“Seizing the Global HNW Expat Opportunity”, report sizes and analyzes the global HNW opportunity, and provides detailed recommendations on how to best target and service this segment. The report is based on our proprietary Global Wealth Managers Survey.
With the global high-net-worth (HNW) expat market expanding from one million individuals in 2014 to 1.2 million individuals in 2017, wealth managers will have to offer tailored products to customers to succeed in this rapidly growing but fiercely competitive sector.
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According to the company’s latest report, ‘Seizing the Global HNW Expat Opportunity’, 65% of wealth managers target HNW expats. Admittedly, a larger proportion of wealth mangers target professionals and entrepreneurs (81% and 85%, respectively), but these segments make for a much larger market.
“The sheer size of the global HNW expat market represents a significant opportunity for wealth managers to target these mobile, affluent customers with tailored products. However, adopting a differentiated strategy is becoming increasingly important as competition is on the rise.
“Competition is fierce in key expat hubs such as Hong Kong, Singapore and the UAE. For example, more than half of the HNW residents in the UAE are expats, and it will be hard pressed to find a wealth manager who does not employ a dedicated expat team in the UAE.”
With almost 11% of the global HNW expat population (more than 131,000), HNW expats from India represent a particularly lucrative target market. Similarly, migrants from China can be found all over the world, justifying a global targeting strategy.
As a result, wealth managers have been eager to differentiate themselves from the competition by focusing on particular segments of the market. Many providers have developed dedicated offerings aimed at particular diasporas, such as Chinese or Indian HNW expats.
However, smaller players will struggle to compete in that space, given that all the big brands operate dedicated non-resident Indian or China desks, allocating significant resources to appeal to these segments.
Van den Hövel concludes: “Smaller or domestically-focused players should consider adopting a more niche business model focused on smaller diasporas or less competitive markets, such as Canada. While expats only constitute 5.6% of the local HNW population in the country, this still equates to just over 10,800 individuals – not the largest of markets, but one that is not as hotly contested.
“HNW expats are big business, but it’s becoming more important to stand out from the crowd as competition picks up. Going after the biggest slice of the pie may not necessarily be the best strategy for everyone; a more targeted approach focused on niche segments can go a long way.”
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Specifically the report –
– Outlines the size and composition of the global HNW expat market.
– Analyzes which countries have been able to attract the largest proportions of HNW expats and why.
– Examines the motivations behind HNW individuals relocating to another country.
– Discusses the effectiveness of different targeting strategies in the HNW expat space.
– Details how to best service HNW expats.
– Explores the differences between long- and short-term expats in terms of service requirements and targeting strategies.
Scope
– The global HNW expat market grew from 1 million individuals in 2014 to 1.2 million in 2017.
– Expats who emigrated from Greater China and the Indian subcontinent make for the largest target markets of 175,524 and 167,955 individuals respectively.
– 60% of HNW expats have resided in their country of choice for five years or more. However, those who expatriated as part of a job transfer are less likely to migrate permanently.
– 40% of HNW expats migrated to start a business, while another 24% expatriated as part of a job transfer.
– 34% of HNW expats have been acquired via client referrals and contacts, and 20% via internal referrals.
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Reasons to buy
– Identify key expat hubs and understand the level of competition intensity in these markets.
– Understand the size and service requirements of different diasporas across the world.
– Develop and enhance your client targeting strategies using our proprietary data on the effectiveness of various strategies in the HNW expat space.
– Give your marketing strategies the edge required and capture new clients using insights from our data on HNW investors’ reasons for expatriating.
– Tailor your product portfolio to match demand patterns across the different segments that make up the global HNW expat market.
– Understand how best to reach out to HNW expats pre- and post-departure.
– Understand how select competitors are successfully reaching out to HNW expats.
Companies Mentioned in the Report
Amaroo
Bank of China
N26 Bank
Abu Dhabi Commercial Bank
Emirates NBD
Arab Bank
HSBC
HDFC Bank
ICICI Bank
IndusInd Bank
Kotak
Axis
IDBI Bank
United Bank of India
Bank of Baroda
Deutsche Bank
Standard Chartered
Citi
Westpac
Aldermore
Credit Suisse
Lloyds Bank
HR Blocks
Table of Contents
1. EXECUTIVE SUMMARY 2
1.1. HNW expats are a sizable but competitive client segment 2
1.2. Key findings 2
1.3. Critical success factors 2
2. THE HNW EXPAT OPPORTUNITY IS CONCENTRATED IN KEY HUBS 8
2.1. Defining the expat opportunity 8
2.2. Lenient visa requirements, stable economic conditions, and lifestyle benefits are attracting expats to key hubs 8
2.2.1. The UAE is the preferred destination among cashed-up investors, but competition is fierce 9
2.2.2. Strong labor markets and an abundance of international companies make Singapore and Hong Kong a natural choice 11
2.2.3. In relation to its locally-born HNW population Switzerland offers the largest expat opportunity in Europe, but the UK and Germany impress with sheer numbers 11
2.3. Targeting efforts begin in Asia, as more than half a million expats originate from the continent 12
2.3.1. Chinese expats’ higher likelihood to migrate permanently makes them an attractive target market 13
2.3.2. Bank of China is following Chinese migrants to the UK 13
2.3.3. Expats from the Indian subcontinent are a sizable target group with distinct servicing needs 14
2.3.4. Recent tax changes will drive already high demand for tax advice among US expats 17
….Continued
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