全球财富中心：多元化驱动因素

Chapter 1:The acceleration of global diversification4Chapter 2:Hong Kong8Chapter 3:Singapore12Chapter 4:Switzerland16Contents Chapter 5:The United Kingdom20Chapter 6:The United States24End note:Widening wealth corridors2830Sources32Technical note34Acknowledgements36About HSBC Global Private Banking30 4Active accumulationCapturing new opportunities and managingrisk through portfolio diversification hasalways been the foundation stone for boostinginvestment returns. And in recent years, HighNet Worth (HNW) and Ultra High Net Worth(UHNW) individuals have been pursuing it withincreasing vigour.At first sight, this strategy might seemcounterintuitive. Geopolitics seems to bepushing trade and economic policy in theopposite direction. Many companies arebringing their manufacturing operations home(onshoring), or basing them in “friendly”neighbours (nearshoring).So why are the wealthiest investors spreadingthe net wider and at an even faster ratethan ever before? One reason lies in a beliefthat individual markets are becoming lesscorrelated.For if one country turns inwards, then itseconomy is likely to perform at a different rate,even in relation to its nearest neighbours. Ininvestment terms, it opens up the potential forreturns in one market that another currentlydoes not offer.In many ways, this kind of geographicaldiversification is an extension of a longfavoured investment theme: that investors indeveloped markets benefit from investing inemerging markets and vice versa.For many years, developed market investorshave sought access to high-growth companiesin fast-expanding emerging markets, usuallythrough their stock markets.In turn, investors in high-growth markets havetried to protect themselves from volatilityin their home markets by making long-terminvestments in developed markets theyperceive to enjoy highly-evolved and extremelystable regulatory regimes. European hardassets such as property and infrastructure,for example, have been long-time favouritesamong Asian and Middle Eastern investors.HSBC Global Private Banking researchdemonstrates how diversification isaccelerating among the world’s wealthiestinvestors. Our annual Global EntrepreneurialWealth Report shows that HNW and UHNWentrepreneurs are actively moving assets andadding residencies in new jurisdictions.The home for their illiquid assets (business andprimary residence), will not be the one whereall their liquid assets are too. They are taking abroader view in a multipolar world.This is one reason why thematic investing,which cuts across national borders, isalso growing in popularity. If an investor isinterested in AI, for example, they could just aseasily be searching for a winner in Taiwan orJapan, as the US and vice versa.Chapter 1:The acceleration ofglobal diversification 77Willem SelsGlobal CIO,HSBC Global PrivateBanking and WealthWe see no sign ofdeglobalisation from aninvestment perspective. Infact, entrepreneurs’ desireto access opportunitiesoutside their homemarkets is growingat a time when manyrespective governmentsare adopting a moredomestic bias froman economic or tradeperspective. Diversificationis all about opening upopportunities. Our research also reveals one trait, which theHNW and UHNW entrepreneurs we surveyedshare in common - a global mindset. They viewnational and regional borders as opportunitiesrather than obstacles; perhaps more so thanretail investors due to their internationallifestyles and working practices.Diversification of residencies, assets andbusiness operations is a means to accumulatemore wealth.In the following chapters of this report, we takea deeper dive into five key, international wealthhubs (Hong Kong, Singapore, Switzerland,the UK and US) that our surveyed HNW andUHNW entrepreneurs are focusing on. Whatseems clear is that while each one has its ownattractions, they all complement each other. 6Mix and matchAllocating wealth to a variety of asset classes,sectors, and countries, as well as throughdifferent products and investment styles, canhelp to smooth out a portfolio’s performancethrough up and down cycles.Where the wealthiest investors are concerned,our research shows that they are extendingthis stance to booking their assets in severalgeographical booking centres too. This trendcan make it tempting to focus on whichwealth hubs are moving up and down theglobal league tables in terms of assets undermanagement (AUM).But the reality is that all the major globalwealth hubs are accumulating more assets.Asian wealth hubs are growing in tandem withrising affluence across the region. But so too,are European wealth hubs, in part thanks to‘new money’s’ desire to seek ‘old money’s’experience and often its lifestyle throughadditional residencies. Considerations for the next 12 monthsGlobal entrepreneurs are increasingly mobile55%personally movingto a new location73%conducting businessin a different market69%moving wealthto a new location% of total surveyed entrepreneurs Hong KongChapter 2: The two also rank fi