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HNW (富裕層) のオフショア投資:HNWのオフショア投資を支える促進因子・モチベーションの分析

HNW Offshore Investment: Drivers and Motivations 2018

発行 GlobalData 商品コード 360984
出版日 ページ情報 英文 46 Pages
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HNW (富裕層) のオフショア投資:HNWのオフショア投資を支える促進因子・モチベーションの分析 HNW Offshore Investment: Drivers and Motivations 2018
出版日: 2018年12月12日 ページ情報: 英文 46 Pages
概要

HNWのオフショア投資には複数の促進因子があります。世界レベルでは約4分の1のHNWIが、より良い、またはより広範囲の投資オプションへアクセスするために資産を外国へ投資しており、これは最も重要な促進因子となっています。

当レポートでは、HNW (富裕層) 市場においてオフショア投資を支える促進因子について分析し、20ヶ国におけるHNWのオフショア投資嗜好、HNW投資家のモチベーションなどをまとめています。

目次

エグゼクティブサマリー

HNW (富裕層) のオフショア投資を促進する世界の動向

  • HNWオフショア投資を促進する複数の要因
  • オフショア投資のモチベーションにおける大きな地域的相違の存在

促進因子の詳細分析

  • 国別の分析はHNWI (富裕層) のオフショア投資に対するモチベーションについて、さらに深い洞察を明らかに
  • 促進因子その1:HNWIはより広範かつより良い投資範囲へのアクセスを獲得するためオフショアへ投資
  • 促進因子その2:税制が複雑な国に居住するHNWIは租税効率的なオフショアを求める
  • 促進因子その3:HNW投資家は利益の高い良いオフショアに賭ける
  • 促進因子その4:オフショア投資の促進因子としての通貨変動は、ますます重要に
  • 促進因子その5:政治・経済の不安定性は、資産の長期的な将来を恐れるHNWIにとっての強力な促進因子

付録

図表リスト

図表

List of Tables

  • Table 1: Offshore investments as a proportion of total managed HNW wealth, 2017-18 38
  • Table 2: HNW offshore investment drivers, 2018 (part 1) 39
  • Table 3: HNW offshore investment drivers, 2018 (part 2) 40
  • Table 4: HNW offshore investments by asset class, 2018 41

List of Figures

  • Figure 1: Scandals have not taken a toll on the global HNW offshore market 9
  • Figure 2: Diversification benefits are driving offshore investments in the HNW space 11
  • Figure 3: Geographic diversification is a key consideration in North America 12
  • Figure 4: Diversification benefits drive offshore investment in markets at various stages of development 14
  • Figure 5: HNW investors prefer to book their wealth close to home 16
  • Figure 6: Tax efficiencies as an offshore driver are of particular importance in the UK 17
  • Figure 7: HNW demand for tax planning is strong in the vast majority of countries surveyed 19
  • Figure 8: Kendris' app keeps professionals updated on compliance deadlines 20
  • Figure 9: Opinions on whether CRS will benefit non-participating jurisdictions are divided 22
  • Figure 10: Political and economic instability are key offshore drivers in a number of countries 23
  • Figure 11: Political stability is a real concern in South Africa and Turkey 24
  • Figure 12: The majority of both South African and Turkish HNW wealth is booked in safe havens 26
  • Figure 13: HNW investors in Sweden are betting on better returns offshore 27
  • Figure 14: The average HNW offshore portfolio is increasingly biased towards equity investments 29
  • Figure 15: The DAX and S&P 500 have outperformed the OMXS30 since January 2013 30
  • Figure 16: Access to a broader range of investment options is of particular importance in Hong Kong 32
  • Figure 17: Client anonymity as an offshore driver is important in only a handful of countries 34
  • Figure 18: The Turkish lira has enjoyed a wild ride over the past few years 35
  • Figure 19: Investec provides non-resident mortgages to South African HNW investors 36
目次
Product Code: FS0170IA

Despite the scandals that have shaken the industry, the proportion of high-net-worth (HNW) individuals who invest offshore has been on the rise. However, this is not the time to be complacent - wealth managers need to do their due diligence and provide sound advice spanning multiple jurisdictions to capitalize on the rising proportion of offshore wealth.

The report "HNW Offshore Investment: Drivers and Motivations 2018", reveals that despite recent data leaks and high-profile scandals such as the Panama Papers and Paradise Papers, the proportion of wealth HNW individuals who invest offshore has risen from 11.2% in 2014 to 16.9% in 2018. It found that HNW investors are increasingly seeking new homes for their wealth to achieve benefits from global diversification and gain tax efficiencies.

According to Heike van den Hoevel, Senior Wealth Analyst "It is true that the offshore world has been shaken, and naturally this leads to the assumption that the global HNW offshore market has taken a hit. To avoid being tainted by association one would expect HNW investors - especially those with significant public exposure - to repatriate at least some of their fortunes. Yet this has not been the case, as HNW investors continue to see value in offshoring their wealth."

In fact, 2018 Global Wealth Managers Survey shows that wealth managers do not anticipate repatriation of HNW wealth following offshore scandals to have a positive effect on onshore business growth.

While drivers differ from country to country, global diversification benefits and tax efficiencies top the list. For example, European investors offshore the largest proportion of their wealth to achieve tax efficiencies (24%) while North Americans invest the largest proportion offshore to diversify (41%).

Heike continues: "Understanding the reasons why HNW investors book their wealth abroad is paramount to capitalize on the rising proportion of offshore wealth. Tax efficiencies as a driver for offshore investments are almost as important to HNW investors as geographic diversification. This means providers have to focus on uncorrelated or less correlated risks when promoting offshore investments to potential clients."

Demand for tax advice has risen significantly over the past few years, and HNW investors are looking for ways minimize their tax liabilities via offshore booking centers. This puts wealth managers in a difficult position. Clients are becoming increasingly demanding when it comes to structuring their fortunes in a tax-efficient but legal way. But realizing tax efficiencies has become harder as governments globally have picked up their game. This means wealth managers are walking a fine line and need to ensure all structures are carefully vetted.

Heike concludes: "The days of secrecy and illicit structures have passed, and providers need to ensure they are well equipped to do their due diligence and provide sound advice spanning multiple jurisdictions. Avoiding the reputational and financial damage associated with any further scandals is in both wealth managers' and investors' interest."

The report "HNW Offshore Investment: Drivers and Motivations 2018", analyze's the drivers behind offshore investments in the HNW space. It examines and contrasts HNW offshore investment preferences across 24 jurisdictions, providing readers with an in-depth understanding of what is motivating HNW investors to look for new homes for their wealth.

Scope

  • At a global level, 17% of HNW wealth is invested outside one's country of residence.
  • European investors offshore the largest proportion of their wealth to achieve tax efficiencies (24%), while North Americans invest the largest proportion offshore to diversify (41%).
  • 48% of global HNW wealth is held via equities, 18% via bonds, and 16% via property.
  • Economic and political instabilities are driving 16% of global HNW wealth offshore.
  • HNW expatriate money flows are responsible for only 5% of HNW offshore wealth, but are of particular importance in expat hubs such as Singapore.

Reasons to buy

  • Understand the global trends that are driving offshore investments in the HNW space.
  • Learn why certain HNW offshore drivers are more relevant in some countries than in others and how this affects your business.
  • Learn how political and economic instability affects client preferences, and how global markets shape investment behavior in the HNW space.
  • Give your marketing strategies the edge required and capture new clients using insights from our data on HNW drivers for investing offshore.

Table of Contents

  • 1. EXECUTIVE SUMMARY 2
  • 1.1. Providing tax advice spanning multiple jurisdictions is key 2
  • 1.2. Key findings 2
  • 1.3. Critical success factors 2
  • 2. GLOBAL TRENDS DRIVING HNW OFFSHORE INVESTMENTS 8
  • 2.1. Offshore investments have been on the rise despite global scandals 8
  • 2.1.1. Diversification benefits remain the number one offshore driver in the HNW space 9
  • 2.1.2. Tax efficiencies is now the second most important factor driving offshore investments 10
  • 2.1.3. Other drivers include the expectation of better returns and access to better products 10
  • 2.2. Significant regional differences exist in the motivations for offshore investment 11
  • 2.2.1. Offshore propositions must be tailored at a country or regional level 11
  • 3. DETAILED DRIVER ANALYSIS 13
  • 3.1. Local market factors drive the variety in HNW individuals' motivations for offshore investment 13
  • 3.2. Driver one: HNWs invest offshore to achieve diversification benefits 13
  • 3.2.1. Players looking to attract offshore HNW wealth should highlight the benefits of geographic diversification, while smaller companies should promote funds 14
  • 3.2.2. Geographic diversification alone is not enough 15
  • 3.3. Driver two: The desire for tax efficiency represents an opportunity 16
  • 3.3.1. Taxation is a crucial consideration for a number of reasons, including high rates, complex tax systems, and changing regulations 16
  • 3.3.2. Being able to provide sound tax advice is becoming more important than ever 18
  • 3.3.3. Compliance is becoming an increasingly big headache, but technology can assist 19
  • 3.3.4. The US and fake residency information are the biggest issues facing CRS 20
  • 3.4. Driver three: Instability is increasingly driving offshore investments 23
  • 3.4.1. Economic factors are marginally more important than political ones as an offshore driver 23
  • 3.4.2. Political and economic instability are major concerns in Turkey and South Africa 24
  • 3.4.3. Hong Kong investors worry about the effects of an economic slowdown 26
  • 3.5. Driver four: HNW investors are betting on better returns offshore 27
  • 3.5.1. HNW investors are increasingly tapping equity markets offshore to boost returns 27
  • 3.5.2. The comeback of China's QDII program could have an adverse effect on offshore holdings 30
  • 3.6. Access to a broader and better range of investments is also an important consideration in the offshoring decision 31
  • 3.3.2. Domestic market sector concentration bias drives offshore investment in the developed world 32
  • 3.6.1. Access to a broader range of investment options is an important driver in markets with limited investment options 33
  • 3.7. Other drivers: The importance of currency volatility, client anonymity, and expatriate money flows varies across markets 33
  • 3.7.1. Client anonymity is only of relevance in a select few countries 33
  • 3.7.2. Currency volatility as a driver for offshore investments is becoming more important 34
  • 3.7.3. Wealth managers will do well to keep an eye on emerging markets 36
  • 3.7.4. Helping HNW entrepreneurs formulate a foreign exchange management strategy is becoming increasingly important 36
  • 3.7.5. HNW expat money flows are responsible for only 5% of HNW offshore wealth, but there are notable exceptions 37
  • 4. APPENDIX 38
  • 4.1. Abbreviations and acronyms 38
  • 4.2. Supplementary data 38
  • 4.3. Definitions 42
  • 4.3.1. Affluent 42
  • 4.3.2. CRS 42
  • 4.3.3. Exchange of information 42
  • 4.3.4. HNW 43
  • 4.3.5. Liquid assets 43
  • 4.3.6. Mass affluent 43
  • 4.3.7. Residency 43
  • 4.4. Methodology 43
  • 4.4.1. GlobalData's 2018 Global Wealth Managers Survey 43
  • 4.4.2. GlobalData's 2017 Global Wealth Managers Survey 44
  • 4.5. Bibliography 44
  • 4.6. Further reading 45
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