亚洲新富为私人银行带来商机

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.

即便是在全球最浮华而夸张的城市之一，澳门路易十三(Louis XIII)赌场和酒店项目也将令人叹为观止。

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.

这个耗资10亿美元的项目预计将在入口上方镶嵌一颗巨大的红宝石颜色的绚丽“珠宝”，其236间最基本客房的最低价格将为每晚1万港元(合1290美元)。66张赌桌的最小赌注将为5000港元，在大厦内的格拉夫珠宝(Graff Diamonds)门店和其他奢侈品牌门店购物将需要预约。

Welcome to the world of Asia’s rich.

欢迎来到亚洲富豪的世界。

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.

亚洲现在创造的新财富超过任何其他地区在任何历史时期的规模。凯捷集团(Capgemini)和加拿大皇家银行(Royal Bank of Canada)最近的年度调查显示，过去5年，亚洲富豪资产的增速是其他地区的3倍，富豪人数增速是其他地区的两倍。

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.

根据这项调查，去年，亚洲富豪的数量增加近10%，达到370万人，他们的财富扩大了12%，至12万亿美元。

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.

而对于净资产超过3000万美元的“超级高净值”人士，情况则有些不同。根据Wealth-X和瑞银(UBS)的研究，过去一年，美欧超级富豪增加的人数超过全球任何其他地区，中国和巴西的超富人群实际上略有下滑。

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.

全球超级富豪仅有19.9235万人，但毫不意外的是，他们是私人银行和财富管理公司的主要关注对象。Wealth-X首席执行官米科拉斯•拉姆布斯(Mykolas Rambus)表示，这些富豪经常有2000万美元投入企业，500万美元投资房地产，还有500万美元可以自由调动。

“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.”

“这个市场之所以如此利润丰厚，是因为大量财富的流动性现在不是很强，”他表示，“它们可能会在两年后以某种方式变现，例如上市，同时这些富人往往将财富分布在多家银行。”

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.

拥有500万美元或以下资产的潜在客户数量更多，但他们可能只有25万美元或更少的流动资产。拉姆布斯补充称：“你不可能在目前的高成本环境下从他们那里赚钱。”

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.

对于私人银行和其他财富管理公司而言，新富阶层的要求可能要苛刻得多，这在一定程度上是因为，要让他们相信自己以前从未使用过（甚至从未考虑过）的服务是值得买单的，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，由于他们的财富通常仍与企业捆绑在一起，因此他们预期的投资回报率要远远高于那些致富更早、对资产保值更有兴趣的人。

“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.”

“对于新富阶层而言，理财投资会直接与他们的企业争夺资金，因此任何投资的回报率都需要高于对企业的再投资，”瑞银财富管理公司(UBS Wealth Management)亚太区主管施许怡敏(Kathryn Shih)表示，“此外，他们有本土偏好；他们希望了解自己将要投资的公司。”

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.

当然，那些新富人群也对炫富更感兴趣，或者至少会购买一些炫富类的产品，例如汽车、手表、房产等等。

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

但私人银行业高管表示，这些东西都是由那些普通富人（而非真正富有的人）在致富初期购买，而且往往借助贷款购买，

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)私人银行亚洲首席执行官巴萨姆•萨勒姆(Bassam Salem)表示，对于那些拥有3000万美元或以上资产的人而言，一旦他们进入这个群体，他们首先希望购买的是飞机。

“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，新富人群一开始都表现得更为热情，”他表示，“但对于多数人而言，得花一段时间才能跻身超富群体。在很多国家，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.

中国内地是个例外，在这里，由于最近几年经济的爆炸性增长，有更多人在很短时间内暴富。萨勒姆表示，花旗在亚洲（除日本之外）的超富客户年龄平均为70岁左右，而在中国是35岁。

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.

拉姆布斯的看法类似，他指出，中国超级富豪的平均年龄为33岁左右，但全球超级富豪的平均年龄为52岁。

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.

尽管有一些铺张的豪华项目，诸如澳门即将问世的路易十三酒店，但拉姆布斯表示，与全球其他地区一样，亚洲的超级富豪在大笔花钱方面正变得不那么高调。

“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：“在很多国家，从文化上讲，显山露水不是一件好事，而且如果你想守住财富，抛头露面的做法正变得不那么可取。”

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，一旦路易十三酒店于2015年向高端客户开放，大声嚷嚷着说曾在那里住过的人，更有可能要么是在撒谎，要么是这个赌场的较低端客户。