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Spain 2013 Wealth Book

VIEWS: 18 PAGES: 123

									                                                                                                             Publication date: December 2013
                                                                                                                      Report code: WI0152MR




         Spain 2013 Wealth Book




                                                              www.wealthinsight.com

                                                                                                                                               0
         Spain 2013 Wealth Book
         © 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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Spain 2013 Wealth Book
© 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 ............................................................................... 9
3.1         Political Background ......................................................................................................... 10
3.2         Economic Background...................................................................................................... 13
3.3         Social Background ........................................................................................................... 17
3.4         Benchmarking Spanish Wealth in Context ........................................................................ 18
      3.4.1        Distribution of wealth in Spain ................................................................................... 18
3.5         HNWI Volume and Wealth Trends .................................................................................... 19
4     Findings from the WealthInsight HNWI Database........................................... 21
4.1         Trends in HNWI Wealth to 2017 ....................................................................................... 21
      4.1.1        HNWI trend analysis ................................................................................................. 21
      4.1.2        Trends of the wealth bands ....................................................................................... 22
      4.1.3        Demographic breakdown of HNWIs .......................................................................... 24
      4.1.4        HNWIs – job titles ..................................................................................................... 25
      4.1.5        HNWIs – industry breakdown .................................................................................... 26
      4.1.6        HNWIs – industry performance ................................................................................. 27
      4.1.7        HNWIs – breakdown by city ...................................................................................... 28
      4.1.8        HNWIs – city performance ........................................................................................ 29
      4.1.9        HNWIs – city population densities ............................................................................. 31
      4.1.10       HNWIs – city forecasts.............................................................................................. 32
      4.1.11       HNWIs – breakdown by autonomous community or city ........................................... 35
      4.1.12       HNWIs – autonomous community or city performance .............................................. 36
      4.1.13       HNWIs – autonomous community or city population densities ................................... 37
4.2         UHNWIs ........................................................................................................................... 38
      4.2.1        UHNWI volume trend analysis .................................................................................. 38
      4.2.2        UHNWI wealth trend analysis.................................................................................... 39
      4.2.3        Demographic breakdown of UHNWIs ........................................................................ 40
      4.2.4        UHNWIs – industry breakdown ................................................................................. 42
      4.2.5        UHNWIs – city breakdown and performance ............................................................. 43
4.3         UHNWIs – Billionaires ...................................................................................................... 45
      4.3.1        Billionaire volume trend analysis ............................................................................... 46
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Spain 2013 Wealth Book
© WealthInsight. This report is a licensed product and is not to be photocopied.
TABLE OF CONTENTS


      4.3.2        Billionaire wealth trend analysis ................................................................................ 46
      4.3.3        Billionaire per capita net worth trend analysis ............................................................ 46
      4.3.4        List of billionaires ...................................................................................................... 47
4.4         UHNWIs – Centimillionaires ............................................................................................. 49
      4.4.1        Centimillionaires volume trend analysis ..................................................................... 50
      4.4.2        Centimillionaire wealth trend analysis........................................................................ 50
      4.4.3        Centimillionaire per capita net worth trend analysis ................................................... 50
4.5         UHNWIs – Affluent Millionaires ......................................................................................... 51
      4.5.1        Affluent millionaire volume trend analysis .................................................................. 52
      4.5.2        Affluent millionaire wealth trend analysis ................................................................... 52
      4.5.3        Affluent millionaire per capita net worth trend analysis .............................................. 52
4.6         Core HNWIs ..................................................................................................................... 53
      4.6.1        Core HNWI volume trend analysis ............................................................................ 53
4.7         Core HNWIs – Mid-Tier Millionnaires ................................................................................ 54
      4.7.1        Mid-tier millionnaire volume trend analysis ................................................................ 55
      4.7.2        Mid-tier millionaire wealth trend analysis ................................................................... 55
      4.7.3        Mid-tier millionaire per capita net worth trend analysis ............................................... 55
4.8         Core HNWIs – Lower-Tier Millionaires .............................................................................. 56
      4.8.1        Lower-tier millionaire volume trend analysis .............................................................. 57
      4.8.2        Lower-tier millionaire wealth trend analysis ............................................................... 57
      4.8.3        Lower-tier millionaire per capita net worth trend analysis ........................................... 57
5     Analysis of Spanish HNWI Investments ........................................................... 58
5.1         Analysis by Asset Classes ................................................................................................ 58
      5.1.1        Trends in alternative assets ...................................................................................... 60
      5.1.2        Trends in „art, wine and wheels‟ ................................................................................ 62
      5.1.3        Trends of investments in real estate .......................................................................... 64
      5.1.4        Trends of investments in cash and deposits .............................................................. 65
      5.1.5        Trends of investments in fixed-income ...................................................................... 66
      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 and the Caribbean) ............ 68
      5.2.3        Investments in Asia-Pacific ....................................................................................... 69
      5.2.4        Investments in Central and South America ................................................................ 69
      5.2.5        Investments in the Middle East ................................................................................. 69

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Spain 2013 Wealth Book
© WealthInsight. This report is a licensed product and is not to be photocopied.
TABLE OF CONTENTS


      5.2.6        Investments in Africa ................................................................................................ 69
5.3         Alternative Breakdown: Liquid vs. Investable Assets ......................................................... 70
5.4         Analysis of Spanish 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 ..................................................................................................... 80
6.2         Developments in the Spanish Private Banking Industry..................................................... 81
6.3         Spain Wealth Management Industry – Clientele Model and Maturity ................................. 84
6.4         Behavioral Mapping of Wealth Management and Private Banking in Spain ....................... 85
6.5         Porter‟s Five Force Analysis – the Wealth Management Industry ...................................... 86
6.6         Financial Services Review ................................................................................................ 89
      6.6.1        Retail Banks ............................................................................................................. 89
      6.6.2        Asset management in Spain ..................................................................................... 89
7     Appendix ............................................................................................................... 90
7.1         Additional Components of the Wealth Sector in Spain ...................................................... 90
      7.1.1        Philanthropy ............................................................................................................. 90
      7.1.2        Demand for intergenerational wealth transfer ............................................................ 90
      7.1.3        Human resource availability for the wealth management industry .............................. 90
7.2         Regulations on Taxes ....................................................................................................... 91
7.3         Regulations Related to Immigration, Investment and Employment .................................... 93
7.4         Key Drivers ...................................................................................................................... 94
      7.4.1        Euro to US$ exchange rate ....................................................................................... 94
      7.4.2        Real GDP growth ...................................................................................................... 95
      7.4.3        Per capita GDP......................................................................................................... 96
      7.4.4        Domestic market capitalization.................................................................................. 97
      7.4.5        Commodity index ...................................................................................................... 98
      7.4.6        Foreign direct investments – inflow and outflow......................................................... 99
      7.4.7        Inflation rate............................................................................................................ 100
      7.4.8        Interest rate ............................................................................................................ 101
      7.4.9        Balance of payments .............................................................................................. 102
      7.4.10       Government debt .................................................................................................... 103
      7.4.11       Stock market performance ...................................................................................... 104
7.5         Wealth Breakdowns ....................................................................................................... 105

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Spain 2013 Wealth Book
© WealthInsight. This report is a licensed product and is not to be photocopied.
TABLE OF CONTENTS


8     About WealthInsight..........................................................................................110




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Spain 2013 Wealth Book
© 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 ........................................................................................................................... 11
Table 3: Largest Cities in Spain, 2012 .................................................................................................................. 11
Table 4: Spanish HNWIs – Volume Distribution Wealth Pyramid, 2012 ................................................................ 22
Table 5: Spanish HNWIs – Wealth Distribution Wealth Pyramid (%), 2012 .......................................................... 23
Table 6: Spanish HNWI Industry Performance, 2008–2012.................................................................................. 27
Table 7: Spanish HNWIs – Cities, 2012 ................................................................................................................ 28
Table 8: Spanish HNWIs – Growth in Top Cities, 2008–2012............................................................................... 30
Table 9: Spanish HNWIs – Population Density in Major Cities, 2012.................................................................... 31
Table 10: Spanish HNWIs – Top Cities, 2008–2017 ............................................................................................. 33
Table 11: Spanish HNWIs – Growth Rates for Top Cities, 2008–2017 ................................................................. 34
Table 12: Spanish HNWIs – by Autonomous Community or City, 2012 ................................................................ 35
Table 13: Spanish HNWIs – Autonomous Community or City Performance, 2008–2012 ..................................... 36
Table 14: Spanish HNWIs – Population Density by Autonomous Community or City, 2012 ................................. 37
Table 15: Spanish UHNWIs – Gender Performance, 2008–2012 ......................................................................... 40
Table 16: Spanish UHNW Is – Sources of Wealth (%), 2012................................................................................. 42
Table 17: Spanish UHNWIs – Top Cities, 2008–2017 .......................................................................................... 43
Table 18: Spanish UHNWIs – Growth Rates for Top Cities, 2008–2017 .............................................................. 44
Table 19: Spanish Billionaires – Market Overview (US$ Billions) 2008–2017....................................................... 45
Table 20: Top 10 Spanish Billionaires (US$ Billions), 2012 .................................................................................. 47
Table 21: Spanish Billionaire Wealth Growth, 2008−2012 .................................................................................... 48
Table 22: Spanish Centimillionaires – Market Overview, 2008–2017 ................................................................... 49
Table 23: Spanish Affluent Millionaires – Market Overview, 2008–2017............................................................... 51
Table 24: Spanish Mid-Tier Millionaires – Market Overview, 2008–2017.............................................................. 54
Table 25: Spanish Lower-Tier Millionaires – Market Overview, 2008–2017.......................................................... 56
Table 26: Spanish Allocations of HNWI Assets, 2008−2017 ................................................................................. 59
Table 27: Spanish HNWIs − Holdings Growth (%), 2008–2017 ............................................................................ 60
Table 28: Spanish HNWIs – Trends of Investments in Alternative Assets(%), 2008–2017 ................................... 61
Table 29: Spanish HNWIs – Alternative Asset Composition (%), 2008–2017 ....................................................... 61
Table 30: Spanish Trends in „Art, Wine and Wheels‟, 2008–2012 ....................................................................... 62
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