Ultra HNWIs in the US to 2013

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					                                                                                                           Publication date: November 2013
                                                                                                                    Report code: WI0128MR




         Ultra HNWIs in the US to 2013




                                                             www.wealthinsight.com

                                                                                                                                            0
         Ultra HNWIs in the US to 2013
         © WealthInsight. This report is a licensed product and is not to be photocopied.



Beijing • Buenos Aires • Frankfurt • Hong Kong • Hyderabad • London • Madrid • Mexico City • New York • San Francisco • Seoul • Shanghai • Singapore • Sydney
       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 its research and analysis, WealthInsight is able to
       obtain an unsurpassed level of granularity, insight and authority on the HNWI and wealth
       management universe in each of the countries and regions it covers.




Contact:



Ouliana Vlasova

Head of Content, WealthInsight

Ouliana.Vlasova@wealthinsight.com
+44 (0)20 7406 6711




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Ultra HNWIs in the US to 2013
© WealthInsight. This report is a licensed product and is not to be photocopied.
TABLE OF CONTENTS


TABLE OF CONTENTS
1     Introduction ........................................................................................................ 1
1.1         Details of this Report ............................................................................................................... 1
1.2         Definitions ................................................................................................................................ 1
2     Executive Summary........................................................................................... 5
3     Wealth Sector Fundamentals............................................................................ 8
3.1         Political Background ................................................................................................................ 8
3.2         Economic Background .......................................................................................................... 12
3.3         Social Background ................................................................................................................ 15
3.4         Benchmarking US Wealth in Context .................................................................................... 17
      3.4.1        Distribution of wealth in the US ..................................................................................... 17
3.5         HNWI Volume and Wealth Trends ........................................................................................ 18
4     Findings from the WealthInsight HNWI Database......................................... 20
4.1         Trends in HNWI Wealth to 2017 ........................................................................................... 20
      4.1.1        HNWI trend analysis ..................................................................................................... 20
      4.1.2        Trends of the wealth bands ........................................................................................... 21
      4.1.3        Demographic breakdown of HNWIs .............................................................................. 23
      4.1.4        HNWIs – job titles .......................................................................................................... 24
      4.1.5        HNWIs – industry breakdown........................................................................................ 25
      4.1.6        HNWIs – industry performance ..................................................................................... 26
      4.1.7        HNWIs – breakdown by city .......................................................................................... 27
      4.1.8        HNWIs – city performance ............................................................................................ 28
      4.1.9        HNWIs – city population densities................................................................................. 30
      4.1.10       HNWIs – city forecasts .................................................................................................. 31
      4.1.11       HNWIs – breakdown by state........................................................................................ 34
      4.1.12       HNWIs – state performance .......................................................................................... 35
      4.1.13       HNWIs – state population densities .............................................................................. 36
4.2         UHNWIs ................................................................................................................................ 37
      4.2.1        UHNWI volume trend analysis ...................................................................................... 37
      4.2.2        UHNWI wealth trend analysis ....................................................................................... 38
      4.2.3        Demographic breakdown of UHNWIs ........................................................................... 39
      4.2.4        UHNWIs – industry breakdown ..................................................................................... 41
      4.2.5        UHNWIs – city breakdown and performance ................................................................ 42
4.3         UHNWIs – Billionaires ........................................................................................................... 44
      4.3.1        Billionaire volume trend analysis ................................................................................... 45
      4.3.2        Billionaire wealth trend analysis .................................................................................... 45
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Ultra HNWIs in the US to 2013
© WealthInsight. This report is a licensed product and is not to be photocopied.
TABLE OF CONTENTS


      4.3.3        Billionaire per capita net worth trend analysis ............................................................... 45
      4.3.4        List of billionaires ........................................................................................................... 46
4.4         UHNWIs – Centimillionaires .................................................................................................. 48
      4.4.1        Centimillionaires volume trend analysis ........................................................................ 49
      4.4.2        Centimillionaire wealth trend analysis ........................................................................... 49
      4.4.3        Centimillionaire per capita net worth trend analysis ...................................................... 49
4.5         UHNWIs – Affluent Millionaires ............................................................................................. 50
      4.5.1        Affluent millionaire volume trend analysis ..................................................................... 51
      4.5.2        Affluent millionaire wealth trend analysis ...................................................................... 51
      4.5.3        Affluent millionaire per capita net worth trend analysis ................................................. 51
4.6         Core HNWIs .......................................................................................................................... 52
      4.6.1        Core HNWI volume trend analysis ................................................................................ 52
4.7         Core HNWIs – Mid-Tier Millionnaires .................................................................................... 53
      4.7.1        Mid-tier millionnaire volume trend analysis ................................................................... 54
      4.7.2        Mid-tier millionaire wealth trend analysis ...................................................................... 54
      4.7.3        Mid-tier millionaire per capita net worth trend analysis ................................................. 54
4.8         Core HNWIs – Lower-Tier Millionaires .................................................................................. 55
      4.8.1        Lower-tier millionaire volume trend analysis ................................................................. 56
      4.8.2        Lower-tier millionaire wealth trend analysis .................................................................. 56
      4.8.3        Lower-tier millionaire per capita net worth trend analysis ............................................. 56

5     Analysis of US HNWI Investments ................................................................. 57
5.1         Analysis by Asset Classes .................................................................................................... 57
      5.1.1        Trends in alternative assets .......................................................................................... 59
      5.1.2        Trends in „art, wine and wheels‟ .................................................................................... 61
      5.1.3        Trends of investments in real estate ............................................................................. 63
      5.1.4        Trends of investments in cash and deposits ................................................................. 65
      5.1.5        Trends of investments in fixed-income.......................................................................... 65
      5.1.6        Trends of investments in equity .................................................................................... 66
      5.1.7        Trends of Investments in business interests ................................................................. 66
5.2         Analysis of Foreign Investments ........................................................................................... 67
      5.2.1        Investments in Europe .................................................................................................. 68
      5.2.2        Investments in North America (Including the US, Mexico & the Caribbean) ................ 69
      5.2.3        Investments in Asia Pacific ........................................................................................... 69
      5.2.4        Investments in Latin and South America ...................................................................... 69
      5.2.5        Investments in the Middle East ..................................................................................... 69
      5.2.6        Investments in Africa ..................................................................................................... 70

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Ultra HNWIs in the US to 2013
© WealthInsight. This report is a licensed product and is not to be photocopied.
TABLE OF CONTENTS


5.3         Alternative Breakdown: Liquid vs Investable Assets............................................................. 70
5.4         Analysis of US UHNWI Investments ..................................................................................... 72

6     Competitive Landscape of the Wealth Sector ............................................... 74
6.1         Competitive Landscape ......................................................................................................... 74
      6.1.1        Private Banks ................................................................................................................ 74
      6.1.2        Wealth managers .......................................................................................................... 76
      6.1.3        Family offices ................................................................................................................ 78
      6.1.4        Financial advisors.......................................................................................................... 81
6.2         Developments in the US Private Banking Industry ............................................................... 82
6.3         The US Wealth Management Industry – Clientele Model and Maturity ................................ 85
6.4         Behavioral Mapping of Wealth Management and Private Banking in the US ....................... 86
6.5         Financial Services Review .................................................................................................... 87
      6.5.1        Retail Banks .................................................................................................................. 87
      6.5.2        Funds management ...................................................................................................... 88

7     Appendix .......................................................................................................... 89
7.1         Regulations on Taxes ........................................................................................................... 89
7.2         Regulations Related to Immigration, Investment and Employment ...................................... 91
7.3         Key Drivers ............................................................................................................................ 92
      7.3.1        Real GDP growth .......................................................................................................... 92
      7.3.2        Per capita GDP ............................................................................................................. 93
      7.3.3        Domestic market capitalization ..................................................................................... 94
      7.3.4        Commodity index........................................................................................................... 95
      7.3.5        Foreign direct investments – inflow and outflow ........................................................... 96
      7.3.6        Inflation rate ................................................................................................................... 97
      7.3.7        Interest rate ................................................................................................................... 98
      7.3.8        Balance of payments ..................................................................................................... 99
      7.3.9        Government debt......................................................................................................... 100
      7.3.10       Stock market performance .......................................................................................... 101
7.4         Wealth Breakdowns ............................................................................................................ 102

8     About WealthInsight ...................................................................................... 107




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Ultra HNWIs in the US to 2013
© WealthInsight. This report is a licensed product and is not to be photocopied.
TABLE OF CONTENTS


LIST OF TABLES
Table 1: HNWI Wealth Band and Group Definitions................................................................................................ 3
Table 2: Major States in the US, 2012 .................................................................................................................... 9
Table 3: Largest Cities in the US, 2012................................................................................................................. 10
Table 4: US Top 10 States by GDP, 2012 ............................................................................................................ 10
Table 5: Fastest-Growing Cities in the US by Population, 2010–2012 .................................................................. 12
Table 6: US HNWIs – Volume Distribution Wealth Pyramid, 2012 ........................................................................ 21
Table 7: US HNWIs – Wealth Distribution Wealth Pyramid (%), 2012 .................................................................. 22
Table 8: US HNWI Industry Performance, 2008–2012.......................................................................................... 26
Table 9: US HNWIs – Cities, 2012 ........................................................................................................................ 27
Table 10: US HNWI Growth in Top Cities, 2008–2012 ......................................................................................... 29
Table 11: US HNWIs – Population Density in Major Cities, 2012.......................................................................... 30
Table 12: US HNWIs in Top Cities, 2008–2017 .................................................................................................... 32
Table 13: US HNWI Growth Rates for Top Cities, 2008–2017 .............................................................................. 33
Table 14: US HNWIs – by States, 2012 ................................................................................................................ 34
Table 15: US HNWIs – State Performance, 2008–2012 ....................................................................................... 35
Table 16: US HNWIs - Population Density in States, 2012 ................................................................................... 36
Table 17: US UHNWIs – Gender Performance, 2008–2012 ................................................................................. 39
Table 18: US UHNWIs – Source of Wealth (%), 2012 .......................................................................................... 41
Table 19: US UHNWIs in Top Cities, 2008–2017...............................
				
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