亞洲新富爲私人銀行帶來商機

The Louis XIII casino and hotel in Macau will be something to marvel at even in the midst of one of the most gaudy and ludicrous cities in the world.

即便是在全球最浮華而誇張的城市之一，澳門路易十三(Louis XIII)賭場和酒店項目也將令人歎爲觀止。

This $1bn resort is expected to have a giant ruby coloured illuminated “jewel” above its entrance and will charge a minimum HK$10,000 (US$1,290) a night for the most basic of its 236 rooms. The smallest bets on its 66 gaming tables will be HK$5,000 and shopping at the Graff Diamonds store and other luxury outlets in its mall will be by appointment only.

這個耗資10億美元的項目預計將在入口上方鑲嵌一顆巨大的紅寶石顏色的絢麗“珠寶”，其236間最基本客房的最低價格將爲每晚1萬港元(合1290美元)。66張賭桌的最小賭注將爲5000港元，在大廈內的格拉夫珠寶(Graff Diamonds)門店和其他奢侈品牌門店購物將需要預約。

Welcome to the world of Asia’s rich.

歡迎來到亞洲富豪的世界。

Asia is producing more new wealth than any other part of the world at any point in history. Over the past five years, the assets of rich individuals have grown at triple the rate of the wealthy elsewhere, while the number of rich people has increased by twice that of other regions, according to the recent annual survey by Capgemini and Royal Bank of Canada.

亞洲現在創造的新財富超過任何其他地區在任何歷史時期的規模。凱捷集團(Capgemini)和加拿大皇家銀行(Royal Bank of Canada)最近的年度調查顯示，過去5年，亞洲富豪資產的增速是其他地區的3倍，富豪人數增速是其他地區的兩倍。

Their number grew by almost 10 per cent to reach 3.7m last year, according to the survey, while their wealth expanded by 12 per cent to $12tn.

根據這項調查，去年，亞洲富豪的數量增加近10%，達到370萬人，他們的財富擴大了12%，至12萬億美元。

For “ultra-high-net-worth” people, who have more than $30m in net assets, the story is a little different. More people from the US and Europe entered this club in the past year than from anywhere else – the population in China and Brazil actually declined slightly – according to research by Wealth-X and UBS.

而對於淨資產超過3000萬美元的“超級高淨值”人士，情況則有些不同。根據Wealth-X和瑞銀(UBS)的研究，過去一年，美歐超級富豪增加的人數超過全球任何其他地區，中國和巴西的超富人羣實際上略有下滑。

There are only 199,235 such individuals in the whole world, but unsurprisingly they are the main focus of private banks and wealth managers. They will often have $20m tied in a business, with $5m in property and $5m to play with, says Mykolas Rambus, chief executive of Wealth-X.

全球超級富豪僅有19.9235萬人，但毫不意外的是，他們是私人銀行和財富管理公司的主要關注對象。Wealth-X首席執行官米科拉斯•拉姆布斯(Mykolas Rambus)表示，這些富豪經常有2000萬美元投入企業，500萬美元投資房地產，還有500萬美元可以自由調動。

“The reason this market is so lucrative is that a lot of the wealth is not very liquid yet,” he says. “They are likely to have a monetising event within a couple of years, like a listing, and they tend to spread their wealth around among a number of banks.”

“這個市場之所以如此利潤豐厚，是因爲大量財富的流動性現在不是很強，”他表示，“它們可能會在兩年後以某種方式變現，例如上市，同時這些富人往往將財富分佈在多家銀行。”

There are many more potential clients among those with $5m or less, but they might only have liquid assets of $250,000 or less. “You cannot make money out of that in today’s high cost regimes,” Mr Rambus adds.

擁有500萬美元或以下資產的潛在客戶數量更多，但他們可能只有25萬美元或更少的流動資產。拉姆布斯補充稱：“你不可能在目前的高成本環境下從他們那裏賺錢。”

The newly rich can be much more demanding clients for private banks and other wealth managers, partly because they can take some convincing that a service they have never used or thought about is worth paying for.

對於私人銀行和其他財富管理公司而言，新富階層的要求可能要苛刻得多，這在一定程度上是因爲，要讓他們相信自己以前從未使用過（甚至從未考慮過）的服務是值得買單的，可能得花一番功夫。

On top of this, as they are normally still tied in with their businesses, their investment expectations are for much higher returns than those who have been wealthier for longer and are more interested in preservation.

此外，由於他們的財富通常仍與企業捆綁在一起，因此他們預期的投資回報率要遠遠高於那些致富更早、對資產保值更有興趣的人。

“For the new rich, investments in wealth management compete directly with their businesses for capital, so any investment needs to generate a higher return than they could get by reinvesting in the company,” says Kathryn Shih, head of UBS Wealth Management Asia Pacific. “Also, they have a home bias; they like to know the companies they are going to invest in.”

“對於新富階層而言，理財投資會直接與他們的企業爭奪資金，因此任何投資的回報率都需要高於對企業的再投資，”瑞銀財富管理公司(UBS Wealth Management)亞太區主管施許怡敏(Kathryn Shih)表示，“此外，他們有本土偏好；他們希望瞭解自己將要投資的公司。”

Of course, those whose wealth is really new are also more interested in flaunting it – or at least buying some of the trappings such as cars, watches, properties and so on.

當然，那些新富人羣也對炫富更感興趣，或者至少會購買一些炫富類的產品，例如汽車、手錶、房產等等。

But private banking executives say these things are bought early – and often with borrowed money – by the merely affluent, rather than the really rich.

但私人銀行業高管表示，這些東西都是由那些普通富人（而非真正富有的人）在致富初期購買，而且往往藉助貸款購買，

For those with $30m or more, the first thing they want to buy once they hit that bracket is an aircraft, according to Bassam Salem, chief executive of Citi’s private bank in Asia.

花旗(Citi)私人銀行亞洲首席執行官巴薩姆•薩勒姆(Bassam Salem)表示，對於那些擁有3000萬美元或以上資產的人而言，一旦他們進入這個羣體，他們首先希望購買的是飛機。

“The newly rich are a bit more exuberant in terms of showing their wealth initially,” he says. “But it takes a little while to become ultra-wealthy for most. The richer you are, the less you want to show it in many countries.”

“在炫富方面，新富人羣一開始都表現得更爲熱情，”他表示，“但對於多數人而言，得花一段時間才能躋身超富羣體。在很多國家，你越富有，就越不想炫耀。”

The exception to this is mainland China, where more people have become vastly rich in a much shorter time because of the explosive pace of growth in recent years. The average age of Citi’s ultra-rich clients in Asia excluding Japan is about 70, according to Mr Salem, whereas in China it is 35.

中國內地是個例外，在這裏，由於最近幾年經濟的爆炸性增長，有更多人在很短時間內暴富。薩勒姆表示，花旗在亞洲（除日本之外）的超富客戶年齡平均爲70歲左右，而在中國是35歲。

Mr Rambus makes a similar observation, noting that the average age of millionaires in China is about 33, but that of the world’s ultra-wealthy is 52.

拉姆布斯的看法類似，他指出，中國超級富豪的平均年齡爲33歲左右，但全球超級富豪的平均年齡爲52歲。

In spite of cathedrals to excess such as the coming Louis XIII resort in Macau, Mr Rambus says the super wealthy in Asia, as in other parts of the world, are becoming less visible in terms of splashing the cash.

儘管有一些鋪張的豪華項目，諸如澳門即將問世的路易十三酒店，但拉姆布斯表示，與全球其他地區一樣，亞洲的超級富豪在大筆花錢方面正變得不那麼高調。

“There are many countries where visibility is not good culturally and where it is becoming less advisable if you want to keep your wealth,” he says.

他表示：“在很多國家，從文化上講，顯山露水不是一件好事，而且如果你想守住財富，拋頭露面的做法正變得不那麼可取。”

So, once the Louis XIII opens to its exclusive clientele in 2015, it is more likely that anyone who makes a noise about having stayed there is perhaps either lying, or at the lower end of that casino’s clientele.

因此，一旦路易十三酒店於2015年向高端客戶開放，大聲嚷嚷着說曾在那裏住過的人，更有可能要麼是在撒謊，要麼是這個賭場的較低端客戶。