全球私人财富管理市场调研和分析报告（英文版）-2024年1月上传培训课件

INDUSTRIES

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MARKETSPrivatewealthmanagementCHAPTER

01OverviewDistributionofsourcesofwealthforultrawealthyindividualsaroundtheworldin2022Sourcesofwealthforultrawealthyindividualsworldwide2022Inherited6.7%Inherited/self-made20.7%Self-made72.0%3Description:Morethan70percentoftheworld'sultrawealthyindividuals(UHNW)considertheirownwealthtobeself-made,asof2020.Bycomparison,lessthansevenpercentinheritedtheirwealth,withtheremainderassertingacombinationofinheritanceandtheirowneffort.ReadmoreNote(s):Worldwide;2022Source(s):Calaméo;Wealth-XNumberofbillionairesaroundtheworldin2022,bywealthsourceandagegroupNumberofbillionairesworldwidebywealthsource2022Self-madeInherited/self-madeInherited1,2001,00080098878060044241640016920001351257856Below50years50-70yearsSourceofwealth70yearsormore4Description:Asof2022,amajorityoftheworld'sbillionaireshadearnedtheirwealththemselves.Nearly2,000ofthetotal3,194billionairesworldwidethatyearhadearnedtheirfortunethisway.Meanwhile,317billionaireshadinheritedtheirwealth.Themostcommonageofbillionaireswas50to70years,whichisunsurprising,asittakesalongtimetobuildupavastfortune.ReadmoreNote(s):Worldwide;2022Source(s):Altrata;Wealth-XNumberofpeoplebelongingtotheglobaltop1percentofwealthholders*in2022,bycountry(in1,000s)Ultrahighnetworthindividuals:populationofglobal1percent2022,bycountryNumberofpeopleinthousands10,00005,00015,00020,00025,000UnitedStatesChina21,0375,583France2,4832,4092,3462,227JapanGermanyUnitedKingdomCanada1,8021,6321,1821,106AustraliaItalySouthKorea5Description:Over21millionindividualsresidingintheUnitedStatesbelongedtotheglobaltoponepercentofultrahighnetworthindividualsworldwidein2022.Chinarankedsecond,withoverfivemilliontoponepercentwealthholdersglobally.Francefollowedinthird.ReadmoreNote(s):Worldwide;2022;*Thesourceprovidesthefollowinginformation:apersonneedsatleast1,055,338U.S.dollarsofnetworthtobeamemberofthetop1%.

ReadmoreSource(s):CreditSuisse;UBSCitieswiththehighestnumberofultrahighnetworth(UHNW)individualsintheworldin2022CitieswiththehighestnumberofUHNWindividualsworldwide2022Numberofindividuals6,00002,0004,0008,00010,00012,00014,000HongKongNewYork12,61511,845London6,3706,205LosAngelesSanFranciscoChicago4,3854,2354,1603,9953,7103,465SingaporeParisTokyoWashington,D.C.6Description:CitiesintheUnitedStatesdominatethelistofcitieswiththehighestnumberofultahighnetworthindividuals(UHNWI)in2022.ThiscoemsasnosurpriseasitisthecountrywiththehighestnumberofUHNWIs.However,HongKongtoppedthelistthatyear.ReadmoreNote(s):Worldwide;2022Source(s):Wealth-XCHAPTER

02WealthdistributionNumberofultrahighnetworthindividualsin2021,byregionNumberofultrahighnetworthindividuals2021,byregionNumberofUHNWindividuals050,000100,000150,000200,000250,000233,590NorthAmericaAsia169,889Europe154,008AustralasiaLatinAmericaMiddleEastRussiaandCISAfrica24,24510,3379,7176,5423,2708Description:In2021,about233,590individualswithnetassetsofatleast30millionU.S.dollarswereresidinginNorthAmerica.InAsia,169,889UHNWIswereregisteredinthatyear.ReadmoreNote(s):Worldwide;2021Source(s):KnightFrankNumberofhighnetworthindividuals(HNWIs)worldwidefrom2010to2022,byregion(inmillions)HNWIpopulationworldwide2010-2022,byregionNorthAmericaAsia-PacificEuropeMiddleEastLatinAmericaAfrica252015105020102011201220132014201520162017201820192020202120229Description:In2022,NorthAmericahadthehighestnumberofhighnetworthindividuals,with7.35millionHNWIslivingthere.InAsiaPacific,thereweresevenmillionHNWIsregisteredin2022.HighNetWorthIndividuals(HNWIs)arepeoplewithwealthexceedingonemillionU.S.dollars.ReadmoreNote(s):Worldwide;2010to2022Source(s):Capgemini;RBCWealthManagementNumberofultrahighnetworthindividualsinselectedcountriesin2022Ultrahighnetworthindividuals2022,bycountryNumberofUHNWindividuals020,00040,00060,00080,000100,000120,000140,000UnitedStatesChina123,87332,909GermanyIndia9,0965,482CanadaRussiaUnitedKingdomJapan4,5574,4913,9813,9323,8883,8663,6123,4623,402FranceAustraliaItalySwitzerlandKorea10Description:In2022,128,000individualswithnetassetsofatleast50millionU.S.dollarswereresidingintheUnitedStates,byfarthehighestnumberofanycountry.Bycomparison,China,whichhadthesecondhighestnumberofultrahighnetworthindividuals,hadlessthan33,000individualswithassetsamountingto50millionU.S.dollarsormore.ReadmoreNote(s):Worldwide;2022Source(s):CreditSuisse;UBSThe20countrieswiththemostbillionairesin2023Top20billionairecountries2023Numberofbillionaires01002003004005006007008009001,0001,100ChinaUnitedStatesIndia969691187UnitedKingdomGermanySwitzerlandFrance1341441007370RussiaBrazilItalyThailandAustraliaCanada515846454511Description:AccordingtotheHurunGlobalRichList2023,Chinahousedthehighestnumberofbillionairesworldwidein2023.Indetail,therewere969billionaireslivinginChina.Bycomparison,691billionairesresidedintheUnitedStates.India,Germany,andtheUnitedKingdomwerealsothehomesofasignificantnumberofbillionairesthatyear.ReadmoreNote(s):Worldwide;2023Source(s):HurunResearchInstituteCountrieswiththehighestaveragewealthperadultworldwidein2022(inU.S.dollars)Countrieswiththehighestwealthperadult20220100,000200,000300,000400,000500,000600,000700,000800,000SwitzerlandUnitedStatesAustralia685,226551,347496,719Denmark409,954NewZealandNorway388,761385,338382,957SingaporeCanada369,577358,235352,814NetherlandsBelgiumFrance312,235302,783296,800UnitedKingdomSweden12Description:In2022,Switzerlandledtherankingofcountrieswiththehighestaveragewealthperadult,withapproximately685,000U.S.dollarsperperson.TheUnitedStateswasrankedsecondwithanaveragewealthofaround550,000U.S.dollarsperadult,followedbyAustralia.However,thefiguresdonotshowtheactualdistributionofwealth.TheGiniindexshowswealthdisparitiesincountriesworldwide.ReadmoreNote(s):Worldwide;2022;atcurrentexchangeratesSource(s):CreditSuisse;UBSCountrieswiththemostindividualswithanetworthoveronemillionU.S.dollarsin2022(inthousands)NumberofpeoplewithwealthoveronemillionU.Sdollars2022,bycountryNumberofpeoplewithanetworthoveronemillionU.S.dollarsinthousands5,000

10,000

15,000020,00025,000UnitedStatesChina22,7106,231FranceJapanGermanyUnitedKingdomCanada2,8212,7572,6272,5562,0321,8401,335AustraliaItalyKoreaNetherlandsSpain1,2541,1751,1351,099Switzerland13Description:In2022,therewere22.7millionpeoplewithanetworthofoveronemillionU.S.dollarsintheUnitedStates,whichputthecountryonthetopoftheranking.Chinawasrankedsecondinthatyear,with6.2millionindividualswithwealthexceedingonemillionU.S.dollars.Japanfollowedinthirdwith2.8millionmillionaires.ReadmoreNote(s):Worldwide;2022Source(s):CreditSuisse;UBSPortionofaffluentindividualsinvestablewealthassetallocationworldwidein2022,byregionandassettypePortionofaffluentindividualsinvestablewealthassetallocationworldwide2022Africa17%26%25%5%Asia26%21%18%5%Australasia21%Europe28%19%15%11%9%Americas33%Middle

East25%Global

averageEquities26%21%17%9%Commercialproperty(directownership)Bonds24%10%24%8%21%14%Privateequity/venturecapital12%15%11%Commercialproperty(indirectlythroughfunds)11%7%7%5%7%8%CommercialpropertyindirectlythroughREITs4%7%4%4%4%2%5%Investmentofpassion(e.g.art,cars)3%1%1%7%5%4%1%7%7%2%5%3%1%5%6%2%4%3%3%2%5%3%2%7%GoldCryptoassetsOther2%1%13%11%14Description:Asof2022equitysecuritieswerethemostpopularformofinvestmentamongthemajorityofregionshavingaglobalaverageassetallocationlevelof26percent.InAfricaandAustralasia,themostpopularchoiceforwealthinvestmentamongultraandhigh-net-worthindividualsandbillionaireswasdirectownershipofcommercialproperty.ReadmoreNote(s):Worldwide;

November2022;DataisreflectiveofHNWI,UHNWI,andbillionairsinvestmentactivitiesSource(s):KnightFrankLeadingcitieswiththemostbillionairesin2023Leadingbillionairecities2023Numberofbillionaires020406080100120BeijingNewYorkShanghaiShenzhenLondon1091051039487HongKongMumbai7766Moscow57SanFranciscoHangzhouParis545449GuangzhouBangkok474615Description:AccordingtotheHurunGlobalRichList2023,thecitywiththehighestnumberofbillionairesin2023wasBeijing.Indetail,144billionairesresidedinthecapitalofChina.Furthermore,105billionaireslivedinNewYork,whileShanghaihadabillionairepopulationof103individuals.Thesewerealsotheonlythreecitiesintheworldwithmorethan100billionairesthatyear.ReadmoreNote(s):Worldwide;2023Source(s):HurunResearchInstituteCHAPTER

03WealthmanagersUseandexpecteduseofwealthmanagersworldwidein2021and2023withaforecastfor2026,bytypeofproviderUseofwealthmanagersworldwide2023,bytypeofproviderShareofrespondents2026202315%202120%0%5%10%25%30%35%40%45%41%40%39%Asset/fundmanagerBrokeragefirm/platformFull-serviceinstitutionCommercial/retailbankIndependentfinancialadvisoryfirmPrivatebank38%38%34%34%35%36%28%27%27%25%23%23%24%20%20%21%26%AlternativeinvestmentfirmFinTech(RoboAdvisor,Neobank)Annuityprovider29%18%9%9%8%16%15%13%13%Digitalassets/cryptotradingplatformFamilyoffice11%7%6%1%1%1%Other17Description:Robo-advisors,neobanks,andotherfintechsolutionswereexpectedtohavethelargestgrowthinusage,comparedtootherwealthmanagementprovidersworldwidein2023.Theuseoffintechforwealthmanagementin2023wasninepercent,butwasexpectedtoincreaseupto18percentby2026.ReadmoreNote(s):Worldwide;2021and2023;2,600respondents;SurveyrespondentswerewealthmanagementclientsSource(s):EYLeadingreasonsforselectingwealthmanagersworldwidein2023Topreasonstoselectwealthmanagersworldwide2023Shareofrespondents0%5%10%15%20%25%30%35%40%45%50%InvestmentperformanceCompetitivefees46%43%WiderangeofinvestmentproductsThebrandandreputationofthewealthmanagerStrongdigitaloffering36%31%19%RecommendedbymyfriendsorfamilySustainableinvestmentoptionsDiverseteamofadvisors17%17%12%12%10%AccesstoresearchIndependentreviewsOther2%18Description:Thetopthreereasonsamongclientstochoseawealthmanagerworldwidein2023wereallrelatingtotheserviceprovidedbythewealthmanager,suchasperformancetrackrecordofinvestmentperformance,feestructure,andavailabilityofdifferentinvestmentproducts.Theperformanceofinvestmentswasthemostimportantreason,asitwasselectedby46percentoftheclients.ReadmoreNote(s):Worldwide;2023;2,600respondents;SurveyrespondentswerewealthmanagementclientsSource(s):EYMainfinancialgoalsdiscussed,managedanddelegatedtowealthmanagersworldwideinselectedyearsfrom2019to2023Mainfinancialgoalsdealtwithbywealthmanagersworldwide2019-2023Shareofrespondents202320%2021201930%0%10%40%50%49%60%43%43%ProtectwealthGrowinvestmentreturnsEnsureadequateincomeSavetomeetgoalsReducetaxes41%40%32%51%25%25%38%28%23%23%44%Diversifywealth42%37%21%Financialfreedom16%Wealthtransition23%36%19Description:Themostcommonfinancialgoalthatwasdiscussedwith,managedby,ordelegatedtowealthmanagersin2023wastoprotectthewealthoftheirclients.Theshareofinvestorswhousedtheirwealthmanagersforthisreachedabove40percent,adecreasecomparedtoin2021.Thatyear,themostcommonfinancialgoaldealtwithbywealthmanagerswastoensureadequateincome,alesscommongoalin2023.

ReadmoreNote(s):Worldwide;2019,2021and2023;2,600respondents;SurveyrespondentswerewealthmanagementclientsSource(s):EYPreferredengagementchannelforfinancialplanningactivitiesofwealthmanagementclientsworldwidein2023,bycommunicationtypePreferredengagementchannelofwealthmanagementclientsworldwide2023ShareofrespondentsBymyselfthroughdigitaltools0%WithmyadvisorviavirtualtoolsIn-personwithmyadvisor25%

30%

35%5%10%15%20%19%40%45%44%50%55%Creatingandmaintainingfinancialplan37%31%32%MonitoringandreviewingprogresstogoalsAdviceonhowexternalvariablesimpactaplan38%16%48%36%17%DiscussinghowvaluesarereflectedinandimpacttheplanCreatingaholisticplanusingdatafromotherproviders43%43%40%21%37%20Description:Clientsofwealthmanagementfirmspreferreddirectcommunicationfromtheiradviserswhendiscussingfinancialplanning.Themostpopularformofengagementpreferredbyclientswascommunicatingwithanadvisorviavirtualtools.Thismethodwaschosenforthemajorityofactivitiesasidefromcreatingandmaintainingafinancialplan.Forthisactivity,anin-personapproachwasthemostpopular.ReadmoreNote(s):Worldwide;2023;2,600respondents;SurveyrespondentswerewealthmanagementclientsSource(s):EYCHAPTER

04AssetallocationAssetallocationofultraandhighnetworthindividualsworldwidein2023,bywealthstatusAssetallocationofultraandhighnetworthindividualsworldwide2023UHNWIHNWI50%46%45%40%35%30%25%20%15%10%5%43%33%29%22%15%10%2%0%CashAlternativesFixedIncomeEquities22Description:Asof2022,alternativeinvestmentsecuritieswerethemostpopularassettypeamongultrahighnetworthindividuals(UHNWI)worldwide.Equitiesaccountedforthelargestportionofassetallocationamonghighnetworthindividuals(HNWI).Fixed-incomesecuritieswerealsopopularamongbothparties,accountingfor15percentofUHNWIs`and33percentofHNWIs'assetallocation.ReadmoreNote(s):WorldwideSource(s):SmartAssetAssetsofhighnetworthindividuals(HNWIs)andultra-highnetworthindividuals(UHNWIs)worldwidein2022,byregion(intrillionU.S.dollars)AssetsofHNWIsandUHNWIsworldwide2022byregionandtypeAssetsintrillionU.S.dollarsFinancialassets60

80Realassets100Liabilities12002040140160180200220NorthAmericaAsia-Pacific(excl.Japan)WesternEuropeJapanMiddleEastandAfricaLatinAmericaEasternEurope23Description:Thehighnetworthindividuals(HNWI)andultra-highnetworthindividuals(UHNWI)inNorthAmericahadthehighestvalueofassetsworldwidein2022.ThelargestpartofNorthAmericanHNWIandUHNWI'sassetswerefinancialassets,suchascashanddeposits,bonds,equities,andshares,whichreachedavalueofover116trillionU.S.dollarsin2022.NorthAmericanwealthmanagementclientsalsohadthehighestliabilities,morethan21trillionU.S.dollars.

ReadmoreNote(s):Worldwide;2022Source(s):BCGAssetallocationofinstitutionalfamilyofficesworldwidein2023Assetallocationoffamilyofficesworldwide2023Privatecredit3%Commodities1%Other4%Hedgefunds6%Publicmarketequities29%Privaterealestateandinfrastructure9%Fixedincome10%Privateequity26%Cashandcashequivalents(excludingUSgovernmentbonds)12%24Description:Halfoftheassetsoffamilyofficesworldwidein2023wereinvestedinequities.Publicmarketequitiesaccountedforalmost30percentoftotalassetallocationamonginstitutionalfamilyofficesworldwide,whileprivateequityaccountedforover25percentofassets.ReadmoreNote(s):Worldwide;

January17

toFebruary17,2023;160institutionalfamilyofficesSource(s):GoldmanSachsSatisfactionrateofinvestmentservicesproductamongwealthmanagementclientsworldwidein2023,byregionInvestmentproductservicesatisfactionofclientsworldwide2023,byregionActivefunds63%PassivefundsAlternativeinvestmentsDigitalassetsSustainableinvestments(ESG)80%70%60%50%40%30%20%10%0%75%70%69%69%

69%68%67%62%62%57%57%56%

56%56%47%50%49%48%40%33%39%38%31%37%36%36%29%27%18%NorthAmericaAsia-PacificEuropeMiddleEastLatinAmericaGlobal25Description:Theinvestmentservicesofferedbywealthmanagementfirmstoclientsregardingdigitalassetshadthelowestsatisfactionrateswithaglobalaverageofunder30percent.Activefundshadthehighestrateofsatisfactionamongwealthmanagementclientswithalmost70percentofrespondentssatisfiedwiththeservicesoffered.ReadmoreNote(s):Worldwide;2023;2,600respondents;SurveyrespondentswerewealthmanagementclientsSource(s):EYServicessatisfactionrateofinvestmentproductsamongwealthmanagementclientsworldwidein2023,bygenerationInvestmentproductservicesatisfactionofclientsworldwide2023,bygenerationActivefunds63%PassivefundsAlternativeinvestmentsDigitalassetssustainableinvestments(ESG)80%70%60%50%40%30%20%10%0%72%68%66%65%58%57%55%53%49%40%38%31%24%14%MillennialsGenerationXBabyboomers26Description:Thegenerationleastsatisfiedbytheservicesprovidedbytheirwealthmanagementfirmsinrelationtovariousinvestmentproductswerethebabyboomers.Lessthan15percentofboomersweresatisfiedwithservicesrelatingtodigitalassets.ThiswasasatisfactionrateoflessthanhalfthatofGenerationXandlessthanathirdcomparedtothesatisfactionrateofmillennials.ReadmoreNote(s):Worldwide;2023;2,600respondents;SurveyrespondentswerewealthmanagementclientsSource(s):EYSatisfactionrateofinvestmentservicesproductamongwealthmanagementclientsworldwidein2023,bywealthlevelInvestmentproductservicesatisfactionofclientsworldwide2023,bywealthActivefundsPassivefunds69%AlternativeinvestmentsDigitalassetsSustainableinvestments(ESG)73%80%70%60%50%40%30%20%10%0%71%61%69%62%59%54%53%47%45%44%38%31%34%34%32%28%26%15%MassaffluentHighnetworthVery-highnetworthUltra-highnetworth27Description:Theservicesprovidedbywealthmanagementfirmstotheirclientsrelatingtoactivelymanagedfundshadthehighestoveralllevelsofsatisfactionasover70percentofultra-highnetworthandVery-highnetworthindividualsweresatisfiedwiththecurrentofferings.Servicesrelatingtodigitalassetshadsomeofthelowestsatisfactionrateswiththemajorityofclientwealthgroupsreportingasatisfactionrateofunder30percent.ReadmoreNote(s):Worldwide;2023;2,600respondents;SurveyrespondentswerewealthmanagementclientsSource(s):EYCHAPTER

05WealthmanagementintheU.S.UnitedStates:estimatednetworthofthe20richestpeopleasof2023(inbillionU.S.dollars)TherichestpeopleinAmerica2022NetworthinbillionU.S.dollars60

8002040100120140160180200ElonMusk(TeslaMotors,SpaceX)JeffBezos(Amazon)180114LarryEllison(Oracle)WarrenBuffet(BerkshireHathaway)BillGates(Microsoft)107106104MichaelBloomberg(BloombergLP)SteveBallmer(Microsoft)LarryPage(Google)94.580.779.276SergeyBrin(Google)MarkZuckerberg(Facebook)JuliaKoch&family(KochIndustries)CharlesKoch(KochIndustries)JimWalton(Walmart)64.4595958.829Description:AsofJune2023,ElonMuskwasestimatedasthewealthiestpersonintheUnitedStateswithanetworthofaround180billiondollars.ReadmoreNote(s):UnitedStates;2023Source(s):ForbesNumberofhouseholdsintheUnitedStateswithonemillionormoreU.S.dollarsininvestibleassetsin2020,bystateNumberofhouseholdswhoaremillionaires.bystateU.S.2020Shareoftotalhouseholds0200,000400,000600,000800,0001,000,0001,200,0001,400,000CaliforniaTexas1,147,251650,216NewYorkFlorida570,456496,971Illinois346,873PennsylvaniaNewJerseyVirginia328,859323,443272,103OhioMassachusettsGeorgia261,157254,201239,287236,858233,155MichiganWashington30Description:In2020,CaliforniahadthehighestnumberofmillionairehouseholdsintheU.S.,with1.14millionhouseholdshavingonemillionormoreininvestibleassets.Thisisnearlydoublethe650,216millionairehouseholdsinTexas,thestatewiththesecond-highestnumber.ReadmoreNote(s):UnitedStates;2019Source(s):KiplingerLeadingindependentbroker-dealersintheUnitedStatesin2022,bygrossrevenue(inmillionU.S.dollars)Leadingindependentbroker-dealersintheU.S.2022,bygrossrevenueGrossrevenueinmillionU.S.dollars01,0002,0003,0004,0005,0006,0007,0008,0009,00010,000LPLFinancialAmeripriseFinancial8,600.86,193.7RaymondJamesFinancialServicesAdvisorGroup3,590.43,590.43,501.3CeteraFinancialGroupNorthwesternMutualInvestmentServices*CommonwealthFinancialNetworkMMLInvestorsService2,710.22,203.62,074.7CambridgeInvestmentResearchEquitableAdvisorsBrokerDealerKestraInvestmentServicesAvantaxInvestmentServicesAtriaWealthSolutions1,466.81,244.5790.4666.5608.8SecurianFinancialServicesLincolnFinancialNetwork474.3398.231Description:AsofMarch2023,LPLFinancialwasthelargestindependentbroker-dealerbygrossrevenue,withmarginsofroughly8.6billionU.S.dollarsroughly2.4billionU.S.dollarsmorethanthesecondlargestindependentbrokerintheUnitedStateswhichwasAmeripriseFinancial.ReadmoreNote(s):UnitedStates;2022Source(s):FinancialAdvisorLeadingregisteredinvestmentadvisorcompanies(RIA)intheUnitedStatesin2022,bymanagedassets(inmillionU.S.dollars)LeadingregisteredinvestmentadvisorsintheU.S.2022,byassetsAssetsinmillionU.S.dollars0100,000200,000300,000400,000500,000600,000700,000800,000900,000CAPTRUSTEdelmanFinancialEngines,BostonSageViewAdvisoryGropeHightowerAdvisors777,297.74241,970.18156,399.42105,230.21FortWashingtonInvestmentAdvisorsCIBCPrivateWealthMarinerWealthAdvisorsWealthEnhancementAdvisoryServicesCerityPartners71,037.869,749.2365,874.5756,392.7140,433.57FiducientAdvisorsKayneAndersonRudnickInvestmentMgmtMoneta40,020.7733,531.2730,651.3828,904.9924,940.0724,835.86SilvercrestAssetManagementGroupEvokeAdvisorsPathstone32Description:Theleadingregisteredin