全球财富报告2011.pdf
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2011全球财富报告（中英文版本）来源：凯捷顾问公司 (Capgemini) 与美林全球财富管理 (Merrill Lynch Global Wealth Management)


給讀者的信︰
凯捷顾问公司 (Capgemini) 与美林全球财富管理 (Merrill Lynch Global Wealth Management) 在此荣幸地为
您献上《2011年全球财富报告》。我们两家公司携手合作已有20余载，一直以来致力研究推动财富创造的
宏观经济因素及其他因素，并深入分析影响全球富裕人士(high net worth individuals)的主要趋势。
全球金融市场在经历了2008年的重创后，在2009年的表现明显大幅反弹，相比之下，2010年的增长显得较
为温和，但全球多个金融市场在去年仍有不俗的表现。同样，富裕阶层的人数及财富亦以温和步伐增长，
尽管富裕人士的态度比在金融危机前较为审慎，但他们在追求回报方面已恢复进取。新兴国家经济活动表
现强劲，当中以亚太区国家的增长最为急速，例如中国和印度。在这些国家经济增长的推动下，环球经济
增长已重上轨道。
现时不少国家仍竭力应付金融危机后的各种后遗症，例如欧洲市场潜伏的主权债务危机以及多个国家面对
的庞大财政赤字，这些问题更因推出刺激经济措施而进一步恶化。
富裕客户亦意识到目前全球局势存在以上挑战，而且还不乏其他风险，例如中东政局动荡及日本地震的灾
后救援工作和核危机。面对这般不明朗的局势，富裕人士更为着重保本，并期望所采取的理财策略能帮助
他们达成人生目标，而并非仅仅为符合投资指标而设。
因此，财富管理公司和顾问的工作变得更为艰巨，他们不仅要顾及富裕客户的所有重点需要，还要应付利
润受压及业内竞争的情况。
幸而自金融危机爆发以来，财富管理公司和顾问已重新获得富裕客户的信任，令他们可以专注于为客户提
供适当的理财建议，针对当前情况建立灵活的应对方案，以回馈客户对他们的信赖。对于不少财富管理公
司和顾问而言，这项工作需要他们采取积极进取的行动，提升本身在财富管理以至投资及企业银行业务各
方面的实力，以确保能全面满足富裕人士在危机后的多元化需要，为客户及公司创造价值。
我们很荣幸能为您提供研究结果，期望全球财富报告的分析能持续为您带来启发。
John W. Thiel
美国财富管理及
私人银行及投资部主管
美林全球财富管理
Jean Lassignardie
全球金融服务部
全球销售及市场部主管
凯捷顾问公司


TO OUR READERS,
Capgemini and Merrill Lynch Global Wealth Management are pleased to present the 2011 World Wealth Report.  
Our two firms have been working together for more than 20 years to study the macroeconomic and other factors
that drive wealth creation and to better understand the key trends that affect high net worth individuals (HNWIs)
around the globe.
In 2010, many global financial markets performed well, albeit growing at more modest rates than the sharp rebounds
seen in 2009 after 2008’s staggering losses. The number of HNWIs and their wealth also grew moderately, with
HNWIs remaining more conservative than before the crisis but willing to be opportunistic in seeking yield.  
The global economy returned to growth, driven by strong activity in emerging economies, most notably fast-growing
Asia-Pacific nations such as China and India.
Many nations are still working through the after-effects of the financial crisis, as evidenced by the still-simmering
sovereign-debt crisis in Europe and the large fiscal deficits in many nations, which have been made worse by crisis-
related stimulus.
HNW clients are very aware of these and other risks, including the political turmoil in the Middle East and the
humanitarian and nuclear crises in Japan. In these uncertain times, HNWIs are keen to preserve capital and expect
their financial strategies to help them achieve life goals, not just arbitrary investment benchmarks.
Wealth management firms and Advisors are being challenged to consider all these HNWI priorities, while managing
the growing margin pressure and competition in their own industry.
Fortunately, Firms and Advisors have regained the trust of their HNW clients since the crisis so their focus
can center on justifying that faith with a resonant, responsive and flexible proposition. For many, that will necessitate
an enterprise response, one that rallies capabilities beyond wealth management—from investment and corporate
banking for instance—to make sure HNWIs’ complex post-crisis needs can be fully met in a way that delivers value
to the client and the Firm.
It is a pleasure to provide you with our findings, and we hope you find continued value in the WWR’s insights.