《波士頓咨詢：2023年全球財富報告-重置航向（英文版）（20頁）.pdf》由會員分享，可在線閱讀，更多相關《波士頓咨詢：2023年全球財富報告-重置航向（英文版）（20頁）.pdf（20頁珍藏版）》請在三個皮匠報告上搜索。

1、BCG Global Wealth Report 2023Resetting the Course June 2023 By Peter Czerepak,Dean Frankle,Lukas Haider,Mayank Jha,Michael Kahlich,Daniel Kessler,Bingbing Liu,Omar Rahman,Akin Soysal,Felix Werner and Ivana ZupaContents01 Preface02 Market Sizing:Years of Expansion Come to a Halt 06 The Profitability

2、of Wealth Managers Is Under Pressure10 How to Unlock Consistent Growth14 About Our Methodology 15 About the Authors 17 AcknowledgmentBOSTON CONSULTING GROUP 1Preface The past year has been difficult for many industries,and wealth management is no exception.What had been a steamroller of global finan

3、cial wealth expansion began to develop engine trouble in 2022,with booking centers undergoing shifting dynamics in parallel.The prospect of consistent business growth became in-creasingly difficult to envision on the horizon.Such daunt-ing conditions have made it that much more important for both in

4、cumbent and rising players to have a clear roadmap for the rest of the decade.How can these players achieve ongoing,profitable growth in this volatile eraa time further characterized by intensifying client demands for higher and more efficient service levels?In this report,BCGs 23rd annual study of

5、the global wealth management industry,we address how wealth managers are reacting to the present turbulence,call out developments that may surprise industry observerssuch as interest income from deposits overcompensating for declining investment-fee revenues in many regionsand take a detailed look a

6、t how wealth managers have per-formed in different areas of their businesses.We also offer comprehensive market-sizing,analyze the ongoing quest for long-term profitability the industry is facing,and outline eight initiativesencompassing both the revenue and cost sidesthat can help firms position th

7、emselves optimally for the future.Our goal is to provide both actionable infor-mation and food for thought for wealth managers vying for competitive advantage in a highly challenging marketplace and tough overall economic climate.2 BCG GLOBAL WEALTH REPORT 2023Following nearly 15 years of steady exp

8、ansion that began in the wake of the 20072008 financial crisis,the growth of global financial wealth was stopped in its tracks in 2022,declining by 4%to$255 trillion.The down-turn followed a strong year in 2021,during which financial wealth rose by more than 10%,one of the sharpest rises in over a d

9、ecade.The 2022 decline was caused by multiple factors,including rampant inflation,a consequent rise in interest rates that contributed to poor equity market performance(illustrated by the 19%drop in the S&P 500),fluctuating investor confi-dence,and geopolitical uncertainty largely owing to the war i

10、n Ukraine.One bright spot for wealth managers,in terms of interest income,was a surge of 6.2%in personal cash and deposits,driven by higher interest rates and risk-averse asset allocation shifts.Separately,the value of real assetsphysical goods in the form of real estate,art,jewelry,premium antiques

11、,rare wines,and the likecontinued its growth trajectory by 5.5%to reach$261 trillion in 2022.Combining both financial and real assets,total absolute global wealth in 2022 reached$516 trillion,an increase of 1%over 2021.(See Exhibit 1).Despite the adversity of 2022,global financial wealth is expected

12、 to rebound in 2023 by roughly 5%to reach$267 trillion.Contributing factors are projected to include an overall improving macroeconomic outlook,China increas-ingly reopening for business following its strict Covid-relat-ed lockdown,an ongoing rebound in stock markets(espe-cially in the US,following

13、the plummet in 2022),strong growth in Asia-Pacific(particularly in the tech and start-up sectors),and growth in the Middle East.Market Sizing:Years of Expansion Come to a HaltBOSTON CONSULTING GROUP 3Asia-Pacific1202120222027Growth21-22CAGR22-27Financial Assets54.155.480.82.4%7.8%Liabilities16.217.1

14、24.35.6%7.2%91.996.5126.65.0%5.6%Real AssetsNorth America202120222027Growth21-22CAGR22-27Financial Assets126.3116.0146.08.1%4.7%57.361.283.26.8%6.3%Liabilities19.721.226.57.6%4.6%Real Assets202120222027Growth21-22CAGR22-27LiabilitiesFinancial Assets50.449.059.22.8%3.9%61.563.275.52.7%3.6%12.212.715.

15、03.8%3.4%Real AssetsEastern Europe202120222027Growth21-22CAGR22-27Financial Assets4.74.66.01.5%5.4%Liabilities1.01.01.58.8%7.4%7.07.911.413.7%7.6%Real AssetsMiddle East and AfricaWestern Europe202120222027Growth21-22CAGR22-27LiabilitiesFinancial Assets6.87.310.67.5%7.7%10.612.018.212.9%8.7%1.11.31.8

16、10.0%7.9%Real AssetsJapan202120222027Growth21-22CAGR22-27LiabilitiesFinancial Assets15.615.817.40.8%2.0%2.72.73.11.6%2.3%10.711.312.95.1%2.7%Real AssetsLatin America202120222027Growth21-22CAGR22-27LiabilitiesFinancial Assets6.06.59.09.0%6.7%1.21.31.77.8%6.3%8.89.513.47.8%7.1%Real AssetsGlobal2021202

17、2Growth21-22CAGR22-27LiabilitiesFinancial Assets263.9254.63.5%5.3%54.157.35.9%5.2%247.8261.52027329.173.9341.25.5%5.5%Real AssetsAll figures in$Trillion.Note:Sums may not add up due to rounding.1 Excluding Japan.Exhibit 1-Recent performances and future forecasts for financial and real assets show st

18、rong regional variation4 BCG GLOBAL WEALTH REPORT 2023The five-year CAGR forecast for financial wealth is also positive,at 5.3%,a rate that would enable growth to reach$329 trillion by the end of 2027.The value of real assets is projected to grow in tandem,at a CAGR of 5.5%,to reach$341 trillion by

19、the end of 2027.The Winds of Change in Booking CentersHistory shows that cross-border asset flows pick up when macroeconomic uncertainty rises.As such,cross-border wealth rose by 4.8%in 2022 to reach$12 trillion globally as geopolitical tensions and other macro forces made certain investors reluctan

20、t to stand pat in their home domiciles.Notably,we have witnessed a shift in booking-center dy-namics,with some domiciles growing at a stronger pace than others.Such repositioning has been partly propelled by an accelerated level of wealth creation outside Europe,as well as by a significant exodus of

21、 Russian assets from Europe to the Middle East.Given the somewhat volatile landscape of booking centers,several domicilesnamely,Switzerland,Hong Kong,Singapore,and the United Arab Emirates(UAE)merit a closer look at this juncture.(See Exhibit 2).Exhibit 2-Top 10 booking centers and their correspondi

22、ng top source regionBooking Center($Trillion)2017202220272.12.4CAGR 22-27Top source region 2022Switzerland1.22.2Hong Kong0.91.5Singapore0.91.1USA0.70.9UK mainland0.60.6Channel Islands&Isle of Man0.40.5United ArabEmirates0.40.5Luxembourg0.3Cayman Islands0.3Ranking 2027213457689100.40.4BahamasCAGR Ave

23、rage=4.9%2.83.12.31.31.00.70.80.60.50.43.0%7.6%9.0%3.6%2.6%2.2%9.6%3.1%4.0%4.3%Western EuropeWestern EuropeWestern EuropeMiddle EastWestern EuropeNorth AmericaNorth AmericaAsia(excl.Japan)Asia(excl.Japan)Central&South AmericaBOSTON CONSULTING GROUP 5Switzerland.This traditional powerhouse of wealth

24、man-agement continues to play to its strengths:its deep experi-ence and enormous level of assets under management(AuM).The country remains a highly attractive financial hub that is still perceived as a safe haven in turbulent times,setting the bar in terms of wealth management products,investment ex

25、pertise,and depth and diversity of its client base.Switzerland also remains the leading book-ing center for EU and Middle Eastern cross-border inves-tors,with ongoing growth in the latter region poised to provide a strong lift.Nonetheless,slower asset shifts from EU countries,along with the repatria

26、tion of assets back to Asia-Pacific booking centers such as Hong Kong and Singapore,are weighing somewhat on Switzerlands competitiveness.This dynamic was reflected by a challenging 2022 and first quarter of 2023,in which some clients domiciled abroad moved assets back to their home countriesand not

27、 to another Swiss wealth manager.Indeed,Switzerland is expected to be overtaken by Hong Kong as the worlds largest booking center by the end of 2025.Hong Kong.Hong Kong,for its part,achieved the highest AuM growth rate among top booking centers from 2017 to 2022,posting a CAGR of 13%.Yet,the wind ch

28、anged in 2022,with Singapore profiting from outflows from the city.Although Hong Kong has matured significantly as a book-ing center over the past decadeand is the preferred domicile for wealthy mainland Chineseseveral factors are impacting its status.One is its heavy reliance on Chi-nese wealth flo

29、ws,which are growing less strongly than in recent years owing to the slowdown of the Chinese economy.Reacting to these headwinds,Hong Kong is making moves to regain traction.For example,the booking center has launched an initiative to attract additional single-family offices by 2025,not only from ma

30、inland China but also from the UAE.Other initiatives include favorable tax and investment migration schemes,art storage,and platforms for cross-border payments via digital currencies.Ultimately,Hong Kongs future growth as a booking center will depend largely on two factors:the expansion of the Chine

31、se economy and Hong Kongs ability to continuously attract asset inflows from mainland China.Singapore.Singapore,benefiting from its growing reputa-tion as a safe haven closely aligned with the West,is in-creasingly being perceived as a gateway to the Asia-Pacific region.Its political stability,forwa

32、rd-looking government policies,and business-friendly environment are serving as a drawing card for new asset inflows,helping the country establish itself as a hub for Southeast Asian investors.The country is becoming even more attractive in these turbulent times.Financial wealth booked in Singapore

33、is expected to post a CAGR of 9%through 2027,partly spurred by family offices,which have grown in number from below 100 to roughly 800 over the past five yearswith many more awaiting regulatory approval.Accordingly,major banks are ramping up teams to compete in the highly fragmented external asset m

34、anager space.United Arab Emirates.The UAE has gained respect in recent years as a booking center that provides an attractive playing field for banks and investors alike.As a result,it is receiving greater asset inflows.In 2022,AuM grew more rapidly in the UAE than in any other booking center,as the

35、country attracted assets not only from other Middle East-ern domiciles but also Asia-Pacific,Africa,and Eastern Europenotably from Russia.Its projected growth rate for financial wealth through 2027 is a healthy 10%per year.Among the UAEs attributes are low regulatory barriers for launching businesse

36、s(such as family offices)and for in-vesting in real assets(such as real estate).Some multina-tional banks are already setting up hubs in the UAE,antici-pating strong growth in terms of both onshore and cross-border wealth.Interestingly,local UAE banks have been seeking opportunities to increase book

37、ing capabili-ties outside the Middle East.Operating in a market that is fiercely competitive and dominated by international play-ers,these financial institutions are targeting Switzerland,the UK,and Singapore as cross-border hubs to elevate their service offering to local clients.6 BCG GLOBAL WEALTH

38、 REPORT 2023Given the negative growth in global financial wealth,along with the shifts in booking-center dynamics,how did wealth managers perform in various as-pects of their businesses in 2022?First,although profit margins have been eroding for years,players could generally count on seemingly ever-

39、growing financial markets and subsequent rising client business volumes(CBV)a measure that includes not only AuM but also loans.But the rare combination of declining bond markets(owing to rising interest rates)and declining equi-ty markets in 2022 has had a sizable impact on wealth managers performa

40、nce.Overall,wealth managers globally faced an 11.7%decline in CBV in 2022,owing mainly to shrinking AuM(-10.5%).The decline in AuM was driven by poor capital markets performance(-12.1%),which was only partly offset by an increase in net new AuM(+1.6%).(See Exhibit 3).The Profitability of Wealth Mana

41、gers Is Under Pressure BOSTON CONSULTING GROUP 7Return on Client Business VolumeCosts of Client Business VolumeCBV GrowthPretax profit marginLatin America13.614.660.059.059.13.436.036.436.32020202120223.8Western Europe4.112.668.368.671.451.650.350.716.618.220.7North America11.712.413.137.334.638.860

42、.457.358.420202021202220202021202213.72.4202020212022AsiaPacific22.723.119.611.7Global12.56.439.538.359.541.661.0RoCBV(bps)CoCBV(bps)Pretax profit margin(bps)CBV Growth(in%)RoCBV(bps)CoCBV(bps)Pretax profit margin(bps)CBV Growth(in%)RoCBV(bps)CoCBV(bps)Pretax profit margin(bps)CBV Growth(in%)60.5202

43、02021202221.221.518.922.822.524.014.455.754.735.339.720.414.955.433.122.3Note:Client Business Volume is defined as assets and liabilities under management.Exhibit 3-Pretax profit margins varied widely in 20228 BCG GLOBAL WEALTH REPORT 2023Regionally,Western European players showed the stron-gest res

44、ilience in 2022posting a 3.8%decrease in CBV,compared with far steeper declines of 13.1%in North America and 13.7%in Asia-Pacificas European financial markets did a better job of weathering the storm.Within the invested-assets category,Western European allocations carried lower combined exposure to

45、direct equities and fixed income(at 29%,versus 36%for North America and 55%for Asia-Pacific),as well as higher exposure to less-vol-atile alternatives such as private-equity funds(at 8%,ver-sus 6%in Asia-Pacific and 4%in North America).1Wealth managers lending businesses remained relatively flat acr

46、oss regions,helping to stabilize the AuM-driven CBV decline.The exception was Asia-Pacific,where players witnessed a 2.9%slide in loan volumesthe key factor in making the region the worst-performing in CBV terms.The downturn was caused largely by increased deleveraging of portfolios.Contrary to what

47、 might be expected in such an environ-ment,return on CBV(also known as revenues over average client business volume,or RoCBV)improved across most regions as a decrease in investment-fee income was often fully offset by a significant increase in interest income from deposits.There was still regional

48、variation,however,as RoCBV jumped by 2.8 basis points(bps)in Western Eu-rope,compared with a 1.1 bps increase in North America and a 1.1 bps decline in Asia-Pacific.(See Exhibit 4).1.Shown percentages are an average of last 2 years,with higher weight on 2021 figures.Exhibit 4-Regional differences in

49、 asset-class returns can be explained by varying business mixes and margins1%38%8%4%14%2%16%124%12%44.8114.2146.49%174%4%Business Mix(in%)North AmericaWestern EuropeAsia-PacificLatin America2022%change12022%change12022%change12022%change1AuM Invested Assets share AuM Deposits share Loans share2022%c

50、hange12022%change12022%change12022%change176.80%12.29%11.115%41.62%125.045%137.66%RoCBV per category(in bps)Invested Assetsmargin Deposits marginLoans margin69.622.38.160.273.698.469.221.19.744.658.086.62%19%15%88.71%6.017%5.33%1Relative change from 2021 to 2022BOSTON CONSULTING GROUP 9Cost increase

51、s were driven mainly by larger front-office teams,wage inflation,and tech spendingAs expected,relative costs for wealth managers rose glob-ally in 2022.Yet,it was the smaller playersthose with less than$150 billion in AuMthat were hit the hardest,as they witnessed an increase in their average cost-t

52、o-in-come ratio from 81.4%in 2021 to 82.4%in 2022.Such players historically have had significantly higher cost bases(by roughly 10%)than their larger peers,which typically benefit from a more scalable technology and operations setup that enables higher RM productivity.The relative industry cost incr

53、ease was driven by both higher front-office costs(+1.3 bps)and non-front-office costs(+2.0 bps),including personnel,tech,and operations spending.The former were fueled by an expansion in front-office teamsoften prompted by positive business dynamics in 2021as well as by wage inflation,which may not

54、yet be fully accounted for in 2022 performances.This expansion,initiated with a goal of accelerating business growth,was already visible in 2021,and the number of client advisors further increased in 2022a 7.8%rise in net front-office full-time equivalents(FTEs)as players continued to focus on growt

55、h by bringing in additional clients instead of relying solely on market performance.While rising FTE numbers certainly played an important rolenon-front-office FTEs increased by an even higher rate,at 12.6%they were not the only factor contributing to an updraft in non-front-office costs.In fact,wea

56、lth man-agers also experienced a rise in both technology and oper-ations-related expenditures.In particular,IT spending rose in two main areas:applications development(5%)and hosting(4%).These dynamics reflect both the growing demand for new technological capabilities and the sub-stantial investment

57、s made in cloud migration.Given expected global inflation rateswhich are projected to remain high(forecast at 6.6%in 2023 and 4.3%in 2024)wealth managers will continue to face rising costs,albeit most likely not at the same level as in 2022.Despite market turbulence and lower overall profit-ability,

58、certain players were able to increase profit marginsGlobally,pretax profit margins for wealth managers de-creased by an average of 2.3 bps in 2022driven mainly by players in the Asia-Pacific region(-5.5 bps)and North America(-3.1 bps)while Western European(+2.5 bps)and Latin American players(+0.3 bp

59、s)were able to post increases.The declining profitability in the former two regions can be attributed to rising costs,whereas increas-ing profits in the latter two regions were primarily a conse-quence of improved RoCBV driven by high interest rates.However,as benefiting from high interest rates is

60、not a long-term solution,wealth managers need to adopt fresh initiatives on both the revenue and cost sides.10 BCG GLOBAL WEALTH REPORT 2023Our client work and industry analysis have helped us identify eight initiativesfour on the revenue side,four on the cost sidethat can help wealth manag-ers blaz

61、e a clear path to a consistently profitable future.(See Exhibit 5).Pulling the Right Levers to Raise RevenuesIn our view,the key action steps to bolstering revenues concern scalable client acquisition,the private-market offering,revising the product shelf toward fixed-income products,and financial a

62、dvice.Build a scalable growth engine.Despite having made significant digital investments in previous years,many wealth managers still rely heavily on non-scalable client acquisition methods.But hiring more RMsa traditional approach to increasing AuM and revenuesis becoming more and more expensive,ow

63、ing to higher salary expecta-tions,banks having stronger processes in place to keep clients from leaving RMs,and hiring risks(as only about one third of new hires turn out to be overachievers).Wealth managers should follow the lead of fintech players in the alternatives/private-market space,some of

64、which already leverage digital client-acquisition channels to acquire high-net-worth(HNW)clients in a more efficient and scalable manner.The keys to success are to expand reach and awareness through digital marketing and How to Unlock Consistent Growth BOSTON CONSULTING GROUP 11Complexity ofimplemen

65、tationTime toimpactRevenue/cost potentialAreaInitiativeBuild a scalable growth engineDesign a distinctive private market offeringPulling the right levers to raise revenuesTaking a bold approach to reduce costsRevise the product shelf in line with shifting interest ratesLead the long-overdue revoluti

66、on in financial advice1020%1520%10%1520%Complete an end-to-end(E2E)process reviewGet shoring decisions rightnow,and for the rest of the decadeExplore third-party tech and operations solutionsSimplify products and services via advice-like discretionary portfolio management(DPM)2030%30%1525%2030%1 yea

67、r5 yearsExhibit 5-We have identified 8 key initiatives for 2023 and beyond12 BCG GLOBAL WEALTH REPORT 2023personalized content(such as content marketing on Linke-dIn),fuel lead generation through free web content,and finalize client conversion using remote advisory teams(such as engaging multiple ex

68、perts in a Zoom call).These steps can be supplemented by in-person events,as obtain-ing a clients signature can require multiple touch points(more than six,on average,for many players).Acquiring new wealth management clients through digital channels is indeed possibleit just requires human intervent

69、ion at key moments.Design a distinctive private-market offering.With fintechs having democratized access to private markets,client expectations toward wealth managers have in-creased significantly across wealth bands.Although many players have private-market offerings in place,only a few have a trul

70、y distinctive one.In order to differentiate,wealth managers should provide the following elements:a broad offering and best-in-class funds across private equity,pri-vate debt,venture capital,and real estate;expert advice and curation with credible specialists(such as counseling on which funds to buy

71、 and how to navigate a complex private-market space);inclusion in an overall wealth-man-agement offer(especially concerning discretionary portfolio management,or DPM)and also in portfolio performance calculation;and finally,access to exclusive investments,including the ability to co-invest or make d

72、irect invest-mentswhich are especially powerful for banks that can originate opportunities via both their internal and external networks.Revise the product shelf in line with shifting interest rates.The current investment environment feels nearly unprecedented to many industry observers.One develop-

73、ment is fixed income being back in vogue,as interest rates have risen and the seemingly endless bull equity market has become more volatile in recent years.Shifts into fixed income from risky asset classes,as well as from deposits and money-market funds,are already happening,particu-larly with excha

74、nge-traded funds(ETFs).For example,44%of net inflows to ETFs in the second half of 2022 were captured by fixed-income funds,a trend that is expected to continue at a CAGR of 14%through 2027.We see this change in the asset allocation landscape as an opportunity for wealth managers.Lead the long-overd

75、ue revolution in financial advice.We believe that generative artificial intelligence(GenAI)offers the potential to rewrite the way financial advice is offered,as it can pave the way to true democratization of wealth management services that traditionally have been reserved for upper-HNW and ultra-HN

76、W individuals.This experience could materialize via GenAI performing CIO tasks,generating investment ideas,and checking those ideas against a clients allocation and risk preferences.GenAI may then be able to exchange ideas with clients and assist in answering questions on how individual securities m

77、ight help their portfolios,from both a performance and risk viewpoint.Although the question of whether GenAI may be able to replace an RM on a one-to-one level at some point in time is obviously controversial,this ground-breaking technology will undoubtedly be a key driver for cost efficiencies by e

78、nabling RMs to serve an increased number of clients at the same time.Potential use cases for GenAI include filling out know-your-customer(KYC)forms,communicating with clients in the form of smart chatbots,and compiling client materials such as presentations and pitchbooks.Taking a Bold Approach to R

79、educing CostsThe key action steps to cutting costs concern process review,nearshoring,third-party solutions,and simplifica-tion of products and services.Complete an end-to-end(E2E)process review.E2E process review can improve both efficiency(by 20%to 30%)and effectiveness(through improved client and

80、 employee satisfaction and tighter regulatory compliance).Leading wealth managers use E2E process review as a tool to free up RM capacity and redeploy that time to value-adding,client-facing activities.Some wealth managers have al-ready embarked on local process optimization.But our experience shows

81、 that many players are still struggling to apply a true E2E perspectiveone that spans across organizational silosand are failing to take the underlying tech stack fully into account.In our view,success in E2E process streamlining involves the following action steps:forge a bold ambition for the effi

82、ciency and effectiveness of target processes;map all processes as they are currently performed(not document-ed)on an activity level,potentially aided by GenAI;create task forces made up of colleagues across silos(such as business,compliance,and operations);empower and define a clear process owner to

83、 be in charge of the entire E2E initiative;and finally,consider the tech stack as part of the effort,because the tech perspective underlies all action steps and should encompass all readily available technolo-gies and interventions.Get shoring decisions right(now,and for the rest of the decade).Opti

84、mizing the footprint in conjunction with standardized processes can offer savings of potentially up to 30%compared with a pure onshore model.Consequent-ly,such initiatives continue to be of interest for wealth managers globally when they reach a certain minimum scale.The quest for digitization and a

85、utomation has ren-dered traditional offshoring to remote locations in search BOSTON CONSULTING GROUP 13of labor-cost advantages questionable,while near-shore locationsfor example,to Eastern or Southern Europe for Swiss playerscontinue to be attractive.The reasons behind seeking geographic proximity

86、include better access to talent(both quality and quantity),potentially lower cultural barriers,common or close time zones,and higher communications efficiency.As processes become standard-ized,more digital,and embedded in a single workflow,we expect a fresh review of shoring decisions.Explore third-

87、party tech and operations solutions.While technology and operations are potent cost drivers,wealth managers need to keep investing in order to meet rising client(and regulatory)expectations in terms of digital experience and efficient,compliant processes.To do so,many have historically prioritized c

88、ustom,in-house,or“best of breed”tech solutions.Yet,we are seeing a trend toward using integrated third-party solutions that cover a majority of the tech stack(and in some cases operational activities).Moving from a legacy stack to such an E2E approach can be very power-ful,with a 25%reduction in ope

89、rating costs possible across the organization through a more scalable platform and a simplified operating model.Beyond operating costs,third-party models also provide a range of adjacent bene-fits,including creating more capacity for in-house tech talent to focus on value-adding capabilities,lower r

90、equire-ments for upfront capital expenditures,more-standardized technical interfaces,and greater flexibility to execute oper-ating-model changes.Simplify products and services via advice-like DPM.With in-person financial advice becoming increasingly expensive(owing to its high cost to serve)and more

91、 com-plex(because of regulatory matters),many wealth manag-ersespecially those with a high share of clients in the lower end of the wealth spectrumwill find significant cost reduction potential in simplifying their product and service offerings.Moving clients from advisory into fully standardized ye

92、t customizable DPM solutions,while add-ing an“advisory-like”flavor,is a viable solution.Contrary to traditional DPM approaches,which cater to the needs of so-called delegators,the new generation of DPM specifical-ly addresses clients who prefer advice.It also fosters an evolved client-RM experience,

93、supported by digital tools.This model can include tailored solutions that leverage thematic investments,regional preferences,or alternative investments through building blocks,based on individual risk profiles.With such an approach,wealth managers can profit on two fronts:by delivering an improved c

94、lient expe-rience,and by achieving significant cost reduction as RMs serve more clients at scale.14 BCG GLOBAL WEALTH REPORT 2023In preparing this report,we used a segment nomenclature based on the following measures of personal wealth:Retail:between$0 and$250,000 Affluents:between$250,000 and$1 mil

95、lion High net worth individuals:between$1 million and$100 million Ultra HNWI:more than$100 millionHistorical personal wealth represents that of the total adult resident population,collected by market and by asset class from central banks or equivalent institutions,based on the global System of Natio

96、nal Accounts(SNA).For markets that do not publish consolidated statistics about financial assets,real assets,or liabilities,we perform a bottom-up analysis with market-specific proxies in line with the SNA.Proxies originate from the central bank or equiva-lent institutions.Forecasting of personal we

97、alth is performed at the individ-ual sub-asset-class level,using a fixed-panel multiple regression analysis of past asset-driving indicators and applying these patterns with forecast indicator values and using a sophisticated Artificial Intelligence/Machine Learn-ing forecasting approach.Indicator v

98、alues are consistently sourced from EIU and Oxford Economics for the whole time series,both past and future,and future values are adjusted based on local market expertise and expectations where needed.Cross-border wealth is included as part of financial wealth and calculated based on triangulations

99、of different data sources,including publications by national financial mone-tary authorities,the Bank of International Settlements,International Monetary funds,and BCG project experience.Growth of cross-border wealth is estimated based on as-sumptions regarding net inflows and outflows,appreciation

100、and performance of current cross-border assets,and shifts of existing cross-border assets between financial centers.Data on the distribution of wealth is based on resident adult populations by market,and the use of econometric analysis to combine various sources of publicly available wealth distribu

101、tion data,including rich lists.Growth rates of wealth segments account for shifts of individuals in and out of segments over time as they get richer or poorerin other words,a negative growth in the lowest segment generally means people have become richer and moved up into a higher wealth segment.Abo

102、ut Our MethodologyBOSTON CONSULTING GROUP 15About the Authors Peter Czerepak is a managing director and senior part-ner in the Boston office of Boston Consulting Group.You may contact him by email at .Lukas Haider is a managing director and partner in the firms Vienna office.You may contact him by e

103、mail at .Michael Kahlich is a managing director and partner in the firms Zurich office.You may contact him by email at .Dean Frankle is a managing director and partner in BCGs London office.You may contact him by email at .Mayank Jha is a managing director and partner in BCGs Mumbai Nariman Point of

104、fice.You may contact him by email at .Daniel Kessler is a managing director and senior partner in BCGs Zurich office.You may contact him by email at .16 BCG GLOBAL WEALTH REPORT 2023 Bingbing Liu is a managing director and partner in the firms Shanghai office.You may contact him by email at .Akin So

105、ysal is a managing director and partner in the firms Zurich office.You may contact him by email at .Ivana Zupa is a managing director and partner in the firms Zurich office.You may contact her by email at .Omar Rahman is a principal in BCGs Zurich office.You may contact him by email at .Felix Werner

106、 is a consultant in BCGs Frankfurt office.You may contact him by email at .For Further ContactIf you would like to discuss this report,please contact the authors.Related Content Global Asset Management 2023:The Tide Has Turned Global Fintech 2023:Reimagining the Future of Finance Scalable Tech and O

107、perations in Wealth and Asset Management Banks Can Bet Big on Social Impact Financial Institutions Must Get Serious About Digital EcosystemsBOSTON CONSULTING GROUP 17The authors would like to sincerely thank the following BCG and affiliated colleagues for their valuable insights and contributions to

108、 this report:Core operational team:Christopher Mittag,Eva Gautier,Nisha Mittal,Nitin Aggarwal,Sebastian Winkler,Sanket Toor,and Stefan GotzevChapter-by-chapter contributors:“Market Sizing:Years of Expansion Come to a Halt”:Allison Xu,Andr Xavier,Andrew Hardie,Blaine Slack,Edoardo Palmisani,Federico

109、Muxi,Giovanni Covazzi,Graziano Pace,Hans Montgomery,Ignacio Campus,Mohammad Khan,Petra Chidiac,Penny Law,Qi Yang,Ricardo Tiezzi,Thomas Foucault,and Tjun Tang“The Profitability of Wealth Managers Is Under Pressure”:Garima Chhabra,Harshit Talesara,Richard Rouse,and Shannon Doyle “How to Unlock Consist

110、ent Growth”:Chuanqi Li,Fabian Falter,and Marko FischerMarketing and media:Jatta Lindstrm,Kerri Holmes,Philippa Keir,Global Marketing,and Press teamEditorial and design/IT:Armin Topic,Bruno Bacchetti,Flavio Cuva,Kim Friedman,Phil Crawford,and Nils KuehnThis years report was enriched with data provide

111、d by Expand Research,a wholly owned subsidiary of the Boston Consulting Group.AcknowledgmentBoston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities.BCG was the pioneer in business strategy when it was fo

112、unded in 1963.Today,we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholdersempowering organizations to grow,build sustainable competitive advantage,and drive positive societal impact.Our diverse,global teams bring deep industry and functional expertis

113、e and a range of perspectives that question the status quo and spark change.BCG delivers solutions through leading-edge management consulting,technology and design,and corporate and digital ventures.We work in a uniquely collaborative model across the firm and throughout all levels of the client org

114、anization,fueled by the goal of helping our clients thrive and enabling them to make the world a better place.For information or permission to reprint,please contact BCG at .To find the latest BCG con-tent and register to receive e-alerts on this topic or others,please visit .Follow Boston Consulting Group on Facebook and Twitter.Boston Consulting Group 2023.All rights reserved.6/2318 BCG GLOBAL WEALTH REPORT