Name: 為何超級富豪們不再只選擇一個金融中心？ (Why the Ultra-Wealthy Are No Longer Choosing Just One Financial Hub)
Uploaded: 2026-03-22T17:35:15.000Z
Duration: 4 min 37 s

For decades, the world's wealthy operated by a simple rule.

幾十年來，全球的富豪們都遵循一個簡單的規則。

選擇你的安全避風港，然後就待在那裡。

情態副詞

These hubs have classically included the likes of Switzerland, the us, Hong Kong and Singapore.

這些中心傳統上包括瑞士、美國、香港和新加坡等地方。

Hong Kong's capital market has been very active recently.

香港的資本市場近期非常活躍。

For Singapore, it's obvious there's a strong rule of law, there's political stability.

對新加坡來說，顯然有強大的法治，有政治穩定。

They want to conduct businesses in a place where the legal system is very unclear.

他們想在一個法律體系非常不明確的地方做生意。

From the turn of the century, other fast rising hubs began attracting the super rich as residents including Abu Dhabi, Riyadh, Milan and Dubai.

從世紀之交開始，其他快速崛起的中心開始吸引超級富豪成為居民，包括阿布達比、利雅德、米蘭和杜拜。

Dubai has always been seen as emerging and promising wealth hub.

杜拜一直被視為一個新興且有潛力的財富中心。

It has very friendly features in terms of attracting wealth.

它在吸引財富方面有非常友善的特色。

So it's very internationally connected, it has very high tax efficiency.

所以它與國際聯繫非常緊密，稅務效率非常高。

But the wealthy are no longer relying on one place to live, invest and do business.

但現在這些富豪不再只依賴一個地方居住、投資和做生意。

The one hub model is giving way to something more strategic.

單一中心模式正在讓位給更具策略性的做法。

High net worth individuals are are thinking twice because they may not want to put their money or their eggs in a single basket.

高淨值人士會三思而後行，因為他們可能不想把錢或雞蛋放在同一個籃子裡。

And they are more thinking of diversification now.

Wealthy people know very well the concept of having an investment portfolio.

富裕人士非常清楚擁有一個投資組合的概念。

If you're a high net worth individual, you don't have all your money or all your wealth sitting in only one asset class.

如果你是高淨值人士，你不會把所有的錢或所有的財富都放在單一資產類別裡。

Just having one country of citizenship and residence means you are also limiting yourself to that jurisdiction.

只擁有一個國家的公民身份和居住權，意味著你也將自己侷限在該司法管轄區。

And whatever risks that may present, they are understanding a lot more the benefits of actually being more diversified in terms of their sovereign portfolio.

而且，無論那可能帶來什麼風險，他們現在越來越瞭解在主權投資組合方面採取更多元化的好處。

In a blog post, Volek explains that the ultra wealthy are no longer just looking for returns.

Volek 在一篇部落格文章中解釋說，超級富豪不再只追求回報。

They are seeking resilience through so called geographic arbitrage.

他們正透過所謂的地理套利來尋求韌性。

Think of a sovereign portfolio as a safety net and opportunity engine, but

想像一下，主權投資組合就像一個安全避風港和機會引擎，

built on residences and citizenship instead of stocks and bonds.

但它建立在居住權和公民身份之上，而不是股票和債券。

You know there's nothing stopping a high net worth individual from getting residence in Costa Rica.

你知道沒有什麼能阻止高淨值人士取得哥斯大黎加的居住權。

Perhaps a golden visa here in the UAE next to having residence or citizenship somewhere in Asia.

也許是在阿拉伯聯合大公國的黃金簽證，再加上亞洲某地的居住權或公民身份。

That's what these families are doing as an optionality play or an insurance policy.

這就是這些家庭正在做的，作為一種選擇權遊戲或保險政策。

More than anything else, debt diversification is showing up in hard numbers.

債務多元化正以實際數據顯示出來，而且比任何其他事物都重要。

A survey by global asset servicer Akorion found that 60% of their family offices have have opened more offices in different jurisdictions over the past five years.

全球資產服務公司 Akorion 的一項調查發現，在過去五年裡，他們有 60% 的家族辦公室在不同司法管轄區開設了更多辦事處。

And around 40% of them now have four or more physical locations worldwide.

大約有 40% 的家族辦公室現在在全球擁有四個或更多的實體地點。

Part of it is sheer portfolio complexity.

其中一部分是純粹的投資組合複雜性。

Alternatives like private equity, private credit, real estate infrastructure now make up 42% of the average family office portfolio.

另類投資，像是私募基金、私人信貸、房地產基礎設施，現在佔了平均家族辦公室投資組合的 42%。

According to BlackRock's 2025 Global Family Office Report.

根據 BlackRock 的 2025 全球家族辦公室報告。

Assets that complex don't sit neatly in one place for wealthy families.

對於富裕家庭來說，這麼複雜的資產無法整齊地放在一個地方。

Usually they will have set up in multiple locations.

通常他們會在多個地點設立據點。

Moving assets around jurisdictions are not very difficult.

在不同司法管轄區之間移動資產並不是件難事。

It's more like how the structure should be arranged.

Regulatory change is accelerating it further.

法規的變動進一步加速了這一點。

For example, when the UK replaced its century old non domicile tax regime with a residence based system last year, the reaction was swift.

例如，英國去年用基於居住權的制度取代了其存在一個世紀的非定居稅制時，反應非常迅速。

Henley and partners projected the UK would lose around 16,500 millionaires in 2025, taking roughly $88 billion in wealth with them in a single year.

Henley & Partners 預計，英國在 2025 年將流失約 16,500 位百萬富翁，一年內帶走約 880 億美元的財富。

And then there's geopolitics, no longer a background concern.

然後還有地緣政治，它不再只是背景上的考量。

Goldman Sachs found that 61% of family offices now cite geopolitical conflict as a primary risk to their portfolios.

高盛發現，有 61% 的家族辦公室現在將地緣政治衝突列為其投資組合的主要風險。

We have seen upside in terms of a shift in mindset, where clients are actually thinking of where they are looking to have upside and efficiency.

我們看到客戶的心態轉變，他們開始思考在哪裡能獲得潛在增長和效率。

And you have seen the narrative change towards one where I want somewhere that is resilient, I want somewhere where it's safe.

而且你已經看到敘事轉變為「我想要一個有韌性的地方，我想要一個安全的地方」。

When you park your wealth in a jurisdiction, you want capital preservation, right?

當你將財富存放在某個司法管轄區時，你想要的是資本保值，對吧？

So in terms of wealth domicile, you typically want somewhere where it's very safe and where you think you can grow your wealth in.

所以就財富所在地而言，你通常會想要一個非常安全的地方，並且你認為在那裡可以增長你的財富。

In a jurisdiction, the clients actually are thinking about how the structure should be arranged across jurisdictions so they can have the flexibility, which is a more strategic decision rather than a quick reaction.

在某個司法管轄區，客戶實際上在思考結構應該如何在不同司法管轄區之間安排，以便他們擁有靈活性，這是一個更具策略性的決定，而不是倉促的反應。

It's not about Dubai versus Hong Kong and Singapore for the business owners.

這不是關於企業主選擇杜拜、香港還是新加坡。

They are more likely thinking about which hubs play what roles.

他們更有可能在思考哪些中心扮演什麼角色。