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1、R,G W,Shaping a New Tomorrow,How to Capitalize on the Momentum of Change,The Boston Consulting Group(BCG)is a global manage-ment consulting rm and the worlds leading advisor onbusiness strategy.We partner with clients in all sectorsand regions to identify their highest-value opportunities,address th
2、eir most critical challenges,and transform theirbusinesses.Our customized approach combines deepinsight into the dynamics of companies and markets withclose collaboration at all levels of the client organization.This ensures that our clients achieve sustainable compet-itive advantage,build more capa
3、ble organizations,andsecure lasting results.Founded in 1963,BCG is a privatecompany with 74 oces in 42 countries.For more infor-mation,please visit.,Shaping a New Tomorrow,How to Capitalize on the Momentum of Change,G W 2011,Jorge BecerraPeter Damisch,Bruce Holley,Monish Kumar,Matthias Naumann,Tjun
4、Tang,Anna Zakrzewski,May 2011,Fax:,The Boston Consulting Group,Inc.2011.All rights reserved.,For information or permission to reprint,please contact BCG at:E-mail:bcg-,+1 617 850 3901,attention BCG/Permissions,Mail:BCG/Permissions,The Boston Consulting Group,Inc.One Beacon StreetBoston,MA 02108USA,5
5、,6,6,7,9,11,13,14,15,18,20,20,22,24,27,27,29,32,34,35,ContentsIntroductionMarket Sizing:Capitalizing on a Sustained RecoveryGlobal OverviewMillionaires,OutlookRegional Focus:Asia-Pacific(ex Japan)Regional Focus:Latin AmericaOffshore Wealth:Adapting to New ComplexitiesConstraints on Growth and Profit
6、abilityNew Competitive DynamicsWinning Strategies in Offshore BankingWealth Manager Benchmarking:Competitive Evolution in EuropeComparing Key Measures of PerformanceEuropean Onshore Private Banks Versus Swiss Offshore Private BanksImproving Performance in a Challenging MarketPricing and the New Real
7、ities of Wealth ManagementThe Cost of Ambiguous PricingFour Imperatives for Improving PricingGuidelines for Implementing New Pricing StrategiesFor Further ReadingNote to the ReaderS N T,9,T B C G,G,Introduction,lobal wealth climbed by 8.0 percent in2010 to$121.8 trillion,or about$20 tril-lion above
8、where it stood during thedepths of the nancial crisis.The rate ofgrowth has slowed since the sharp turn-around in 2009 and was below the pace set during theprecrisis boomfrom year-end 2002 through 2007when wealth grew at a compound annual rate of nearly11 percent.Still,the outlook remains upbeat.Glo
9、balwealth is expected to increase at an annual rate of near-ly 6 percent over the next several years,with exception-al growth in emerging markets.,More broadly,changes in client behavior and competi-tive dynamics are aecting virtually every type of wealthmanager.In some regions,clients are becoming
10、moreprice sensitive,prices are becoming more transparent,and competitorsparticularly those wielding new or al-ternative business modelsare using the combinationof these two trends as a way to gain market share.Formany wealth managers,however,pricing remains a vast-ly underutilized tool for improving
11、 revenue margins.Atmany wealth-management institutions,pricing strategiesare more arbitrary than deliberate and are oen decou-pled from the service levels provided to specic client,segments.Despite such encouraging signs,our benchmarking sur-,vey of 120 wealth managers around the world foundmixed re
12、sults for 2010.The average pretax prot marginof wealth managers increased to 23 basis points,up 4 ba-sis points from 2009.In most regions,however,revenuemargins remained lower than they were before the crisis(and in some places continued to decline),while cost-to-income ratios remained higher(and in
13、 some places con-tinued to rise).Oshore wealth managers,particularlythose based in Switzerland,faced the most signicantchallenges,as the push to increase tax and regulatorycompliance as well as international reporting stemmedthe ow of assets and imposed new costs.S N T,As much as the sustained recov
14、ery of global wealth reaf-rms wealth managements place as a relatively stableand attractive part of the nancial services world,it alsomasks important and lasting changes to the dynamics ofthis industry.Perhaps more than ever,a wealth managersadaptabilityits capacity to anticipate and respond to acom
15、bination of regulatory,client-driven,and competitivechangeswill determine how well it prospers from thecontinued growth of wealth.,G,Market SizingCapitalizing on a Sustained Recovery,lobal wealth grew in nearly every region ofthe world in 2010,with assets under man-agement(AuM)showing signs of a sus
16、-tained recovery in both developed andemerging markets.1(See Exhibit 1.)By theend of the year,AuM had increased by$9 trillion andwas at a record-high level.Global OverviewNorth America had the largest absolute gain in wealth,at$3.6 trillion,and the second-highest growth rate,at 10.2percent.Its$38.2
17、trillion in AuMnearly one-third of glob-al wealthmade it the worlds richest region.In Europe,wealth grew at a below-average rate of 4.8 percent,but theregion still gained$1.7 trillion in AuM.North America sur-passed Europe as the wealthiest region in part because itscapital markets had a stronger re
18、covery,but also becausethe euro lost value relative to the dollar in 2010.Wealth grew fastest in Asia-Pacic(ex Japan),at a 17.1percent rate(the region is classied as“emerging”be-cause of the predominance of emerging markets).In theMiddle East and Africa,growth was above the global av-erage,at 8.6 pe
19、rcent,but was limited by volatility in theprice of oil as well as by the real estate crisis in Dubai.In Latin America,wealth grew by 8.2 percent.Together,these three emerging-market regions accounted for$29.7 trillion in AuM,and their share of global wealthcontinued to risefrom 20.9 percent of globa
20、l wealth in2008 and 22.9 percent in 2009 to 24.4 percent in 2010.Wealth declined by 0.2 percent in Japan to$16.8 trillion.Although Japan remains one of the largest wealth mar-kets in the world,its share of the Asia-Pacic regions,AuM has been declining.As recently as 2008,Japan ac-counted for more th
21、an half of all the wealth in Asia-Pacif-ic.In 2010,it accounted for about 44 percent.Adjusted to reect uctuations in exchange ratesin oth-er words,with wealth converted to U.S.dollars using pre-vailing year-end exchange rates for each year rather thanusing year-end 2010 exchange rates across all yea
22、rsglobal wealth grew by 9.4 percent in 2010.(See Exhibit 2.)The dierence was most noticeable in Asia-Pacic,wherelocal currencies gained in value relative to the U.S.dollar.In Asia-Pacic(ex Japan),the currency eect turned a17.1 percent increase,measured at a constant conversionrate,into an increase o
23、f 22.8 percent.In Japan,it turneda 0.2 percent decline,measured at a constant conversionrate,into a 12.8 percent gain.The currency eect had a small but positive impact onthe growth of wealth in Latin America and also in theMiddle East and Africa.In Europe,on the other hand,it actually dampened growt
24、h,as the euro lost valuerelative to the U.S.dollar.Adjusted for exchange rates,Eu-ropean wealth grew by only 0.4 percent in 2010,compared with 4.8 percent on the basis of constant ex-change rates.Drivers of Growth.The strong performance of the nan-cial markets accounted for 59 percent of the growth
25、in1.AuM includes cash deposits,money market funds,listed securi-ties held directly or indirectly through managed investments,andonshore and offshore assets.It excludes wealth attributed to inves-tors own businesses,residences,or luxury goods.Global wealth re-flects total AuM across all households.Un
26、less stated otherwise,AuM figures and percentage changes are based on local AuM totalsthat were converted to U.S.dollars using year-end 2010 exchangerates for all years in order to exclude the effect of fluctuating ex-change rates.T B C G,14.9,2,1,2,3,Exhibit 1.Global Wealth Continued to Grow in 201
27、0,but at a Slower PaceAuM,20082010($trillions),11.131.2,34.6,10.238.2,7.033.1,35.4,4.837.1,1.416.6,16.8,0.216.8,2008,2009,2010,2008 2009 2010North America1,2008,2009 2010Europe,24.718.52008 2009,17.121.72010,Japan10.3,8.0,10.32.9,3.2,8.23.5,13.63.6,4.1,8.64.5,Asia-Pacic(ex Japan),102.335.6,112.841.8
28、,121.847.4,2008 2009 2010Latin America3,2008 2009 2010Middle East and Africa,66.7,71.0,74.4,Households with more than$1 million in AuMHouseholds with less than$1 million in AuM,Change(%),2008,2009Global,2010,Source:BCG Global Wealth Market-Sizing Database,2011.Note:AuM numbers for all years were con
29、verted to U.S.dollars at year-end 2010 exchange rates to exclude the effect of currency fluctuations.Percentage changes and global totals of AuM are based on complete(not rounded)numbers.Calculations for 2008 and 2009 are based on the samemethodology used for the 2010 calculations.Global wealth is m
30、easured by AuM across all households.United States and Canada.Includes Australia and New Zealand.South America,Central America,and Mexico.,AuM in 2010.The remainder came from savings.The im-pact of the nancial markets was amplied by the ongo-ing reallocation of wealth.During the crisis,cash wasking.
31、Since then,clients have been redirecting their assetsback into riskier investments.From year-end 2008through 2010,the share of wealth held in equities in-creased from 29 percent to 35 percent,while the share ofwealth held in cash and deposits declined from 49 per-cent to 45 percent.(Bonds accounted
32、for the remainderof global wealth.)The rising share of wealth held in equities was heavily in-uenced by changes in North America,where the abso-lute amount of wealth held in equities increased by 18.1percent and where nancial market performance ac-counted for 81 percent of the increase in AuM.The re
33、gioncontinued to have the highest proportion of wealth heldin equities44 percent,up from 41 percent in 2009.Thechange was signicantly smaller in all other regions ex-cept Asia-Pacic(ex Japan),where the proportion ofwealth held in equities grew from 30 percent to 34 per-cent.Despite these increases,w
34、e do not expect the shareS N T,of wealth held in equities to reach its precrisis level of 39percent until 2013.MillionairesThe vast majority of the worlds wealth,87 percent,wasowned by households with more than$100,000 in AuM.(See Exhibit 3.)Millionaire households represented just0.9 percent of all
35、households but owned 39 percent ofglobal wealth,up from 37 percent in 2009(measured inU.S.dollars).The proportion of wealth owned by million-aire households increased the most in Asia-Pacic,at 2.9percentage points,followed by North America,at 1.3 per-centage points.A subset of this groupthe establis
36、hedwealthy,with more than$5 million in AuMrepresent-ed about 0.1 percent of all households and owned near-ly 22 percent of global wealth,up from 20 percent in2009.Again,the proportion of wealth owned by thesehouseholds increased the most in Asia-Pacic,at 2.2 per-centage points,followed by North Amer
37、ica,at 1.5 per-centage points.Emerging markets,in general,had some,1,2,holds,58.8,(48%),97 19,4,12,3,96,Exhibit 2.A Weak U.S.Dollar Magnified the Growth of AuM(Except in Europe),AuM,excluding currency eects,120052010 and 2015E($trillions),Growthin 2010(%),Compound annualgrowth rate,excludingcurrency
38、 eects1(%),Excludingcurrencyeects1,Includingcurrencyeects2,Five yearsthrough2010,Five yearsthrough2015E,Total,95.8,104.9,111.8,102.3,112.8,121.8,161.9,8.0,9.4,4.9,5.9,5.4,6.7,8.28.6,10.29.6,8.96.9,9.38.2,2.33.216.711.1,2.53.617.312.8,2.83.917.315.5,2.93.616.614.9,3.24.116.818.5,3.54.516.821.7,18.137
39、.345.6,0.217.14.8,12.822.80.4,0.114.43.4,1.511.44.2,31.3,33.6,34.8,33.1,35.4,37.1,31.3,35.1,37.5,31.2,34.6,38.2,48.8,10.2,10.6,4.1,5.0,2005,2006,2007,2008,2009,2010,2015E,Latin America,Middle East and Africa,Japan,Asia-Pacic(ex Japan),Europe,North America,Source:BCG Global Wealth Market-Sizing Datab
40、ase,2011.Note:Compound annual growth rates are calculated on the basis of year-end values and complete(not rounded)numbers.AuM numbers for all years were converted from local currencies to U.S.dollars at year-end 2010 exchange rates(that is,at a constant rate of exchange).AuM numbers for 2009 and 20
41、10 were converted from local currencies to U.S.dollars at year-end 2009 and year-end 2010 exchange rates,respectively.Exhibit 3.Wealth Was Much More Concentrated in Emerging Markets,Number and holdingsof households,2010,Households and AuM by segmentand region,2010(%),0.9 per-cent of 1.7 1,434.9house
42、-10.8 233.7(16%),121.826.5(22%)20.9(17%),39 percentof globalAuM,Maturemarkets,0.11,3960,Europe15116014,0.74,North America29452451 39,8,0.239,88,Japan,1575,92,Households AuM,Households AuM,Households AuM,1,188.6(83%)15.6(13%)Households AuM(millions)($trillions),LatinAmerica0.040.22 24Emergingmarkets4
43、4Households AuM,Middle Eastand Africa0.080.353895 162719Households AuM,Asia-Pacic(ex Japan)0.10.227183322Households AuM,Established wealthy(more than$5 million in AuM)Emerging wealthy($1 million to$5 million in AuM),Auent($100,000 to$1 million in AuM)Nonwealthy(less than$100,000 in AuM),Source:BCG G
44、lobal Wealth Market-Sizing Database,2011.Note:Discrepancies in totals reflect rounding.T B C G,8,4,4,3,of the highest concentrations of established wealthyhouseholds.The number of millionaire households increased by 12.2percent in 2010 to about 12.5 million.The United Stateshad the most millionaire
45、households,followed by Japan,China,the United Kingdom,and Germany,while smallcountries continued to have some of the highest concen-trations of millionaire households.(See Exhibit 4.)In Sin-gapore,15.5 percent of all households had at least$1 mil-lion in wealth.Switzerland had the highest concentrat
46、ionof millionaire households in Europe and the second-high-est overall,at 9.9 percent.The United States had the larg-est number of ultra-high-net-worth(UHNW)households(those with more than$100 million in AuM),while SaudiArabia had the highest concentration of UHNW house-holds,followed by Switzerland
47、,Hong Kong,Kuwait,andAustria.OutlookWe expect wealth to grow at a compound annual rate of5.9 percent from year-end 2010 through 2015 to about$162 trillion,driven by the performance of the capitalmarkets,the growth of GDP,and increased savings in,countries around the world.Wealth will grow fastest in
48、Asia-Pacic(ex Japan),at a compound annual rate of 11.4percent.As a result,the regions share of global wealth isexpected to increase from 18 percent in 2010 to 23 per-cent in 2015.In Japan,the amount of wealth is expectedto decrease slightly in 2011 and then grow slowly for sev-eral years.The impact
49、of the recent earthquake on pri-vate wealth is still unclear,but it could put further stresson Japans growth rate.In general,wealth will grow at above-average rates inemerging markets.(See Exhibit 5.)In India and China,itwill increase at a compound annual rate of 18 percent and14 percent,respectivel
50、y,from year-end 2010 through 2015.China alone will account for 19 percent of the overall in-crease in AuM over the period,while India will account forabout 8 percent.We expect growth rates in Western Eu-rope and North America to be slightly below the globalaverage.Regional Focus:Asia-Pacific(ex Japa
