Acknowledgements Deloitte would like to thank all the experts and executives interviewed for theirinvaluable contributions to this study.International wealth management centres (IWMC) are defned in this report as countries or jurisdictions specialising in andattracting a large number of international private clients. A key feature of this defnition is the provision of a signifcant scale of privatebanking/wealth management services to clients with foreign domiciles. Consequently, a large proportion of client assets in wealthmanagement centres are privately owned cross-border assets representing the international market volume, which are the focal pointof this report. IWMC highlighted (in alphabetical order):Bahrain Hong Kong Luxembourg Panama &Singapore Switzerland UAE UK US the CaribbeanAsset classes include bank accounts (checking and saving accounts), debt and equity securities (incl. shares of funds), derivatives andpartially assets held in fduciary structures such as companies and trusts. This is not limited to millionaire households, but includesall households. Assets held via funds, life insurers and pensions are excluded. Non-banking assets such as business equity, primaryresidences and art are excluded as well.International Market Volume (IMV) is defned as assets managed or administered in a location separate from the asset owner’sdomicile. This report focuses on IMV from a booking perspective (where are assets booked) as opposed to an origination perspective(what is the domicile of the asset owner). Scope of the research 1Foreword 4 2Executive summary 5 3Competitiveness ranking 7 4Asset size ranking 12 5Performance ranking 20 6Conclusion and outlook 31 7Appendix 32 8Contacts and authors 41 Contents 4 The international wealth management industry still faces several challenges. In addition tothe never-ending regulatory pressures, the emergence of private clients from GenerationY and Generation Z is changing the nature of demand. Moreover, technology-driveninnovation cycles have become even shorter, and digitally-enabled business models arebecoming the ’new normal’. The transformation taking place is costly, and not all playersin the industry will have the fnancial means to pay for it. Consequently, new forms ofcooperation models will appear and consolidation will continue in the industry. However,the economy in most of the top 25 private banking markets globally has been prosperingand fnancial markets have been enjoying continuing growth since our last report in 2015. Given the international nature of this business, there is intense rivalry between the largestprivate wealth management centres in serving international clients.The performance of these centres in terms of their international business can bemeasured by value, based on quantitative factors such as Assets under Management andAdministration (AMA), net new assets (NNA) or proftability, and these in turn depend onother ’success factors’ such as infrastructure, capital market and digital maturity. This third edition of our ranking report focuses on three main questions:How has the competitiveness of each wealth management centre changedsince 2013How have the centres performed since 2010 in terms of market volume frominternational clients and growthWhat has been the performance ranking of selected centres since 2013 interms of proftability and efciency We hope that this report provides you with some interesting and useful insights into thisindustry sector.Dr. Daniel Kobler Sven Probst Partner, Lead Author Partner Leader Private Banking & WealthLeader Financial Services IndustryManagement Industry Switzerland Switzerland 1 Foreword 。。。。。。