Spain 2013 Wealth Book

 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
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
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
8 About WealthInsight 110

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 UHNWIs - Sources of Wealth (%), 2012 41
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 22: Top 10 Spanish Billionaires (US$ Billions), 2012 47
Table 20: Spanish Billionaire Wealth Growth, 2008?2012 48
Table 21: Spanish Centimillionaires - Market Overview, 2008-2017 49
Table 22: Spanish Affluent Millionaires - Market Overview, 2008-2017 51
Table 23: Spanish Mid-Tier Millionaires - Market Overview, 2008-2017 54
Table 24: Spanish Lower-Tier Millionaires - Market Overview, 2008-2017 56
Table 25: Spanish Allocations of HNWI Assets, 2008?2017 59
Table 26: Spanish HNWIs ? Holdings Growth (%), 2008-2017 60
Table 27: Spanish HNWIs - Trends of Investments in Alternative Assets(%), 2008-2017 61
Table 28: Spanish HNWIs - Alternative Asset Composition (%), 2008-2017 61
Table 29: Spanish Trends in 'Art, Wine and Wheels', 2008-2012 62
Table 30: Global Prime Real Estate Prices per Square Meter in US Dollars, 2012 65
Table 31: Spanish HNWIs - Percentage of Foreign Investment Allocations, 2008-2017 67
Table 32: Spanish HNWIs - Liquidity Breakdown (US$ Billion), 2008-2017 70
Table 33: Spanish HNWIs - Liquidity Breakdown (%), 2008-2017 71
Table 34: Spanish UHNWIs - Allocations and Share of HNWI Assets, 2012 73
Table 35: Top 10 Local Private Banks in Spain by AuM, 2012 75
Table 36: Top 10 Foreign Private Banks in Spain by AuM, 2012 75
Table 37: Spanish Wealth Management Offices per City, 2012 77
Table 38: Spanish Family Offices, 2012 78
Table 39: Spanish Family Offices per City, 2012 79
Table 40: Spanish Financial Advisors in Top Cities, 2012 80
Table 41: Wealth Management Industry - Recent Deal Activity in Spain, 2013 81
Table 42: Spanish Income Tax Rates for the Year Ended December 31, 2013 91
Table 43: Spanish Capital Gains Tax Rates for the Year Ended December 31, 2013 92
Table 44: Euro to US$ Exchange Rate, 2008-2017 94
Table 45: Spanish Real GDP Growth (%), 2008-2017 95
Table 46: Spanish GDP Per Capita (US$), 2008-2017 96
Table 47: Spanish Domestic Market Capitalization (US$ Billions) 2008-2012 97
Table 48: Spanish Commodity Indices, 2008-2017 98
Table 49: Spanish Foreign Direct Investments (US$ Billion), 2008-2017 99
Table 50: Spanish Inflation Rate (%), 2008-2017 100
Table 51: Spanish Money Market Rate (%), 2008-2017 101
Table 52: Spanish Balance of Payments (US$ Billion), 2008-2012 102
Table 53: Spanish Government Debt as a Percentage of GDP (%), 2008-2017 103
Table 54: Spanish Stock Market Performance, 2008-2012 104
Table 55: Spanish HNWI Wealth vs GDP Ratio, 2008-2017 105
Table 56: Spain Appendix One 106
Table 57: Spain Appendix Two 107

 

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