21世纪经济报道记者 吴霜 财富传承是国内和海外高净值人群面临的共同议题。 "此前，市场预估全球有84万亿美元的资产，仅亚太地区就有近6万亿美元资产，将在2023年至2030年期 间从'婴儿潮'一代交到更年轻的世代手中。"一位欧洲资管机构家族财富管理的负责人告诉记者。 胡润研究院在2024年预计，未来10年内，将有20万亿元的财富传承给下一代；未来20年，这一数字将增 至45万亿元；未来30年，财富传承总额有望达到79万亿元。 这一点也可以从家办的数量可以管窥一斑。"近些年，亚洲单一家族办公室的数量激增，这与区域内多 年以来的财富创造、积累有关，更重要的是，生于60年代的一代创业者们纷纷面临财富管理和传承的问 题。"一位家办从业者表示。 新一代高净值人群的涌入也给财富管理市场注入了新的特色。 7月22日，渣打银行发布《个人可持续投资调研报告2025》，其中对八个市场的1600名高净值人群的调 研显示，87%的受访者对致力于减少碳排放的企业感兴趣。并且，三分之二年龄介于25岁至39岁的下一 代高净值人群对转型投资有兴趣，高于年龄较大的受访者54%的占比。 "事实上，高净值人群的财富管理已经进入到一个新的阶段。这 ...

Core Viewpoint - The global economic environment is undergoing profound changes, presenting challenges for businesses. Under the leadership of Chairman Wang Jingbo, Noah Ark is focusing on the wealth management opportunities for the Chinese community, responding to the question of where to go next [1][3]. Group 1 - Noah Ark officially launched its new overseas headquarters, ARK Group, in Singapore in March, marking a significant step in its globalization strategy [1][3]. - The new headquarters will serve three core functions: a global asset allocation center, a wealth management hub, and a cross-regional collaboration platform [3]. - The establishment of the Singapore headquarters reflects the company's commitment to providing innovative and culturally relevant wealth management solutions for global Chinese clients [1][3]. Group 2 - ARK SG aims to leverage Singapore's advanced financial technology infrastructure to offer clients a more efficient and intelligent wealth management experience [3]. - The strategic significance of ARK Wealth lies in its ability to establish a presence in various global locations to better meet the unmet wealth management needs of the global Chinese community [3]. - The company emphasizes the importance of patience and preparation to navigate through the profound changes in the world economy, positioning itself as a "traveler" that transcends cycles [3].

Core Viewpoint - Capital flows are a vote of confidence in Hong Kong's institutional advantages and market potential, as well as a reinterpretation of the "China growth story" [1][9]. Group 1: Business Expansion in Hong Kong - Over the past two and a half years, 630 companies from mainland China have established or expanded their businesses in Hong Kong, compared to 113 from the US, 89 from the UK, 68 from Singapore, and 38 from Canada [3][15]. - The Deutsche Bank Group emphasizes Hong Kong's critical role as a business hub in North Asia, highlighting its market position [4][21]. - The Hong Kong Securities and Futures Commission reported that by the end of 2024, the total assets under management in Hong Kong's asset and wealth management sector will reach HKD 35.1 trillion, a year-on-year increase of 13% [8]. Group 2: Wealth Management Trends - The net inflow of funds into asset management and fund advisory services surged by 571% year-on-year to HKD 321 billion, indicating a strong demand for wealth management services [8]. - The private banking and wealth management sector saw a 15% growth in assets under management, reaching HKD 10.4 trillion [8]. - The Hong Kong government plans to optimize tax incentives for funds and family offices, with proposals expected to be submitted for legislative review by 2026 [9][29]. Group 3: Foreign Investment and Family Offices - The influx of foreign investment has made Hong Kong a hotbed for investment opportunities, with over 1,300 overseas and mainland companies assisted in establishing or expanding their businesses in Hong Kong from January 2023 to mid-2025 [14]. - Family offices from the Middle East are increasingly interested in setting up branches in Hong Kong, attracted by the region's investment opportunities [16]. - The number of family offices in Hong Kong is on the rise, with over 190 family offices assisted in establishing or expanding their operations since the inception of the Hong Kong Investment Promotion Agency's family office team [16]. Group 4: Competitive Advantages of Hong Kong - Hong Kong's unique geographical position, independent judicial system, open financial market, and international talent pool are highlighted as key advantages in attracting high-net-worth individuals [3][24]. - Compared to other financial centers like Singapore and Dubai, Hong Kong offers greater flexibility for family offices in asset allocation, allowing for global asset configuration without the need to relocate all assets [26]. - The city is positioned to become the largest cross-border asset and wealth management center globally within the next two to three years, supported by a stable political environment and a mature financial system [28][29].

Core Insights - The influx of foreign capital is significantly enhancing Hong Kong's status as a premier investment hub, attracting numerous financial institutions and high-net-worth individuals [2][3][4] - Hong Kong's asset and wealth management sector is experiencing robust growth, with total managed assets projected to reach HKD 35.1 trillion by the end of 2024, marking a 13% year-on-year increase [4][18] - The Hong Kong government is actively working to optimize tax incentives for family offices and funds, aiming to solidify its position as a leading global wealth management center [5][18] Foreign Investment Trends - The establishment of foreign financial institutions in Hong Kong is on the rise, with over 1,300 overseas and mainland Chinese companies assisted in setting up or expanding their operations from January 2023 to mid-2025 [9] - The demand for wealth management services is diversifying, with institutions like Ascend Wealth Group expanding their offerings to include both ultra-high-net-worth and affluent clients [6][7] Market Dynamics - The net inflow of funds into Hong Kong's asset management sector surged by 81% year-on-year, driven by a significant increase in private banking and wealth management services [4][10] - The interest from Middle Eastern family offices in establishing branches in Hong Kong is growing, reflecting a broader trend of diversification into Asian markets [10][11] Competitive Landscape - Hong Kong is positioned to surpass Switzerland as the largest cross-border asset and wealth management center within the next few years, supported by its unique geographical advantages and regulatory framework [4][17][18] - The competitive environment is intensifying, with firms like Kohl Capital and Deutsche Bank expanding their services to cater to high-net-worth individuals and family offices in Hong Kong [11][13] Regulatory Environment - The Hong Kong government is set to propose legislative changes to enhance tax benefits for family offices and funds, with specific plans to be submitted for review by 2026 [5][18] - The regulatory framework in Hong Kong is perceived as favorable for wealth management, with low taxes and a robust legal system attracting global investors [15][16]

Core Viewpoint - The sudden bankruptcy of Zhongzhi Group, once the largest private financial group in China, has raised significant concerns in the financial industry, with implications that may surpass the previous Evergrande crisis [3][8]. Group 1: Company Overview - Zhongzhi Group was established in 1995 and initially profited from the timber business before diversifying into various sectors including mining, clothing, catering, and cement [4]. - The group entered the real estate market in 1997 and later shifted focus to the more lucrative financial sector, engaging in equity acquisitions of small and medium enterprises and wealth management [4]. Group 2: Financial Structure and Impact - Zhongzhi Group controlled or held stakes in six licensed financial institutions and had nine publicly listed companies under its control, making it a significant player in the financial industry [6]. - The group managed assets that peaked at 3.6 trillion, surpassing Evergrande's scale, but is now facing liabilities exceeding 400 billion, leading to a severe insolvency situation [3][6]. Group 3: Reasons for Bankruptcy - The group's financial troubles were exacerbated by poor investment decisions, including significant losses from investments in problematic stocks like LeEco and Kangde Xin, and the death of its founder in 2021, which destabilized the organization [11]. - Zhongzhi Group's aggressive investments in the real estate sector during a downturn, particularly from 2021 onwards, resulted in substantial financial losses [12]. - High-yield financial products offered by its wealth management companies attracted investors with promised returns of 10%-12%, but the inability to meet these obligations has led to significant losses for investors [14]. Group 4: Investor Impact - The bankruptcy has affected approximately 150,000 high-net-worth individuals, with total claims reaching 230 billion, and many investors facing losses of over 3 million each [8][14]. - The likelihood of recovering investments post-bankruptcy is extremely low, as remaining assets will first cover employee wages and debts to banks and creditors before any potential returns to investors [14].

Core Viewpoint - Wealth management companies are under increasing pressure to provide personalized, timely, and insightful advice to clients, yet many advisors face operational inefficiencies, particularly due to "toggle tax" from switching between systems [2][4][6]. Fragmentation and Inefficiency Challenges - Wealth advisors operate in a fragmented digital environment, requiring frequent switching between various systems such as CRM platforms, portfolio management tools, market data terminals, and communication applications [3]. - This "toggle tax" leads to strategic burdens, increased operational costs, and significant time loss for advisors, ultimately degrading client experience and hindering competitive advantage [4][6]. Reimagining Advisor Experience - There are opportunities for firms willing to invest in digital transformation, as interoperability between platforms can create a consistent working experience for advisors [7][8]. - Enhanced access to market data, precise analysis, and actionable insights is crucial for delivering personalized, high-value, and timely advice to investors [8]. Achieving Interoperability and Smart Integration - Wealth management firms must adopt a holistic approach to digital transformation, focusing on building a connected and efficient ecosystem to support advisors' workflows [10]. - Key strategies include breaking down data silos, enhancing team collaboration, and enabling real-time insights to accelerate decision-making [10][11]. Implementing Interoperability - Achieving seamless communication between systems can eliminate redundant steps and reduce manual data entry [11]. - Standardizing workflows across the organization can enhance efficiency and ensure a consistent client experience [11]. - Centralized communication hubs can help advisors stay informed and respond quickly to client needs [11]. Empowering Advisors and Enhancing Client Experience - The future of wealth management hinges on the ability to provide personalized, data-driven advice at scale, necessitating investments in platforms and strategies to eliminate toggle tax and promote interoperability [12][14]. - By leveraging appropriate solutions and tools, firms can transform fragmented workflows into coherent and intelligent advisory processes, leading to improved efficiency and tighter team collaboration [12][14].

Core Insights - The article highlights the evolution of Noah Holdings over the past 20 years, emphasizing its transition from a nascent company to a mature player in the wealth management industry, while maintaining a focus on quality and niche services [1][3] - Founder Wang Jingbo's vision is to expand Noah's services to a global audience, particularly targeting the wealth management needs of the global Chinese community [1][3] Group 1: Company Development - Noah Holdings has completed a significant transformation since its inception, evolving from a small startup to a well-established firm in the wealth management sector [1] - The company has launched a new overseas brand, ARK Wealth, aimed at addressing the unmet wealth management needs of global Chinese clients [1] Group 2: Strategic Direction - The new strategy involves establishing a presence in various global locations to better serve the wealth management demands of Chinese clients, who prefer professionals familiar with their cultural and consumption habits [1][3] - On March 5, Noah officially inaugurated its new overseas headquarters, marking a strategic shift from primarily serving high-net-worth clients in China to a broader focus on the global Chinese community [3] Group 3: Market Understanding - Wang Jingbo emphasizes the importance of understanding the cultural and value systems of Chinese clients in providing effective wealth management services [3] - The company aims to leverage its deep understanding of the Chinese market to cater to both new immigrants and established entrepreneurs in foreign markets [3]

Group 1 - The CEO of UBS Group highlighted significant opportunities in the U.S. wealth management sector [1]

Group 1 - The UK is experiencing a significant outflow of high-net-worth individuals, transforming from a favored destination to one that wealthy individuals are fleeing from [1][2] - By 2025, an estimated 16,500 high-net-worth individuals will leave the UK, with their investable assets totaling approximately $92 billion, representing about 9% of this demographic [11][12] - The UK is projected to lose the highest number of millionaires globally, with predictions indicating a 17% decrease in millionaire population by 2028 [13][12] Group 2 - The core issue driving this exodus is the abolition of the long-standing "non-resident" tax regime, which previously allowed wealthy foreigners to avoid taxes on income earned outside the UK [18][19] - The new tax regulations require foreign nationals moving to the UK to pay taxes on global income after four years, a significant change from the previous 15-year exemption [25][30] - The removal of tax benefits for non-residents is seen as a major misstep that could harm the UK's reputation as a desirable jurisdiction for international wealth [30][31] Group 3 - High tax burdens in the UK are at their highest level in 70 years, projected to reach 37.7% of GDP by 2027-2028 [32] - The personal income tax structure has become increasingly burdensome, with effective tax rates for high earners exceeding 60% [34][33] - The UK government is implementing a series of tax reforms that will further increase tax liabilities across various categories, including capital gains and inheritance taxes [36][37] Group 4 - Other countries are actively attracting wealthy individuals, with the UAE expected to gain 9,800 millionaires by 2025, making it the most popular destination [51] - The US is projected to gain 7,500 millionaires, while Italy, Switzerland, and Saudi Arabia are also expected to see significant increases in millionaire populations [52][54][55] - The global trend of wealthy individuals relocating signifies a profound shift in wealth and power dynamics, impacting the future trajectories of both their home and host countries [60]

行业领军云集的"Wind2025家办高质量发展论坛"，将于2025年7月10日在广州举办，资管大咖 及财富管理行业顶尖专家，将与150+海内外家办掌门人及企业代表，共话"AI驱动的家企财富管 理与投顾服务新实践"，共探行业高质量发展新路径，共谋全球配置新未来！ 论坛嘉宾阵容强大，大咖云集！ 本次论坛由领先的金融信息服务商Wind，联合旗下第三方机构万得基金举办，得到广州金融办的 热烈欢迎和大力支持，并获得广发基金、广州投顾学院、易方达基金投顾和中欧财富的倾力协 助。 图片 看点一： 紧扣行业时代核心主题！ 图片 在AI技术助推下，家企财富管理与投顾服务迎来高质量发展转型关键期，本次论坛以"AI驱动的家 企财富管理与投顾服务新实践"为主题，设置了6大主旨演讲，2场圆桌对话，议程安排将从宏观 到微观、全球至本土、理论到实操等多个维度，共探AI浪潮下行业高质量发展新路径。 主旨演讲嘉宾有： Al驱动的家企财富管理与投顾服务新实践 在行业快速变革的当下，万得家办智库也将应运而生，汇聚顶尖智慧、整合前沿资源，为家族办 公室高质量发展提供坚实智力支撑！ 图片 看点二： 高朋满座，重磅嘉宾云集！ 图片 © 2025.7.1 ...