Capgemini-2018年亚太地区财富报告（英文）-2019.1-44页_3mb

Asia-Pacific Wealth Report 2018 Summary

Core Content

The Asia-Pacific Wealth Report 2018 highlights the region's continued dominance in the global high net worth individual (HNWI) market, its robust wealth growth, and the challenges wealth management firms face in meeting client expectations. It also emphasizes the transformative role of hybrid advice models and the increasing influence of BigTech in the financial services landscape.

Main Points

1. Asia-Pacific's Leadership in HNWI Growth

• Asia-Pacific fueled global HNWI wealth growth in 2017, accounting for 41.4% of all new global HNWI wealth.
• The region's HNWI population and wealth grew by more than 12%, reinforcing its status as the global leader in HNWI expansion.
• Emerging Asia (India, China, Indonesia, Thailand) was the main driver of growth, contributing over 50% of regional wealth growth.
• India had the fastest growth in both HNWI population and wealth, surpassing the 2010-2016 annualized average.
• China also saw accelerated growth in HNWI population and wealth, outperforming previous years.

2. Wealth Growth Projections

• Asia-Pacific HNWI wealth is projected to surpass US$42 trillion by 2025, faster than previously anticipated.
• The required compound annual growth rate (CAGR) for 2017-2025 has dropped to 8.7% from 9.2% in 2016.
• Emerging Asia now needs only 12.0% annualized growth (vs 12.6% previously), while Mature Asia (e.g., Japan, Australia, Singapore) has exceeded projections, requiring only 5.8% growth for 2017-2025.

3. Client Satisfaction Challenges

• HNWI satisfaction in Asia-Pacific (excl. Japan) remains below 70%, significantly lower than in other regions.
• Ultra-HNWIs are the least satisfied investor class despite high returns.
• Key dissatisfaction factors include:
  • Lack of holistic services
  • Perceived low value for fees
  • Insufficient personalization
  • Weak personal connections with wealth managers
• Client satisfaction is closely tied to personal connection, with 95.7% of HNWIs with strong connections likely to consolidate wealth with their managers.

4. Hybrid Advice Model Transformation

• Wealth management firms are embracing hybrid advice models, but HNWI satisfaction with hybrid services declined year over year.
• Asia-Pacific (excl. Japan) HNWIs value account aggregation services more than other regions.
• BigTech firms are increasingly entering the wealth management space, and their offerings are gaining interest from HNWIs.
• Multiple entry scenarios exist, including partnership, frenemy, and competition models.
• Firms must strategically invest in hybrid transformation to stay competitive and adapt to the evolving market.

5. Strategic Implications

• Personal connections are critical to client retention and asset consolidation.
• Innovative solutions are needed to target, retain, and build relationships with HNWIs.
• HNWIs in certain markets are more open to new ways of selecting wealth managers, indicating a need for focused strategies.
• Digital transformation and hybrid tools are seen as a path to strengthen client relationships.

Key Information

• HNWI population and wealth in Asia-Pacific grew by 12.1% and 14.8% in 2017, respectively.
• India and China were the fastest-growing HNWI markets in Asia-Pacific.
• Japan contributed 40.8% to overall HNWI population growth in 2017, with real estate and equity markets showing strong performance.
• HNWI satisfaction in Asia-Pacific (excl. Japan) improved slightly in Q1 2018 to 61.5% for wealth managers and 62.4% for firms, but still lagged behind the rest of the world.
• Ultra-HNWIs showed lower satisfaction with both wealth managers and firms.
• BigTech competition is increasing, and wealth management firms must adapt quickly to maintain relevance.
• Hybrid advice models are critical for future success, and firms must accelerate their transformation to meet HNWI expectations.

Conclusion

The Asia-Pacific region is on track to surpass US$42 trillion in HNWI wealth by 2025, driven by emerging markets and strong economic performance. However, client satisfaction remains a challenge, largely due to lack of personal connection and inadequate holistic services. Hybrid transformation is essential, and firms must strategically invest to stay competitive in the face of BigTech disruption. Personalized and innovative approaches are necessary to retain and grow HNWI assets.