凯捷：2018年世界财富报告(英文 56页)

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WORLD WEALTH REPORT 2018

Table of Contents

Preface 3

Executive Summary 4

Growth Continues as Global HNWI Wealth Breaks the US$70 Trillion Mark 6

Improving Global Economy Spurs Significant HNWI Population and Wealth Growth 8

Asia-Pacific and North America Cement Dominance of Global Wealth Growth 9

Positive Story in Europe Continues 10

The Four Largest Markets and Ultra-HNWIs Drive Global HNWI Population Growth 10

HNWI Wealth on Course to Exceed US$100 Trillion By 2025 12

HNWIs Experienced Another Year of Strong Returns, but Improving

the Personal Connection with Wealth Managers is Key to Increasing Satisfaction 14

Wealth Managers Delivered Another Year of Strong Investment Gains for HNW Clients 16

Allocations Remain Stable, with Equities and Cash Largest 16

Real Estate Rises to the Third-Ranked Asset Class, Led by Residential Holdings 18

Asset Consolidation Trend Continues though HNWIs Remain Multi-Banked 18

Significant Investment Returns Do Not Fully Correlate with HNWI Satisfaction 20

Stronger Connections with Wealth Managers May Boost Satisfaction 21

Cryptocurrencies Gained Global Attention in 2017, though Yet to Penetratethe Wealth Management Industry 24

Cryptocurrencies Gain Attention in 2017 Amid Volatile Market Conditions 25

HNWIs View Cryptocurrencies as Speculative Tool and Potential Store of Value 26

Market Infancy Keeps Cryptocurrencies from Widespread Wealth Management Adoption 27

Younger HNWIs Likely to Drive Increased Future Cryptocurrency Interest, though Regulatory Support Will Determine Pace 28

BigTech Entry into Wealth Management Requires Incumbents to Accelerate Hybrid Transformation and Transform Budget Approaches 30

HNWIs Across the Globe Continue to Seek Hybrid Advice 32

Wealth Management Firms Accelerate the Pace of Hybrid Advice Transformation 33

Hybrid Advice Progress Lags Client Expectation and BigTech Threat 34

Despite Uncertain BigTech Interest, Wealth Management Entry Likely Only a Matter of Time 36

BigTech Entry Most Likely as “Collaborator” or as a “Frenemy” 40

Google Most Preferred BigTech for Wealth Management Globally 44

BigTech Disruption Requires Firms to Evolve Investment and Budget Approach 46

Banks Will Need to Change, or BigTechs Will Change the Banks 49

Appendix 50

About Us 53

Acknowledgements 54