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市場調查報告書

富裕階級 (HNW) 的海外投資:帳面金融中心的偏好

HNW Offshore Investment: Booking Center Preferences 2016

出版商 Verdict Financial 商品編碼 368673
出版日期 內容資訊 英文 43 Pages
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富裕階級 (HNW) 的海外投資:帳面金融中心的偏好 HNW Offshore Investment: Booking Center Preferences 2016
出版日期: 2016年08月31日 內容資訊: 英文 43 Pages
簡介

本報告提供全球富裕階級 (HNW)的海外投資市場相關調查分析,市場背景,各地區的投資的趨勢等系統性資訊。

摘要整理

全球委外市場背景

  • 委外市場的成長減速
  • 安全資產及mid-shores犧牲傳統海外投資處而突起

高淨值(HNW)投資者對帳面金融中心的愛好

  • 高淨值(HNW)投資者全球委外市場的重要部分
  • 在全球水準中,美國喜好HNW帳面金融中心
  • 南北美洲的高淨值(HNW)投資者在各種理由上有效利用廣泛的帳面金融中心
  • 亞太地區的高淨值(HNW)投資者比以前減少地區性分散
  • 歐洲的高淨值(HNW)投資者傾向在住居附近投資
  • 中東、非洲的高淨值(HNW)投資者最常見在出身國、瑞士及英國進行投資

附錄

圖表

目錄
Product Code: VF0081IA

Summary

2015 was a weak year for the global offshore market. However, there have been clear winners and losers as the dynamics of the offshore markets continue to shift. The recent focus of most Western governments on tackling offshore tax evasion has affected certain traditional offshore centers more heavily, while the so-called mid-shores that combine on- and offshore traits have experienced strong fund inflows in recent years. The key centers for HNW individuals are the US, Singapore, Switzerland, the UK, India, Luxembourg, and Hong Kong, followed by more "traditional" centers such as the Isle of Man and Malta.

Key Findings

  • After a strong 2014, 2015 was a weak year for the offshore market. Non-resident liquid assets among the 10 largest booking centers for each asset class recorded a growth rate of 1.6% over 2014.
  • However, performance varied significantly across the four asset classes. Offshore mutual fund holdings, for example, grew strongly, while growth in offshore deposits stagnated.
  • Pressure exerted by Western governments is diminishing the importance of traditional offshore centers such as the Bahamas and the Cayman Islands.
  • Mid-shore centers such as Singapore and Hong Kong are rapidly growing in prominence, particularly Hong Kong thanks to its status as a renminbi hub. Yet Singapore remains the booking center of choice among HNW investors in Asia.
  • HNW individuals across the world hold on average 22.7% of their liquid wealth offshore.
  • At a global level the US, Switzerland, Singapore, and the UK are the most important booking centers for HNW offshore wealth.

Synopsis

This report draws on our 2015 Global Wealth Managers Survey to analyze the performance of key booking centers over time. It has a particular focus on HNW individuals. In particular it examines the propensity to invest offshore and booking center preferences for 20 key markets.

Specifically the report will help you to:

  • Understand which are the largest offshore centers and how this breaks down by asset class
  • Compare the performance of the offshore centers and what is driving this performance
  • Understand how much wealth HNW individuals hold offshore and how this varies by country
  • Understand what the preferred centers for HNW offshore investments are and how this varies by country

Reasons To Buy

  • Understand how to best promote your offshore proposition.
  • Understand HNW investors' booking center preferences and how this is expected to change.
  • Learn how different offshore centers have performed in recent years and adjust your offshore proposition accordingly.

Table of Contents

EXECUTIVE SUMMARY

  • Offshore market growth slowed in 2015
  • Key findings
  • Critical success factors

THE GLOBAL OFFSHORE MARKET IN CONTEXT

  • Offshore market growth has been slowing down
    • The total size of the offshore market across the 10 largest offshore centers reached $56.7tn in 2015
    • Non-resident deposit holdings have been muted
    • Non-resident mutual fund holdings recorded a CAGR of 9.9% between 2011 and 2015
    • 2015 was a weak year for non-resident equity holdings
    • Non-resident bond holdings growth was also subdued in 2015
  • Safe havens and the mid-shores are rising in prominence at the expense of traditional offshore destinations
    • The largest offshore centers are OECD countries, not small tropical islands
    • Pressure from Western governments is diminishing the importance of traditional offshore centers
    • The so-called mid-shores have experienced strong fund inflows in recent years, but Singapore is slowing down
    • The performance of traditional safe havens has varied greatly across asset classes
    • Retail non-resident deposit holdings performed poorly in Europe in 2015

BOOKING CENTER PREFERENCES OF HNW INDIVIDUALS

  • HNW individuals are an important part of the global offshore market
    • HNW individuals across the world hold on average 22.7% of their wealth offshore
    • The propensity for HNW offshore investment varies greatly by country
  • At a global level, the US is the preferred booking center for HNW wealth
    • The US, Switzerland, and Singapore are the most important offshore destinations for HNW individuals
    • HNW booking center preferences vary significantly depending on nationality
  • HNW individuals in the Americas make use of a range of booking centers for different reasons
    • Expatriate flows are an important determinant for booking center preferences among US and Canadian HNW individuals
    • Brazilian HNW individuals predominately invest in the US
  • HNW investors in Asia Pacific are less geographically diversified than in the past
    • HNW investors in Asia Pacific are increasingly considering wealth hubs close to home
    • Southeast Asia tends to book much of its wealth in Singapore
    • Australian HNW individuals make use of regional booking centers and the UK and the US
    • Chinese HNW investors invest in safe havens
  • European HNW individuals tend to invest close to home
    • German HNW individuals invest predominantly in Switzerland and the UK, but this is about to change
    • Shared borders and a common language are also important considerations among French HNW investors
    • The Isle of Man is the preferred offshore destination among UK HNW investors
    • Russian HNW individuals prefer well-established offshore centers, after suffering steep losses following Cyprus's bailout
  • HNW individuals in the Middle East and Africa predominately invest in their country of origin, Switzerland, and the UK
    • The UAE's sizable expat population maintains strong financial links with their countries of origin

APPENDIX

  • Abbreviations and acronyms
  • Supplementary data
  • Definitions
    • Affluent
    • Double taxation convention (DTC)
    • High net worth
    • Liquid assets
    • Mass affluent
    • Investments
    • Residency
    • Exchange of information
    • Tax Information Exchange Agreements
  • Methodology
    • Verdict Financial's 2015 Global Wealth Managers Survey
    • Verdict Financial's 2014 Global Wealth Managers Survey
  • Bibliography
  • Further reading
  • About Verdict Financial
  • Disclaimer

List of Tables

  • Table 1: Non-resident retail holdings in Switzerland, 2006?15
  • Table 2: Non-resident retail deposits and mutual funds in Hong Kong and Singapore, 2010?15
  • Table 3: Top 10 non-resident deposit holdings in the largest booking centers ($bn), 2010-15
  • Table 4: Top 10 non-resident bond holdings in the largest booking centers ($bn), 2010-15
  • Table 5: Top 10 non-resident mutual fund holdings in the largest booking centers ($bn), 2010-15
  • Table 6: Top 10 non-resident equity holdings in the largest booking centers ($bn), 2010-15

List of Figures

  • Figure 1: Offshore market growth slowed down in 2015
  • Figure 2: Non-resident deposits among the top 10 offshore centers have performed weakly over the past few years
  • Figure 3: Non-resident mutual funds have performed strongly in recent years
  • Figure 4: Non-resident equity holdings growth stagnated in 2015
  • Figure 5: Non-resident bond holdings rose by a mere 1.5% in 2015
  • Figure 6: The US attracts a large proportion of non-resident funds
  • Figure 7: Traditional offshore centers have struggled to perform
  • Figure 8: Non-resident deposits in the Bahamas have declined over the past two years
  • Figure 9: Wealth managers in Hong Kong and Singapore agree that funds are incoming due to the scrutiny that other traditional offshore centers have
  • Figure 10: The US remains the largest offshore market, but growth can be found in Japan
  • Figure 11: A bearish market performance saw US non-resident retail holdings contract
  • Figure 12: In 2015, non-resident deposit growth slowed in Europe
  • Figure 13: The tendency to allocate money offshore varies greatly among countries
  • Figure 14: The US is the preferred booking center for HNW wealth
  • Figure 15: Booking center preferences vary greater depending on HNW investors' backgrounds
  • Figure 16: US HNW individuals tend to book their wealth in their former country of residence
  • Figure 17: The economic bailout in 2013 hit Cyprus's offshore deposits market hard
  • Figure 18: Investec provides non-resident mortgages to South African HNW investors
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