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Italy 2013 Wealth Book

VIEWS: 10 PAGES: 128

									                                                                                                           Publication date: December 2013
                                                                                                                    Report code: WI0147MR




         Italy 2013 Wealth Book




                                                             www.wealthinsight.com

                                                                                                                                            0
         Italy 2013 Wealth Book
         © 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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Italy 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 .......................................................................................................... 14
3.3         Social Background ................................................................................................................ 18
3.4         Benchmarking Italy‟s Wealth in Context ............................................................................... 20
      3.4.1        Distribution of wealth in Italy ......................................................................................... 20
3.5         HNWI Volume and Wealth Trends ........................................................................................ 21

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 HNWIs .............................................................................. 26
      4.1.4        HNWIs – job titles .......................................................................................................... 27
      4.1.5        HNWIs – industry breakdown ........................................................................................ 28
      4.1.6        HNWIs – industry performance ..................................................................................... 29
      4.1.7        HNWIs – breakdown by city .......................................................................................... 30
      4.1.8        HNWIs – city performance ............................................................................................ 31
      4.1.9        HNWIs – city population densities................................................................................. 33
      4.1.10       HNWIs – city forecasts .................................................................................................. 34
      4.1.11       HNWIs – breakdown by state ........................................................................................ 37
      4.1.12       HNWIs – state performance .......................................................................................... 38
      4.1.13       HNWIs – state population densities .............................................................................. 39
4.2         UHNWIs ................................................................................................................................ 40
      4.2.1        UHNWI volume trend analysis ...................................................................................... 40
      4.2.2        UHNWI wealth trend analysis ....................................................................................... 41
      4.2.3        Demographic breakdown of UHNWIs ........................................................................... 42
      4.2.4        UHNWIs – industry breakdown ..................................................................................... 44
      4.2.5        UHNWIs – city breakdown and performance ................................................................ 45
4.3         UHNWIs – Billionaires ........................................................................................................... 47
      4.3.1        Billionaire volume trend analysis ................................................................................... 48
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Italy 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 .................................................................................... 48
      4.3.3        Billionaire per capita net worth trend analysis ............................................................... 48
      4.3.4        List of billionaires ........................................................................................................... 49
4.4         UHNWIs – Centimillionaires .................................................................................................. 51
      4.4.1        Centimillionaires volume trend analysis ........................................................................ 52
      4.4.2        Centimillionaire wealth trend analysis ........................................................................... 52
      4.4.3        Centimillionaire per capita net worth trend analysis ...................................................... 52
4.5         UHNWIs – Affluent Millionaires ............................................................................................. 53
      4.5.1        Affluent millionaire volume trend analysis ..................................................................... 54
      4.5.2        Affluent millionaire wealth trend analysis ...................................................................... 54
      4.5.3        Affluent millionaire per capita net worth trend analysis ................................................. 54
4.6         Core HNWIs .......................................................................................................................... 55
      4.6.1        Core HNWI volume trend analysis ................................................................................ 55
4.7         Core HNWIs – Mid-Tier Millionnaires .................................................................................... 56
      4.7.1        Mid-tier millionnaire volume trend analysis ................................................................... 57
      4.7.2        Mid-tier millionaire wealth trend analysis ...................................................................... 57
      4.7.3        Mid-tier millionaire per capita net worth trend analysis ................................................. 57
4.8         Core HNWIs – Lower-Tier Millionaires .................................................................................. 58
      4.8.1        Lower-tier millionaire volume trend analysis ................................................................. 59
      4.8.2        Lower-tier millionaire wealth trend analysis .................................................................. 59
      4.8.3        Lower-tier millionaire per capita net worth trend analysis ............................................. 59

5     Analysis of Italian HNWI Investments ............................................................ 60
5.1         Analysis by Asset Classes .................................................................................................... 60
      5.1.1        Trends in alternative assets .......................................................................................... 62
      5.1.2        Trends in „art, wine and wheels‟ .................................................................................... 64
      5.1.3        Trends of investments in real estate ............................................................................. 66
      5.1.4        Trends of investments in cash and deposits ................................................................. 68
      5.1.5        Trends of investments in fixed-income.......................................................................... 68
      5.1.6        Trends of investments in equity .................................................................................... 68
      5.1.7        Trends of investments in business interests ................................................................. 70
5.2         Analysis of Foreign Investments ........................................................................................... 71
      5.2.1        Investments in Europe .................................................................................................. 72
      5.2.2        Investments in North America (the US, Mexico and the Caribbean) ............................ 72
      5.2.3        Investments in Asia Pacific ........................................................................................... 73
      5.2.4        Investments in Central and South America ................................................................... 73
      5.2.5        Investments in the Middle East ..................................................................................... 73

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Italy 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 ..................................................................................................... 73
5.3         Alternative Breakdown: Liquid vs. Investable Assets............................................................ 74
5.4         Analysis of Italian UHNWI Investments ................................................................................ 75

6     Competitive Landscape of the Wealth Sector ............................................... 78
6.1         Competitive Landscape ......................................................................................................... 79
      6.1.1        Private banks................................................................................................................. 79
      6.1.2        Wealth managers .......................................................................................................... 82
      6.1.3        Family offices ................................................................................................................ 83
      6.1.4        Financial advisors.......................................................................................................... 85
6.2         Developments in the Italian Private Banking Industry........................................................... 85
6.3         Wealth Management and the Private Banking Industry ........................................................ 87
6.4         The Italian Wealth Management Industry – Clientele Model and Maturity ........................... 89
6.5         Behavioral Mapping of Wealth Management and Private Banking in Italy ........................... 90
6.6         Porter‟s Five Force Analysis – Wealth Management Industry .............................................. 91

7     Appendix .......................................................................................................... 94
7.1         Additional Components of the Wealth Sector in Italy ............................................................ 94
      7.1.1        Philanthropy .................................................................................................................. 94
      7.1.2        Demand for intergenerational wealth transfer ............................................................... 94
      7.1.3        Human resource availability for the wealth management industry ............................... 94
7.2         Regulations on Taxes ........................................................................................................... 95
7.3         Regulations Related to Immigration, Investment and Employment ...................................... 97
7.4         Key Drivers ............................................................................................................................ 98
      7.4.1        LC to US$ exchange rate .............................................................................................. 98
      7.4.2        Real GDP growth .......................................................................................................... 99
      7.4.3        Per capita GDP ........................................................................................................... 100
      7.4.4        Domestic market capitalization ................................................................................... 101
      7.4.5        Commodity index......................................................................................................... 102
      7.4.6        Foreign direct investments – inflow and outflow ......................................................... 103
      7.4.7        Inflation rate................................................................................................................. 104
      7.4.8        Interest rate ................................................................................................................. 105
      7.4.9        Balance of payments ................................................................................................... 106
      7.4.10       Government debt................
								
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