2018年-德勤中国_2018年德勤国际财富管理中心排名报告_44页_3mb

报告摘要

Deloitte International Wealth Management Centre Ranking 2018 Summary

Core Content

The Deloitte International Wealth Management Centre Ranking 2018 evaluates the competitiveness, size, and performance of international wealth management centres (IWMCs). The report highlights the evolving landscape of the global wealth management industry, shaped by regulatory pressures, technological innovation, and shifting client expectations.

Main Points

1. Definition of IWMCs

IWMCs are jurisdictions that specialize in attracting and managing international private client assets.
Assets under consideration include bank accounts, debt and equity securities, derivatives, and some fiduciary structures, excluding non-banking assets like real estate, art, and business equity.
The focus is on International Market Volume (IMV), defined as assets managed or administered in a location separate from the asset owner's domicile.

2. Top IWMCs Highlighted

Switzerland remains the top IWMC in terms of competitiveness, size, and performance.
Hong Kong and Singapore follow closely.
United States and United Kingdom also perform well, with the US leading in digital maturity and the UK in business environment.
Panama & the Caribbean and Bahrain are among the lower performers.

3. Key Trends and Challenges

The international wealth management industry faces increasing challenges, including regulatory pressures, rising competition, and evolving client preferences.
IMV and NNA have declined in leading centres since 2010, with Panama & the Caribbean being the main drag on global IMV.
Digital maturity and provider capability have become more important than tax and regulation, which have seen a reduction in weight.

4. Performance Metrics

Performance ranking is based on quantitative factors like Assets under Management and Administration (AMA), net new assets (NNA), and profitability.
Switzerland leads in performance, but Hong Kong has the highest growth rate in IMV and Singapore in provider capability.
Cost income ratios have improved in Switzerland, Singapore, the UK, and the US, but Hong Kong and Luxembourg have seen increases.

5. Competitiveness Analysis

Deloitte uses a multi-dimensional approach to measure competitiveness, based on four success drivers (Business environment, Provider capability, Stability, Tax and regulation) and 14 success factors derived from 41 indicators.
Switzerland is the most competitive, with strong performance in all areas except business environment.
Singapore and Hong Kong are close behind, but both have weaknesses in provider capability and stability (Hong Kong especially).
US and UK benefit from a strong business environment but lag in stability.

6. IMV Development

Global gross wealth in 2017 reached US$323.4 trillion, with US$175.1 trillion being financial wealth.
IMV represents only 3% of global wealth, but the combined IMV of leading centres fell by US$700 billion between 2010 and 2017.
Switzerland is still the largest, but Hong Kong has seen the highest growth rate (+122%) and US the largest absolute gain (+US$426 billion in IMV).

7. Drivers of IMV Growth and Decline

Positive drivers:
- Financial market performance: MSCI World Index increased by 64% between 2010 and 2017.
- Global wealth growth: Increased by 20% overall and 38% in emerging markets.
- Rise in the number of millionaires: From 13.3 million to 36 million, with the richest 1% holding more than half of global wealth.
Negative drivers:
- Repatriation of assets due to the introduction of AEOI (Automatic Exchange of Information).
- Re-focus of wealth managers on existing clients rather than expanding into new domiciles.
- Shift to non-banking assets: Investors are moving towards real estate, art, and private equity, reducing the amount of wealth available for offshore management.

Key Information

Switzerland continues to lead in competitiveness and performance but faces challenges in cost efficiency.
Hong Kong is the fastest-growing IWMC, with a 122% increase in IMV since 2010.
Panama & the Caribbean and Bahrain are among the most challenged, with IMV declining significantly.
Digital maturity and provider capability are becoming the new key success factors.
IMV is a small portion of global wealth, but its development is crucial for the future of the wealth management industry.

Conclusion

The report underscores the need for wealth management centres to focus on provider capability, digital maturity, and cost efficiency to maintain competitiveness. While Switzerland remains the top performer, the US and Hong Kong are emerging as strong contenders, and regulatory and tax considerations are becoming less central than before. The future of the industry depends on adapting to these changes and rethinking business models to meet the evolving needs of clients.

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