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Why the Ultra-Wealthy Are No Longer Choosing Just One Financial Hub - Video học tiếng Anh
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Why the Ultra-Wealthy Are No Longer Choosing Just One Financial Hub
Why the Ultra-Wealthy Are No Longer Choosing Just One Financial Hub
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Phụ đề (54)
0:00
For decades, the world's wealthy operated by a simple rule. Pick your safe haven and stay there.
0:06
These hubs have classically included the likes of Switzerland, the US, Hong Kong, and Singapore.
0:12
Hong Kong's capital market has been very active recently.
0:15
For Singapore, it's obvious there's a strong rule of law. There's political stability.
0:20
They want to conduct businesses in a place where the legal system is very, very clear.
0:25
From the turn of the century, other fast-rising hubs began attracting
0:28
the super-rich as residents including Abu Dhabi, Riyadh, Milan and Dubai.
0:34
Dubai has always been seen as an emerging and promising wealth hub.
0:38
It has very friendly features in terms of attracting wealth. So it's
0:43
very internationally connected. It has very high tax efficiency.
0:47
But the wealthy are no longer relying on one place to live,
0:51
invest, and do business. The one-hub model is giving way to something more strategic.
0:56
High net worth individuals are thinking twice because they may not want to put their monies
1:02
or their eggs in a single basket and they are more thinking of diversification now.
1:06
Wealthy people know very well the concept of having an investment portfolio. If you're a
1:13
high net worth individual, you don't have all your money or all your wealth sitting in only one asset
1:18
class. Just having one country of citizenship and residence means you are also limiting yourself to
1:24
that jurisdiction and whatever risks that may present. They are understanding a lot more the
1:29
benefits of actually being more diversified in terms of their "sovereign portfolio".
1:35
In a blog post, Volek explains that the ultra-wealthy are no longer just looking
1:39
for returns. They are seeking resilience through so-called "geographic arbitrage".
1:44
Think of a "sovereign portfolio" as a safety net and opportunity
1:47
engine - but built on residences and citizenship instead of stocks and bonds.
1:52
You know, there's nothing stopping a high net worth individual from getting residence
1:56
in Costa Rica, residence or citizenship in Europe, perhaps a golden visa here in the UAE,
2:03
next to having residence or citizenship somewhere in Asia. That's what these
2:07
families are doing as an optionality play or insurance policy more than anything else.
2:12
That diversification is showing up in hard numbers.
2:15
A survey by global asset servicer Ocorian found that 60% of their family offices
2:22
have opened more offices in different jurisdictions over the past 5 years.
2:27
And around 40% of them now have four or more physical locations worldwide.
2:33
Part of it is sheer portfolio complexity. Alternatives like private equity, private credit,
2:39
real estate, infrastructure now make up 42% of the average family office portfolio, according
2:45
to BlackRock's 2025 Global Family Office Report. Assets that complex don't sit neatly in one place.
2:52
For wealthy families, usually they will have set up in multiple locations,
2:58
right? Moving assets around jurisdiction are not
3:00
very difficult. It's more like how the how the structure should be arranged.
3:05
Regulatory change is accelerating it further. For example, when the UK replaced its century old
3:11
non-domicile tax regime with a residence-based system last year, the reaction was swift.
3:17
Henley & Partners projected the UK would lose around 16,500 millionaires in 2025,
3:23
taking roughly $88 billion dollars in wealth with them in a single year.
3:28
And then there's geopolitics, no longer a background concern.
3:32
Goldman Sachs found that 61% of family offices now
3:36
cite geopolitical conflict as a primary risk to their portfolios.
3:40
We have seen upside in terms of a shift in mindset where clients are actually thinking
3:45
of where they are looking to have upside and efficiency and you have seen the narrative
3:50
change towards one where I want somewhere its resilient. I want somewhere where its safe.
3:55
When you park your wealth in a jurisdiction, you want capital preservation, right? So,
4:00
in terms of wealth domicile, you typically want somewhere where it's
4:04
very safe and where you think you can grow your wealth in the jurisdiction.
4:09
The clients actually are thinking about how their structure should be arranged across jurisdictions
4:14
so they can have the flexibility which is a more strategic decision rather than a quick reaction.
4:20
It's not about Dubai versus Hong Kong and Singapore. For the business owners,
4:26
they are more likely thinking about which hubs to play what roles. It's about diversification.
