 2017 GDP data from Economist Intelli
40、gence 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 2017;Global Property Guide House Price Index,March 2018ThailandJapan2016201
41、7GDP1.01.7Market Cap3.422.9Real Estate(1.2)13.220162017GDP3.23.9Market Cap25.425.5Real Estate(1.1)3.2SingaporeHong Kong20162017GDP2.13.8Market Cap0.336.2Real Estate6.412.820162017GDP2.03.6Market Cap1.521.2Real Estate(3.3)1.1IndonesiaTaiwanAustralia20162017GDP1.52.9Market Cap15.724.5Real Estate(3.0)0
42、.520162017GDP5.05.1Market Cap22.820.0Real Estate0.00.020162017GDP2.52.2Market Cap10.914.6Real Estate7.42.8Malaysia South Korea20162017GDP2.83.1Market Cap4.138.2Real Estate(0.5)0.320162017GDP4.25.9Market Cap(5.2)25.5Real Estate3.80.7IndiaChina20162017GDP7.16.7Market Cap3.151.3Real Estate2.74.8WorldAs
43、ia-Pacific(excl.Japan)20162017GDP6.76.9Market Cap(10.6)19.0Real Estate21.30.320162017GDP2.33.0Market Cap5.721.820162017GDP5.45.6Market Cap0.725.8(%)11ASIA-PACIFIC WEALTH REPORT 2018Emerging Asia surpasses Mature Asia in HNWI population and wealth growthEmerging Asia powered the regions growth in HNW
44、I 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 both wealth and populat
45、ion,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 the market.Government stabili
46、ty 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 continued their accelerated traje
47、ctory 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 and also helped to offset sluggish 0.3%real e
48、state 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 population growth rates,adding 88.2k HNWIs collectively in
49、 2017.Strong equity performance spurred wealth across these four markets.Figure 4.HNWI Population Growth Rates,20162017,Select Asia-Pacific Marketsa.PP difference denotes the percentage change in 20162017 over 20152016b.Contribution refers to Emerging/Mature Asias share(%)to overall Asia-Pacific pop
50、ulation growthNote:Indonesia HNWI population and financial wealth have been rebased for 2017 to reflect the impact of the 201617 tax amnesty and increased information availability;Indonesias population growth and contribution is considered in Emerging Asia cluster but not shown individually in the c
