2018年国际财富管理中心排名报告（英文版）-3mb

Deloitte International Wealth Management Centre Ranking 2018 Summary

Core Content

The Deloitte International Wealth Management Centre Ranking 2018 provides an analysis of the global wealth management industry, focusing on the competitiveness, size, and performance of international wealth management centres (IWMCs). The report highlights how the industry is evolving due to changing client demands, regulatory pressures, and technological advancements.

Main Points

Definition of International Wealth Management Centres (IWMCs)

• IWMCs are jurisdictions that specialise in and attract international private clients.
• They manage or administer assets in a location different from the asset owner's domicile.
• Assets include bank accounts, debt and equity securities, and derivatives, but exclude non-banking assets like real estate, art, and business equity.

Key Challenges in the Industry

• Regulatory pressures continue to be a major challenge.
• Generation Y and Z are becoming more prominent, altering demand patterns.
• Technological innovation is accelerating, leading to shorter innovation cycles.
• Cost competitiveness is a persistent issue, with some centres struggling to maintain profitability.

Top Competitiveness Ranking (2018)

• Switzerland remains the leading IWMC in competitiveness, size, and performance.
• Singapore and Hong Kong follow closely behind.
• US and UK have strong business environments but weaker stability.
• Panama & the Caribbean are the most challenged, with significant declines in IMV and NNA.

Size Ranking (2018)

• Switzerland is the largest IWMC with $1.84 tn in IMV.
• UK follows closely with $1.79 tn.
• US saw the largest absolute gain in IMV (+$426 bn) and Hong Kong the largest relative growth (+122%).
• Panama & the Caribbean and Bahrain have seen declines in IMV.

Performance Ranking (2018)

• Switzerland and Singapore have shown strong performance in terms of profitability and efficiency.
• Hong Kong is the leader in net new assets (NNA), but its cost income ratio is rising.
• Cost income ratios have improved in Switzerland, Singapore, UK, and US, but Luxembourg and Hong Kong have seen increases.
• Service quality is now one of the most important success factors, with Switzerland leading in this area.

Competitiveness Drivers

• Deloitte uses a multi-dimensional approach to measure competitiveness, with four key success drivers:

  • A - Business environment (11% weighting)
  • B - Provider capability (36% weighting)
  • C - Stability (25% weighting)
  • D - Tax and regulation (28% weighting)

• Tax and regulation have become less important compared to 2013, with provider capability gaining more weight.

• Digital maturity is a new success factor that has increased in importance.

• Political stability has become more significant than monetary stability due to rising global uncertainty.

IMV Trends (2010–2017)

• IMV (International Market Volume) declined in leading centres from 2010 to 2017, peaking at $9.4 tn in 2013.
• In 2017, IMV amounted to $8.6 tn, representing 3% of global wealth.
• US gained the most in absolute terms, while Hong Kong had the highest growth rate.

Drivers Affecting IMV Development

• Positive drivers:

  • Improved financial market performance (e.g., MSCI World Index increased by 64%).
  • Growing global wealth, especially in emerging markets.
  • Increase in the number of millionaires, especially in North America.

• Negative drivers:

  • Repatriation of assets due to the AEOI (Automatic Exchange of Financial Information).
  • Re-focus of wealth managers on existing clients and products.
  • Shift to non-banking assets, reducing the volume of wealth available for offshore management.

Key Information

• Switzerland is the top IWMC in all categories, despite some weaknesses in stability and cost efficiency.
• Hong Kong has seen significant growth in IMV and NNA, but its cost income ratio is increasing.
• US is the largest in absolute IMV and has grown in market share due to non-participation in AEOI and the decline of Panama & the Caribbean.
• Panama & the Caribbean and Bahrain are among the least competitive, with declining IMV.
• Technology and digital maturity are becoming critical success factors for future competitiveness.
• Client capital rights protection and data privacy are now more important than traditional bank secrecy.
• Cost efficiency and service quality are top priorities for wealth management providers to remain competitive in the evolving landscape.