汇丰银行：2025年环球财富中心投资者报告：高净值人群迁徙与财富枢纽重构（英文版）（23页）.pdf

1、1Global Wealth Hubs:Drivers of diversification 202532Chapter 1:The acceleration of global diversification4Chapter 2:Hong Kong8Chapter 3:Singapore12Chapter 4:Switzerland16Chapter 5:The United Kingdom20Chapter 6:The United States24End note:Widening wealth corridors2830 Sources32 Technical note34 Ackno

2、wledgements36 About HSBC Global Private Banking30Contents4Active accumulation Capturing new opportunities and managing risk through portfolio diversification has always been the foundation stone for boosting investment returns.And in recent years,High Net Worth(HNW)and Ultra High Net Worth(UHNW)indi

3、viduals have been pursuing it with increasing vigour.At first sight,this strategy might seem counterintuitive.Geopolitics seems to be pushing trade and economic policy in the opposite direction.Many companies are bringing their manufacturing operations home(onshoring),or basing them in“friendly”neig

4、hbours(nearshoring).So why are the wealthiest investors spreading the net wider and at an even faster rate than ever before?One reason lies in a belief that individual markets are becoming less correlated.For if one country turns inwards,then its economy is likely to perform at a different rate,even

5、 in relation to its nearest neighbours.In investment terms,it opens up the potential for returns in one market that another currently does not offer.In many ways,this kind of geographical diversification is an extension of a long favoured investment theme:that investors in developed markets benefit

6、from investing in emerging markets and vice versa.For many years,developed market investors have sought access to high-growth companies in fast-expanding emerging markets,usually through their stock markets.In turn,investors in high-growth markets have tried to protect themselves from volatility in