Offshore Wealth Management – Market Trends and Competitive Dynamics 2021

Pages: 31 Published: July 29, 2022 Report Code: GDFS0393IA

The offshore investment market reached an all-time high in 2020, propelled by investors seeking to shelter their money from the ill effects of the pandemic as well as seeking out investment opportunities after the initial pandemic. 2021 has been a quieter, and slightly negative, market as investors reassess and retreat from many of the offshore markets they flooded into during the volatile days of 2020. With negative outlooks increasingly driving offshore investment, further growth in offshore investment is expected in 2022. The offshore wealth management market research report charts the recent growth trends of the offshore wealth market.

Offshore Wealth Management Market Dynamics

The dramatic events of recent years have caused impressive swings in the offshore investment markets. These rather disparate forces have often obscured the long-term trend of an increasingly diverse and large offshore investment market. Indeed, the first wave driven by the pandemic caused a surge into traditional booking centers and safe-haven currencies that benefited European offshore wealth managers, but the recovery has moved momentum back towards growth booking centers, with Asia-Pacific receiving the most growth.

In 2020, all the major offshore booking centers recorded substantial growth, barring those in the Middle East and Africa. The slow claw-back out of the pandemic in 2021, by contrast, saw non-resident investors pull back and less in the way of capital growth.

Offshore Wealth Management Market Drivers

Offshore wealth investment accommodates business interests and offshore wealth managers need to see their proposition through the eyes of a business owner first and foremost.

The development of more sophisticated digital platforms means wealth managers are better able to compete for clients in the offshore markets, providing low-cost offshore investment channels to a class of less affluent investors that previously would have been poorly served by the offshore investment market.

In line with the continued dominance of New York and London offshore booking centers, all offshore private banks need to ensure their ability to service or book clients via these global markets or risk losing client AUM to those that can.

Regional Outlook of the Offshore Wealth Management Market

The key regions in the offshore wealth management market are Europe, Asia Pacific, the Americas, and the Middle East and Africa.

Almost all key offshore booking centers benefited from the fear of the COVID-19 pandemic in 2020 and bounced back in markets by the end of the year. Clearly, the safe-haven markets of Europe, led by London’s offshore market, were the preferred destinations. The gains were concentrated in the world’s major financial centers such as the US, the UK, Germany, and Switzerland, with smaller offshore specialists such as Jersey, Guernsey, and Curacao not faring as well.

Offshore Wealth Management Market, by Regions

Offshore Wealth Management Market, by Regions

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Key Traditional Offshore Wealth Managers

The key traditional offshore wealth managers are Citigold International UK, Standard Chartered, and HSBC Premier India.

Citibank International Personal Bank: It offers a plethora of services for clients including a focus on offshore wealth. The service allows clients to invest in world-renowned financial centers. Customers can access multi-currency cash accounts in a range of major currencies and get a Citi Debit Card along with their offshore bank account. Clients have the option to move their wealth quickly across Citibank accounts as the brand utilizes its international presence to the full extent. Additionally, customers can convert a wide range of currencies at Citi’s market exchange rates under the FX services. 

Standard Chartered: Their international banking allows customers to transfer money overseas for free using a multi-currency account. This comes with a debit card that allows customers to withdraw cash for free from any Standard Chartered ATMs globally with access to competitive foreign exchange rates. It provides ease of transfer for clients who may move overseas as an expat, while customers are also able to open a bank account in their new country pre-arrival and transfer funds from anywhere. 

HSBC Premier India: It is a decorated mass affluent service with a strong global and family focus. HSBC Premier customers need to maintain a certain quarterly balance. The service allows families to benefit from this service through offerings such as a joint savings account with children and goal planning for the entire family. For spending services, HSBC Premier offers a Mastercard credit card and Platinum debit card.

Offshore Wealth Management Market Report Overview

Key Regions Europe, Asia Pacific, the Americas, and the Middle East and Africa
Key Traditional Offshore Wealth Managers Citigold International UK, Standard Chartered, and HSBC Premier India

Reasons to Buy

  • Understand the growth of the non-resident investor segment in recent years
  • Identify which markets have investors increasingly turning to offshore centers
  • Gain insight into the drivers behind the growth in offshore investing
  • Forecast HNW demand for offshore wealth management in all key markets
  • Size key market segments within the offshore investment market
  • Examine the best practice in the delivery of offshore investment services to the affluent

Key Players

Credit Suisse
Standard Chartered
Morgan Stanley
Julius Baer

Table of Contents

Table of Contents

1. Executive Summary

1.1 Market overview

1.2 Key findings

1.3 Critical success factors

2. Offshore Market Context

2.1 Non-resident investment assets continue to grow in a challenging environment

3. Challenges and Opportunities in Offshore Wealth

3.1 Regulation is a major cloud on the horizon

3.2 Geopolitical risk in the form of war is a major concern

4. Competitive Dynamics

4.1 Offshore wealth management is well developed in most regions

4.2 Digitization has become central to the offshore investment market, expanding the client base down market

4.3 Traditional full-service offshore wealth managers

5. Appendix

5.1 Supplemental data

5.2 Abbreviations and acronyms

5.3 Definitions

5.4 Methodology

5.5 Secondary sources

5.6 Further reading

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List of Tables

List of Tables

Table 1: Non-resident assets growth rates, 2020-21

Table 2: Selected markets rates of offshore investment in the general population, 2020-21

List of Figures

List of Figures

Figure 1: Offshore assets surged early in the pandemic as investors sought safe havens early on and then sought out investment opportunities

Figure 2: The tidal wave of non-resident wealth into Europe is receding

Figure 3: The central roles of New York and London remain even after wealth drains from elsewhere in the regions

Figure 4: Asia-Pacific is once again back to driving growth in the offshore market

Figure 5: Negative macroeconomic ‘push’ factors are driving the increase in HNW offshore investment

Figure 6: Australian investors who are keen to directly own a trendy tech stock are being targeting by moomoo

Figure 7: Anonymity and tax were largely absent as drivers for offshoring during the pandemic

Figure 8: Banks significantly increased their hiring for regulation and compliance in the early months of 2022

Figure 9: Regulation-related job hiring from Dec 14, 2021 to March 14, 2022 compared to previous quarter

Figure 10: The North American market is well provisioned with offshore services

Figure 11: Currency risk has grown over the last 10 years and is heightened in times of crisis

Figure 12: Most private wealth firms in the US and Canada can connect clients to offshore partners

Figure 13: Citibank’s offshore investment options cover multiple asset classes

Figure 14: ESG is just as important as high returns in markets that Standard Chartered has presence in

Figure 15: Standard Chartered’s international service caters to both liquid and illiquid offshore investments

Figure 16: HSBC Premier India services focus on international privileges and NRIs

Frequently Asked Questions

The key regions in the offshore wealth management market are Europe, Asia Pacific, the Americas, and the Middle East and Africa.




The key traditional offshore wealth managers are Citigold International UK, Standard Chartered, and HSBC Premier India.


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