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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 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 hold 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 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 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 2018PrefaceAsia-Pacific continued its growth trajectory in 2017, extending its lead over other regions for high net worth individual (HNWI) population and wealth.1A 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 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 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. Wealth 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 increasing 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 wealth management firms.Technological advancements and HNWI demand for hybrid advice have encouraged wealth management firms to embrace hybrid business models.2Most Asia-Pacific firms are making progress, but full hybrid-advice transformation remains a future state. HNWI satisfaction with hybrid services 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.3This is why now more than ever hybrid transformation 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, multiple 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$1 million or more, excluding primary residence, collectibles, consumables, and consumer durables2 We define hybrid advice as “Putting clients in the drivers seat by allowing them to tap into life-stage and need-based wealth management and financial planning capabilities in a modular, personalized, pay-as-you-go manner.”3 BigTech is a general term for data-driven tech firms not traditionally present in financial services: Amazon, Google/Alphabet, Alibaba, Apple, Facebook, and TencentAnirban BoseFS SBU CEO Chart numbers may not add up due to rounding; Other Markets include Kazakhstan, Myanmar, New Zealand, Pakistan, Philippines, Sri Lanka, and VietnamSource: Capgemini Financial Services Analysis, 20189ASIA-PACIFIC WEALTH REPORT 2018Figure 2. Asia-Pacic HNWI Wealth, 20102017, by Marketa. Indonesia HNWI population and nancial wealth have been rebased for 2017 to reect the impact of the 201617 tax amnesty and increased information availabilityNote: The total for all years are expressed in US$ 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, Philippines, Sri Lanka, and VietnamSource: Capgemini Financial Services Analysis, 2018(US$ Billions)4135 4,2315,5335,8997,0127,73126572,7063,7694,5025,7746,4955824776127858771,067511408627709769895582542674707802884396381477516573677100 106134157184661453439523543562633272 29839645654863030227935640446452631933542043543846951050468371281192405,00010,00015,00020,00025,0002010 2011 2013 2014 2016 2017HNWIFinancialWealthSingaporeTaiwanIndiaOther 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$21.6TAsia-Pacic(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-Pacic 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 2017; Global Property Guide House Price Index, March 2018Thailand Japan2016 2017GDP 1.0 1.7Market Cap 3.4 22.9Real Estate (1.2) 13.22016 2017GDP 3.2 3.9Market Cap 25.4 25.5Real Estate (1.1) 3.2Singapore Hong Kong2016 2017GDP 2.1 3.8Market Cap 0.3 36.2Real Estate 6.4 12.82016 2017GDP 2.0 3.6Market Cap 1.5 21.2Real Estate (3.3) 1.1Indonesia TaiwanAustralia2016 2017GDP 1.5 2.9Market Cap 15.7 24.5Real Estate (3.0) 0.52016 2017GDP 5.0 5.1Market Cap 22.8 20.0Real Estate 0.00.02016 2017GDP 2.5 2.2Market Cap 10.9 14.6Real Estate 7.42.8Malaysia South Korea2016 2017GDP 2.8 3.1Market Cap 4.1 38.2Real Estate (0.5) 0.32016 2017GDP 4.2 5.9Market Cap (5.2) 25.5Real Estate 3.8 0.7India China2016 2017GDP 7.1 6.7Market Cap 3.1 51.3Real Estate 2.7 4.8World Asia-Pacic (excl. Japan)2016 2017GDP 6.7 6.9Market Cap (10.6) 19.0Real Estate 21.3 0.32016 2017GDP 2.3 3.0Market Cap 5.7 21.82016 2017GDP 5.4 5.6Market Cap 0.7 25.8(%)
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