HNW Offshore Investment: Booking Center Preferences 2016

This report draws on our 2015 Global Wealth Managers Survey to analyze the performance of key booking centers over time. It has a particular focus on HNW individuals. In particular it examines the propensity to invest offshore and booking center preferences for 20 key markets.

Specifically the report will help you to:

- Understand which the largest offshore centers are and how this breaks down by asset class

- Compare the performance of the offshore centers and what is driving this performance

- Understand how much wealth HNW individuals hold offshore and how this varies by country

- Understand what the preferred centers for HNW offshore investments are and how this varies by country

2015 was a weak year for the global offshore market. However, there have been clear winners and losers as the dynamics of the offshore markets continue to shift. The recent focus of most Western governments on tackling offshore tax evasion has affected certain traditional offshore centers more heavily, while the so-called mid-shores that combine on- and offshore traits have experienced strong fund inflows in recent years. The key centers for HNW individuals are the US, Singapore, Switzerland, the UK, India, Luxembourg, and Hong Kong, followed by more "traditional" centers such as the Isle of Man and Malta.

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Report Scope

- After a strong 2014, 2015 was a weak year for the offshore market. Non-resident liquid assets among the 10 largest booking centers for each asset class recorded a growth rate of 1.6% over 2014.

- However, performance varied significantly across the four asset classes. Offshore mutual fund holdings, for example, grew strongly, while growth in offshore deposits stagnated.

- Pressure exerted by Western governments is diminishing the importance of traditional offshore centers such as the Bahamas and the Cayman Islands.

- Mid-shore centers such as Singapore and Hong Kong are rapidly growing in prominence, particularly Hong Kong thanks to its status as a renminbi hub. Yet Singapore remains the booking center of choice among HNW investors in Asia.

- HNW individuals across the world hold on average 22.7% of their liquid wealth offshore.

- At a global level the US, Switzerland, Singapore, and the UK are the most important booking centers for HNW offshore wealth.

EXECUTIVE SUMMARY

Offshore market growth slowed in 2015

Key findings

Critical success factors

THE GLOBAL OFFSHORE MARKET IN CONTEXT

Offshore market growth has been slowing down

The total size of the offshore market across the 10 largest offshore centers reached $56.7tn in 2015

Non-resident deposit holdings have been muted

Non-resident mutual fund holdings recorded a CAGR of 9.9% between 2011 and 2015

2015 was a weak year for non-resident equity holdings

Non-resident bond holdings growth was also subdued in 2015

Safe havens and the mid-shores are rising in prominence at the expense of traditional offshore destinations

The largest offshore centers are OECD countries, not small tropical islands

Pressure from Western governments is diminishing the importance of traditional offshore centers

The so-called mid-shores have experienced strong fund inflows in recent years, but Singapore is slowing down

The performance of traditional safe havens has varied greatly across asset classes

Retail non-resident deposit holdings performed poorly in Europe in 2015

BOOKING CENTER PREFERENCES OF HNW INDIVIDUALS

HNW individuals are an important part of the global offshore market

HNW individuals across the world hold on average 22.7% of their wealth offshore

The propensity for HNW offshore investment varies greatly by country

At a global level, the US is the preferred booking center for HNW wealth

The US, Switzerland, and Singapore are the most important offshore destinations for HNW individuals

HNW booking center preferences vary significantly depending on nationality

HNW individuals in the Americas make use of a range of booking centers for different reasons

Expatriate flows are an important determinant for booking center preferences among US and Canadian HNW individuals

Brazilian HNW individuals predominately invest in the US

HNW investors in Asia Pacific are less geographically diversified than in the past

HNW investors in Asia Pacific are increasingly considering wealth hubs close to home

Southeast Asia tends to book much of its wealth in Singapore

Australian HNW individuals make use of regional booking centers and the UK and the US

Chinese HNW investors invest in safe havens

European HNW individuals tend to invest close to home

German HNW individuals invest predominantly in Switzerland and the UK, but this is about to change

Shared borders and a common language are also important considerations among French HNW investors

The Isle of Man is the preferred offshore destination among UK HNW investors

Russian HNW individuals prefer well-established offshore centers, after suffering steep losses following Cyprus's bailout

HNW individuals in the Middle East and Africa predominately invest in their country of origin, Switzerland, and the UK

The UAE's sizable expat population maintains strong financial links with their countries of origin

APPENDIX

Abbreviations and acronyms

Supplementary data

Definitions

Affluent

Double taxation convention (DTC)

High net worth

Liquid assets

Mass affluent

Investments

Residency

Exchange of information

Tax Information Exchange Agreements

Methodology

Publisher's 2015 Global Wealth Managers Survey

Publisher's 2014 Global Wealth Managers Survey

Bibliography

Further reading

About Publisher

Disclaimer

Inquire before Buying@ http://www.reportsweb.com/inquiry&RW0001375535/buying

Reason to Buy

- Understand how to best promote your offshore proposition.

- Understand HNW investors' booking center preferences and how this is expected to change.

- Learn how different offshore centers have performed in recent years and adjust your offshore proposition accordingly.

List of Tables

Table 1: Non-resident retail holdings in Switzerland, 2006?15

Table 2: Non-resident retail deposits and mutual funds in Hong Kong and Singapore, 2010?15

Table 3: Top 10 non-resident deposit holdings in the largest booking centers ($bn), 2010-15

Table 4: Top 10 non-resident bond holdings in the largest booking centers ($bn), 2010-15

Table 5: Top 10 non-resident mutual fund holdings in the largest booking centers ($bn), 2010-15

Table 6: Top 10 non-resident equity holdings in the largest booking centers ($bn), 2010-15

List of Figures

Figure 1: Offshore market growth slowed down in 2015

Figure 2: Non-resident deposits among the top 10 offshore centers have performed weakly over the past few years

Figure 3: Non-resident mutual funds have performed strongly in recent years

Figure 4: Non-resident equity holdings growth stagnated in 2015

Figure 5: Non-resident bond holdings rose by a mere 1.5% in 2015

Figure 6: The US attracts a large proportion of non-resident funds

Figure 7: Traditional offshore centers have struggled to perform

Figure 8: Non-resident deposits in the Bahamas have declined over the past two years

Figure 9: Wealth managers in Hong Kong and Singapore agree that funds are incoming due to the scrutiny that other traditional offshore centers have

Figure 10: The US remains the largest offshore market, but growth can be found in Japan

Figure 11: A bearish market performance saw US non-resident retail holdings contract

Figure 12: In 2015, non-resident deposit growth slowed in Europe

Figure 13: The tendency to allocate money offshore varies greatly among countries

Figure 14: The US is the preferred booking center for HNW wealth

Figure 15: Booking center preferences vary greater depending on HNW investors' backgrounds

Figure 16: US HNW individuals tend to book their wealth in their former country of residence

Figure 17: The economic bailout in 2013 hit Cyprus's offshore deposits market hard

Figure 18: Investec provides non-resident mortgages to South African HNW investors

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