Challenges and Opportunities for the Wealth Sector in Spain 2013 by WealthInsightReports

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									                                                                                                                Publication date: January 2014
                                                                                                                      Report code: WI0155MR




         Challenges and Opportunities
         for the Wealth Sector in Spain
         2013




                                                              www.wealthinsight.com

                                                                                                                                               0
         Challenges and Opportunities for the Wealth Sector in Spain 2013
         © WealthInsight. This report is a licensed product and is not to be photocopied.




Be ijing • Buenos Aires • Frankfurt • Hong Kong • Hy derabad • London • Madrid • Mexico City • New Y ork • 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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Challenges and Opportunities for the Wealth Sector in Spain 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 .......................................................................................................................... 2
2     Executive Summary .............................................................................................. 6
3     Wealth Sector Fundamentals ............................................................................. 10
3.1         Political Background ......................................................................................................... 11
3.2         Economic Background...................................................................................................... 14
3.3         Social Background ........................................................................................................... 18
3.4         Benchmarking Spanish Wealth in Context ........................................................................ 19
      3.4.1        Distribution of wealth in Spain ................................................................................... 19
3.5         HNWI Volume and Wealth Trends .................................................................................... 20
4     Competitive Landscape of the Wealth Sector ................................................. 22
4.1         Competitive Landscape .................................................................................................... 22
      4.1.1        Private Banks ........................................................................................................... 22
      4.1.2        Wealth managers ..................................................................................................... 24
      4.1.3        Family offices ........................................................................................................... 26
      4.1.4        Financial advisors ..................................................................................................... 28
4.2         Developments in the Spanish Private Banking Industry..................................................... 29
4.3         Spain Wealth Management Industry – Clientele Model and Maturity ................................. 32
4.4         Behavioral Mapping of Wealth Management and Private Banking in Spain ....................... 33
4.5         Financial Services Review ................................................................................................ 34
      4.5.1        Retail Banks ............................................................................................................. 34
      4.5.2        Asset management in Spain ..................................................................................... 34
5     Appendix ............................................................................................................... 35
5.1         Additional Components of the Wealth Sector in Spain ...................................................... 35
      5.1.1        Philanthropy ............................................................................................................. 35
      5.1.2        Demand for intergenerational wealth transfer ............................................................ 35
      5.1.3        Human resource availability for the wealth management industry .............................. 35
5.2         Regulations on Taxes ....................................................................................................... 36
5.3         Regulations Related to Immigration, Investment and Employment .................................... 38
5.4         Key Drivers ...................................................................................................................... 39
      5.4.1        Euro to US$ exchange rate ....................................................................................... 39
      5.4.2        Real GDP growth ...................................................................................................... 40
      5.4.3        Per capita GDP......................................................................................................... 41
      5.4.4        Domestic market capitalization.................................................................................. 42
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Challenges and Opportunities for the Wealth Sector in Spain 2013
© WealthInsight. This report is a licensed product and is not to be photocopied.
TABLE OF CONTENTS


      5.4.5       Commodity index ...................................................................................................... 43
      5.4.6       Foreign direct investments – inflow and outflow......................................................... 44
      5.4.7       Inflation rate.............................................................................................................. 45
      5.4.8       Interest rate .............................................................................................................. 46
      5.4.9       Balance of payments ................................................................................................ 47
      5.4.10      Government debt ...................................................................................................... 48
      5.4.11      Stock market performance ........................................................................................ 49
5.5         Wealth Breakdowns ......................................................................................................... 50

6     About WealthInsight............................................................................................ 55




                                                                                                                                               1
Challenges and Opportunities for the Wealth Sector in Spain 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: Regions in Spain, 2012 ........................................................................................................................... 12
Table 3: Largest Cities in Spain, 2012 .................................................................................................................. 12
Table 4: Top 10 Local Private Banks in Spain by AuM, 2012................................................................................ 23
Table 5: Top 10 Foreign Private Banks in Spain by AuM, 2012 ............................................................................ 23
Table 6: Spanish Wealth Management Offices per City, 2012 .............................................................................. 25
Table 7: Spanish Family Offices, 2012 .................................................................................................................. 26
Table 8: Spanish Family Offices per City, 2012 .................................................................................................... 27
Table 9: Spanish Financial Advisors in Top Cities, 2012 ...................................................................................... 28
Table 10: Wealth Management Industry – Recent Deal Activity in Spain, 2013 .................................................... 29
Table 11: Spanish Income Tax Rates for the Year Ended December 31, 2013 .................................................... 36
Table 12: Spanish Capital Gains Tax Rates for the Year Ended December 31, 2013 .......................................... 37
Table 13: Euro to US$ Exchange Rate, 2008–2017 ............................................................................................. 39
Table 14: Spanish Real GDP Growth (%), 2008–2017 ......................................................................................... 40
Table 15: Spanish GDP Per Capita (US$), 2008–2017 ........................................................................................ 41
Table 16: Spanish Domestic Market Capitalization (US$ Billions) 2008–2012...................................................... 42
Table 17: Spanish Commodity Indices, 2008–2017 .............................................................................................. 43
Table 18: Spanish Foreign Direct Investments (US$ Billion), 2008–2017 ............................................................. 44
Table 19: Spanish Inflation Rate (%), 2008–2017................................................................................................. 45
Table 20: Spanish Money Market Rate (%), 2008–2017....................................................................................... 46
Table 21: Spanish Balance of Payments (US$ Billion), 2008–2012...................................................................... 47
Table 22: Spanish Government Debt as a Percentage of GDP (%), 2008–2017 .................................................. 48
Table 23: Spanish Stock Market Performance, 2008–2012 .................................................................................. 49
Table 24: Spanish HNWI Wealth vs GDP Ratio, 2008–2017 ................................................................................ 50
Table 25: Spain Appendix One ............................................................................................................................. 51
Table 26: Spain Appendix Two ............................................................................................................................. 52




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Challenges and Opportunities for the Wealth Sector in Spain 2013
© WealthInsight. This report is a licensed product and is not to be photocopied.
TABLE OF CONTENTS


LIST OF FIGURES
Figure 1: HNWI Wealth Band Definitions ................................................................................................................ 4
Figure 2: Map of Spain ..................................................................................................
								
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