Israel 2013 Wealth Book: Trends in Millionaire Wealth

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					                                                               Israel
                                2013 Wealth Book


                          Trends in Millionaire
                                Wealth




China – The Future of HNWIs to 2015: Opportunities for Wealth Managers and Private Banks
Publication date: May 2013
Report code: WI0092MR
© WealthInsight. This report is a licensed product and is not to be photocopied.
        About WealthInsight

        The WealthInsight Intelligence Center Database is an unparalleled resource and the leading
        resource of its kind. Compiled and curated by a team of expert research specialists, the database
        comprises dossiers on over 60,000 HNWIs from around the world.



        The Intelligence Center also includes tracking of wealth and liquidity events as they happen and
        detailed profiles of major private banks, wealth managers and family offices in each market.



        With the Database as the foundation for our research and analysis, we are able obtain an
        unsurpassed level of granularity, insight and authority on the HNWI and wealth management
        universe in each of the countries and regions we cover.




       Contact:



       Andrew Amoils

       Senior Analyst & Head of Reports Team, WealthInsight

       andrew.amoils@wealthinsight.com

       +44 (0)20 7406 6564




Israel 2013 Wealth Book: Trends in Millionaire Wealth
© WealthInsight. This report is a licensed product and is not to be photocopied.                            Page 1
TABLE OF CONTENTS

1       Introduction .................................................................................................................... 8
1.1       Details of this Report ............................................................................................................. 8
1.2       Definitions .............................................................................................................................. 8
2       Executive Summary..................................................................................................... 12
3       Wealth Sector Fundamentals ..................................................................................... 15
3.1       Political Background ........................................................................................................... 15
3.2       Economic Background ........................................................................................................ 17
3.3       Benchmarking Israel Wealth in Context ............................................................................. 19
3.3.1 World statistics ......................................................................................................................................... 19
3.3.2 Distribution of wealth in Israel .................................................................................................................. 19
3.4       HNWI Volume and Wealth Trends ....................................................................................... 20
4       Findings from the WealthInsight HNWI Database..................................................... 23
4.1       Trends in HNWI Wealth to 2017........................................................................................... 23
4.1.1 HNWI trend analysis ................................................................................................................................ 23
4.1.2 Trends of the wealth bands ..................................................................................................................... 24
4.1.3 Demographic breakdown of HNWI .......................................................................................................... 26
4.2       UHNWIs................................................................................................................................. 27
4.2.1     UHNWI volume trend analysis ................................................................................................................. 27
4.2.2     UHNWI wealth trend analysis .................................................................................................................. 29
4.2.3     Demographic breakdown of UHNWIs...................................................................................................... 30
4.2.4     UHNWIs – industry breakdown ............................................................................................................... 32
4.2.5     UHNWIs – breakdown by city .................................................................................................................. 33
4.2.6     UHNWIs – city population densities ........................................................................................................ 34
4.2.7     UHNWIs – smaller cities .......................................................................................................................... 35
4.3       UHNWIs – Billionaires.......................................................................................................... 36
4.3.1     Billionaire volume trend analysis ............................................................................................................. 37
4.3.2     Billionaire wealth trend analysis .............................................................................................................. 37
4.3.3     Billionaire per capita net worth trend analysis ......................................................................................... 37
4.3.4     List of billionaires ..................................................................................................................................... 38
4.4       UHNWIs – Centimillionaires ................................................................................................ 39
4.4.1 Centimillionaire volume trend analysis .................................................................................................... 40
4.4.2 Centimillionaire wealth trend analysis ..................................................................................................... 40
4.4.3 Centimillionaire per capita net worth trend analysis ................................................................................ 40
4.5       UHNWIs – Affluent Millionaires ........................................................................................... 41
4.5.1 Affluent millionaire volume trend analysis ............................................................................................... 42
4.5.2 Affluent millionaire wealth trend analysis ................................................................................................. 42
4.5.3 Affluent millionaire per capita net worth trend analysis ........................................................................... 42
4.6       Core HNWIs .......................................................................................................................... 43
4.6.1 Core HNWI volume trend analysis .......................................................................................................... 43



Israel 2013 Wealth Book: Trends in Millionaire Wealth
© WealthInsight. This report is a licensed product and is not to be photocopied.                                                                                    Page 2
4.7       Core HNWIs – Mid-Tier Millionaires .................................................................................... 44
4.7.1 Mid-tier millionaire volume trend analysis ................................................................................................ 45
4.7.2 Mid-tier millionaire wealth trend analysis ................................................................................................. 45
4.7.3 Mid-tier millionaire per capita net worth trend analysis ........................................................................... 45
4.8       Core HNWIs – Lower-Tier Millionaires ................................................................................ 46
4.8.1 Lower-tier millionaire volume trend analysis............................................................................................ 46
4.8.2 Lower-tier millionaire wealth trend analysis ............................................................................................. 47
4.8.3 Lower-tier millionaire per capita net worth trend analysis ....................................................................... 47
5       Analysis of Israeli HNWI investments ........................................................................ 48
5.1       Analysis by Asset Classes .................................................................................................. 48
5.1.1     Trends in alternative assets ..................................................................................................................... 50
5.1.2     Trends in “art, wine and wheels” ............................................................................................................. 52
5.1.3     Trends of investments in real estate ........................................................................................................ 54
5.1.4     Trends of investments in cash and deposits ........................................................................................... 58
5.1.5     Trends of investments in fixed income .................................................................................................... 58
5.1.6     Trends of investments in equity ............................................................................................................... 59
5.1.7     Trends of investments in business interests............................................................................................ 59
5.2       Analysis of Foreign Investments ........................................................................................ 61
5.2.1     Investments in Europe (including the UK) ............................................................................................... 62
5.2.2     Investments in North America (including the Caribbean) ........................................................................ 63
5.2.3     Investments in Asia-Pacific ...................................................................................................................... 63
5.2.4     Investments in Latin America .................................................................................................................. 63
5.2.5     Investments in Africa ............................................................................................................................... 64
5.3       Alternative Breakdown: Liquid vs Investable Assets ........................................................ 65
5.4       Analysis of Israeli UHNWI Investments .............................................................................. 67
6       Competitive Landscape of the Wealth Sector ........................................................... 69
6.1       Competitive landscape ........................................................................................................ 69
6.1.1     Private banks ........................................................................................................................................... 69
6.1.2     Wealth managers ..................................................................................................................................... 72
6.1.3     Family offices ........................................................................................................................................... 72
6.1.4     Saturation by city ..................................................................................................................................... 75
6.1.5     Financial advisors .................................................................................................................................... 77
6.2       Wealth Management Industry – Clientele Model and Maturity .......................................... 78
6.3       Behavioral Mapping of Wealth Management and Private Banking Industry in Israel ..... 79
6.4       Pension fund industry ......................................................................................................... 80
7       Appendix ...................................................................................................................... 81
7.1       Regulations on Taxes .......................................................................................................... 81
7.2       Regulations related to Immigration .................................................................................... 83
7.3       Economic Indicators ............................................................................................................ 84
7.3.1 NIS to US$ exchange rate ....................................................................................................................... 84
7.3.2 Real GDP growth ..................................................................................................................................... 85
7.3.3 Per capita GDP ........................................................................................................................................ 86


Israel 2013 Wealth Book: Trends in Millionaire Wealth
© WealthInsight. This report is a licensed product and is not to be photocopied.                                                                                    Page 3
7.3.4    Domestic market capitalization ................................................................................................................ 87
7.3.5    Commodity index ..................................................................................................................................... 88
7.3.6    Foreign direct investment ........................................................................................................................ 89
7.3.7    Inflation rate ............................................................................................................................................. 90
7.3.8    Interest rate .............................................................................................................................................. 91
7.3.9    Balance of payments ............................................................................................................................... 92
7.3.10   Stock market performance....................................................................................................................... 93
7.4      Wealth Breakdowns ............................................................................................................. 94
8     About WealthInsight .................................................................................................... 99




Israel 2013 Wealth Book: Trends in Millionaire Wealth
© WealthInsight. This report is a licensed product and is not to be photocopied.                                                                                     Page 4
LIST OF TABLES

Table 1: HNWI Wealth Band and Group Definitions ........................................................................................................................... 9
Table 2: ISRAEL: Regions in Israel, 2012 ....................................................................................................................................... 16
Table 3: ISRAEL: Largest cities in Israel, 2012 ................................................................................................................................ 16
Table 4: ISRAEL: HNWIs – Volume Distribution Wealth Pyramid, 2012 ........................................................................................... 24
Table 5: ISRAEL: HNWIs – Wealth Distribution Wealth Pyramid (% share), 2012 ............................................................................ 25
Table 6: ISRAEL: UHNWI – Gender, 2012....................................................................................................................................... 30
Table 7: ISRAEL: UHNWI – Source of Wealth (%), 2012 ................................................................................................................. 31
Table 8: ISRAEL: UHNWIs – Major Cities, 2012 .............................................................................................................................. 33
Table 9: ISRAEL: UHNWIs – Population Density in Major Cities, 2012 ............................................................................................ 34
Table 10: ISRAEL: UHNWIs – Smaller Cities, 2012 ......................................................................................................................... 35
Table 11: ISRAEL: Billionaires – Market Overview (US$ Billions) 2007–2017 .................................................................................. 36
Table 12: ISRAEL: Top 10 Billionaires (US$ Billions), 2012 ............................................................................................................. 38
Table 13: ISRAEL: Centimillionaires – Market Overview, 2007–2017 .............................................................................................. 39
Table 14: ISRAEL: Affluent Millionaires – Market Overview, 2007–2017 .......................................................................................... 41
Table 15: ISRAEL: Mid-Tier Millionaires – Market Overview, 2007–2017 ......................................................................................... 44
Table 16: ISRAEL: Lower-Tier Millionaires – Market Overview, 2007–2017 ..................................................................................... 46
Table 17: ISRAEL: Allocations of HNWI Assets, 2007−2017............................................................................................................ 49
Table 18: ISRAEL: HNWIs − Holdings Growth (%), 2007–2017 ....................................................................................................... 49
Table 19: ISRAEL: HNWIs – Trends of Investments in Alternative Assets (%), 2007–2017 ............................................................. 51
Table 20: ISRAEL: HNWIs – Alternative Asset Composition (%), 2007–2017 .................................................................................. 51
Table 21: ISRAEL: Trends in “Art, Wine and Wheels”, 2007–2012.................................................................................................. 52
Table 22: ISRAEL: Real Estate Prices in Major Cities, US$ average price, 2012 ............................................................................. 55
Table 23: ISRAEL: Prime residential real estate prices, US$ per square meter, 2012 ...................................................................... 55
Table 24: GLOBAL: Prime residential real estate prices, US$ per square meter, 2012 .................................................................... 55
Table 25: GLOBAL: Prime International Cities Performance, US$ terms, 2007–2012 ...................................................................... 56
Table 26: ISRAEL: HNWIs – Percentages of Foreign Investment Allocation, 2007–2017................................................................. 61
Table 27: ISRAEL: HNWIs – Liquidity Breakdown (US$ Billion), 2007–2017.................................................................................... 65
Table 28: ISRAEL: HNWIs – Liquidity Breakdown (%), 2007–2017....................
				
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