The Asia-Pacific region registered world-leading levels of high net worth individual (HNWI) population and wealth growth in 2013, according to the the fifth Asia-Pacific Wealth Report (APWR), published by Capgemini and RBC Wealth Management.

The region’s population of HNWIs grew 17% to 4.3 million, while their wealth grew 18% to reach $14.2 trillion, compared to growth rates of 13% and 12% respectively in the rest of the world, the APWR 2014 said.

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Japan and China, which hold over two thirds of Asia-Pacific’s HNWI population, drove 85% of the HNWI population growth in 2013, increasing their number of HNWIs by 22% and 18% respectively to reach 2.3m and 758,000. They also saw HNWI wealth increase at the region’s highest rates of 24% to $5.5trn for Japan, and 20% to $ 3.8trn for China.

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Industry trust abounding

HNWIs in Asia-Pacific (excl. Japan) also have the highest trust and confidence levels globally in all aspects related to the wealth management industry, according to the report’s Global HNW Insights Survey.

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"Asia-Pacific offers a ripe environment for firms to establish deeper client relationships and improve performance scores, given the high confidence levels, complex needs, focus on wealth growth, and openness to advice of HNWIs in the region," said Jean Lassignardie, chief sales and marketing officer, Capgemini Global Financial Services.

Of the total HNWIs surveyed, 85% expressed high trust in wealth managers, 87% in wealth management firms, 78% in financial markets, and 80% in regulatory institutions. Looking ahead, 88% of Asia-Pacific HNWIs are confident in their ability to generate wealth in the near future.

The report said Asia-Pacific HNWIs have distinct preferences around how they are served by firms, as they are more inclined to seek professional advice (45%, the highest globally) and pay for customised services (37%) than HNWIs in the rest of the world (36% and 30%).

 

Digital contact please

Asia-Pacific HNWIs also have the highest demand globally for digital interactions, with 82% expecting most or all of their wealth management relationship to be run digitally in five years.

Contrary to their counterparts in the rest of the world, Asia-Pacific HNWIs, especially the Chinese and Indonesian clients, see digital contact as more important than any kind of direct engagements with the industry, said the report.

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Specifically, more than 50% of Chinese HNWIs strongly emphasise real-time reporting, even during the time of low market volatility.

Only 24.8% of Asia-Pacific HNWIs said direct contact with the industry was preferred, compared with 35.2% of HNWIs in the rest of the world.

RBC and Capgemini’s latest World Wealth Report was released in June 2014