Synopsis This report is the result of WealthInsight’s extensive research covering the high net worth individual (HNWI) population and wealth management market in Australia. Executive summary This report reviews the performance and asset allocations of HNWIs and ultra-HNWIs in Australia. It also includes an evaluation of the local wealth management market. Scope
Independent market sizing of Australian HNWIs across five wealth bands
HNWI volume, wealth and allocation trends from 2009 to 2013
HNWI volume, wealth and allocation forecasts to 2018
HNWI and UHNWI asset allocations across 13 asset classes
Geographical breakdown of all foreign assets
Alternative breakdown of liquid vs investable assets
Numbers of UHNWIs in major cities
Numbers of wealth managers in each city
City ratings of wealth management saturation and potential
Details of the development, challenges and opportunities for the wealth management and private banking sector in Australia
The size of Australia's wealth management industry
The largest private banks by AuM
Detailed wealth management and family office information
Insights into the drivers of HNWI wealthReasons to buy
The Australia Wealth Report 2014 is an unparalleled resource and the leading resource of its kind. Compiled and curated by a team of expert research specialists, the report comprises a wide variety of data, created based on over 115,000 HNWIs from around the world in the WealthInsight database.
With the wealth reports as the foundation for its research and analysis, WealthInsight is able 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.
The report reviews the performance and asset allocations of HNWIs and ultra-HNWIs. The report also includes projections of the volume, wealth and asset allocations of HNWIs to 2018, and a comprehensive background of the local economy.
The report provides a thorough analysis of the private banking and wealth management sector, the latest merger and acquisition activity, and the opportunities and challenges that the sector faces.
It also provides detailed information on HNWI volumes in each major city.Key highlights
There were 302,026 HNWIs in Australia in 2013. These HNWIs held US$897 billion in wealth, with wealth per HNWI valuing US$2,969,371.
Australian HNWI numbers increased by 2.4% in 2013, following a 5.4% increase in 2012.
Australian HNWIs held 22.7% (US$204 billion) of their wealth outside their home country at the end of 2013, which is in line with the worldwide average of 20–30%
Table of Contents 1 Introduction 1.1 Details of this Report 1.2 Definitions 2 Executive Summary 3 Wealth Sector Fundamentals 3.1 Political Background 3.2 Economic Background 3.3 Social Background 3.4 Benchmarking Australian Wealth in Context 3.4.1 Distribution of wealth in Australia 3.5 HNWI Volume and Wealth Trends 4 Findings from the WealthInsight HNWI Database 4.1 Trends in HNWI Wealth to 2018 4.1.1 HNWI trend analysis 4.1.2 Wealth band trends 4.1.3 Demographic breakdown of HNWIs 4.1.4 HNWIs – job titles 4.1.5 HNWIs – industry breakdown 4.1.6 HNWIs – industry performance 4.1.7 HNWIs – breakdown by city 4.1.8 HNWIs – city performance 4.1.9 HNWIs – city population densities 4.1.10 HNWIs – city forecasts 4.1.11 HNWIs – breakdown by state 4.1.12 HNWIs – state performance 4.1.13 HNWIs – state population densities 4.2 UHNWIs 4.2.1 UHNWI volume trend analysis 4.2.2 UHNWI wealth trend analysis 4.2.3 Demographic breakdown of UHNWIs 4.2.4 UHNWIs – industry breakdown 4.2.5 UHNWIs – city breakdown and performance 4.3 UHNWIs – Billionaires 4.3.1 Billionaire volume trend analysis 4.3.2 Billionaire wealth trend analysis 4.3.3 Billionaire per capita net worth trend analysis 4.3.4 List of billionaires 4.4 UHNWIs – Centimillionaires 4.4.1 Centimillionaire volume trend analysis 4.4.2 Centimillionaire wealth trend analysis 4.4.3 Centimillionaire per capita net worth trend analysis 4.5 UHNWIs – Affluent Millionaires 4.5.1 Affluent millionaire volume trend analysis 4.5.2 Affluent millionaire wealth trend analysis 4.5.3 Affluent millionaire per capita net worth trend analysis 4.6 Core HNWIs 4.6.1 Core HNWI volume trend analysis 4.7 Core HNWIs – Mid-Tier Millionaires 4.7.1 Mid-tier millionaire volume trend analysis 4.7.2 Mid-tier millionaire wealth trend analysis 4.7.3 Mid-tier millionaire per capita net worth trend analysis 4.8 Core HNWIs – Lower-Tier Millionaires 4.8.1 Lower-tier millionaire volume trend analysis 4.8.2 Lower-tier millionaire wealth trend analysis 4.8.3 Lower-tier millionaire per capita net worth trend analysis 5 Analysis of Australian HNWI Investments 5.1 Analysis by Asset Class 5.1.1 Trends in alternative assets 5.1.2 Trends in ‘art, wine and wheels’ 5.1.3 Trends of investments in real estate 5.1.4 Trends of investments in cash and deposits 5.1.5 Trends of investments in fixed-income 5.1.6 Investment trends in equity 5.1.7 Investments trends in business interests 5.2 Analysis of Foreign Investments 5.2.1 Investments in Europe 5.2.2 Investments in North America (including Mexico and the Caribbean) 5.2.3 Investments in the Asia-Pacific 5.2.4 Investments in Central and South America 5.2.5 Investments in the Middle East 5.2.6 Investments in Africa 5.3 Alternative Breakdown: Liquid vs Investable Assets 5.4 Analysis of Australian UHNWI Investments 6 Competitive Landscape of the Wealth Sector 6.1 Competitive Landscape 6.1.1 Domestic private banks 6.1.2 Foreign private banks 6.1.3 Wealth managers 6.1.4 Family offices 6.1.5 Financial advisors 6.2 Developments in the Australian Private Banking Industry 6.3 Wealth Management and the Private Banking Industry 6.4 Australian Wealth Management Industry – Clientele Model and Maturity 6.5 Behavioral Mapping of Wealth Management and Private Banking in Australia 6.6 Porter’s Five Force Analysis – the Wealth Management Industry 7 Appendix 7.1 Additional Components of the Wealth Sector in Australia 7.1.1 Philanthropy 7.1.2 Demand for intergenerational wealth transfer 7.2 Tax Regulations 7.3 Regulations Related to Immigration, Investment and Employment 7.4 Key Drivers 7.4.1 AUS to US$ exchange rate 7.4.2 Real GDP growth 7.4.3 Per capita GDP 7.4.4 Domestic market capitalization 7.4.5 Commodity index 7.4.6 Foreign direct investments – inflow and outflow 7.4.7 Inflation rate 7.4.8 Interest rate 7.4.9 Balance of payments 7.4.10 Government debt 7.4.11 Stock market performance 7.5 Wealth Breakdowns 8 About WealthInsight List of Tables/Figures Table 1: HNWI Wealth Band and Group Definitions Table 2: Cities in Australia by Population (Volume), 2013 Table 3: Australian HNWIs – Volume Distribution (%), 2013 Table 4: Australian HNWIs – Wealth Distribution Wealth Pyramid (%), 2013 Table 5: Australian HNWIs – Industry Performance, 2009–2013 Table 6: Australian HNWIs – Cities, 2013 Table 7: Australian HNWI Growth in Top Cities (Thousand), 2009–2013 Table 8: Australian HNWI Population Density in Major Cities (Thousand), 2013 Table 9: Australian HNWIs in Top Cities (Thousand), 2009–2018 Table 10: Australian HNWIs – Growth Rates for Top Cities (%), 2009–2018 Table 11: Australian Volume of HNWI by States (Thousand), 2013 Table 12: Australian HNWI State Performance (%), 2009–2013 Table 13: Australian HNWIs Population Density by State (Thousand), 2013 Table 14: Australian UHNWI Gender Performance (%), 2009–2013 Table 15: Australian UHNWI Source of Wealth (%), 2013 Table 16: Australian Volume of UHNWI in Top Cities (Hundred), 2009–2018 Table 17: Australian UHNWI Growth Rates in Top Cities (%), 2009–2018 Table 18: Australian Billionaires Market Overview (Volume and US$ Billion), 2009–2018 Table 19: Australia’s Top 10 Billionaires (US$ Billions), 2013 Table 20: Australian Billionaire Wealth Growth (US$ Billion), 2009−2013 Table 21: Australian Centimillionaires Market Overview (Volume and US$ Million/Billion), 2009–2018 Table 22: Australian Affluent Millionaires Market Overview (Volume and US$ Million/Billion), 2009–2018 Table 23: Australian Mid-Tier Millionaires Market Overview (Volume and US$ Million/Billion), 2009–2018 Table 24: Australian Lower-Tier Millionaires Market Overview (Volume and US$ Million/Billion), 2009–2018 Table 25: Australian Allocations of HNWI Assets (%), 2009–2018 Table 26: Australian HNWI Holdings Growth (%), 2009–2018 Table 27: Australian HNWI Alternative Asset Composition (%), 2009–2018 Table 28: Australian HNWI Trends of Investments in Alternative Assets (%), 2009–2018 Table 29: Australian Trends in ‘Art, Wine and Wheels’, 2009–2013 Table 30: Global Prime Real Estate Prices per m2 (US$), 2012 Table 31: Australian HNWI Foreign Investment Allocations (%), 2009–2018 Table 32: Australian HNWI Liquidity Breakdown (US$ Billion), 2009–2018 Table 33: Australian HNWI Liquidity Breakdown (%), 2009–2018 Table 34: Australian UHNWI Allocations and Share of HNWI Assets (%), 2013 Table 35: Leading Domestic Private Banks in Australia by Local and Global AuM (US$ Million), 2013 Table 36: Leading Foreign Private Banks in Australia by Local AuM (US$ Million), 2013 Table 37: Leading Wealth Managers in Australia by AuM (US$m), 2013 Table 38: Top Australian Family Offices by AuM (US$m), 2013 Table 39: Wealth Management Industry – Recent Deal Activity in Australia, 2014 Table 40: Australian Income Tax Bands (EUR), 2013–2014 Table 41: AU$ per US$ Exchange Rate, 2009–2018 Table 42: Australian Real GDP Growth (%), 2009–2018 Table 43: Australian GDP per Capita (US$), 2009–2018 Table 44: Australian Domestic Market Capitalization (US$ Billion), 2009–2013 Table 45: Australian Commodity Indices, 2009–2018 Table 46: Australian Foreign Direct Investment (US$ Billion), 2009–2018 Table 47: Australian Inflation Rate (%), 2009–2018 Table 48: Australian Money Market Rate (%), 2009–2018 Table 49: Australian Balance of Payments (US$ Billion), 2009–2013 Table 50: Australian Government Debt as a Percentage of GDP, 2009–2018 Table 51: Australian Stock Market Performance, 2009–2013 Table 52: Australian HNWI Wealth vs GDP Ratio, 2009–2018 Table 53: Australia – Appendix One Table 54: Australia – Appendix Two
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