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Hong Kong Wealth Report 2014

Published: Dec-2014 | Format: PDF | WealthInsight | Number of pages: 116 | Code: MRS - 1765

Synopsis

This report is the result of WealthInsight’s extensive research covering the high net worth individual (HNWI) population and wealth management market in Hong Kong.

Executive summary

This report reviews the performance and asset allocations of HNWIs and ultra-HNWIs in Hong Kong. It also includes an evaluation of the local wealth management market.

Scope

Independent market sizing of Hong Kongs 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
Number of UHNWIs in major cities
Number of wealth managers in each city
City wise ratings of wealth management saturation and potential
Details of the development, challenges and opportunities of the Wealth Management and Private Banking sector in Hong Kong
Size of Hong Kongs wealth management industry
Largest private banks by AuM
Detailed wealth management and family office information
Insights into the drivers of HNWI wealth

Reasons to buy

The Hong Kong 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 that is created based on over 115,000 HNWIs from around the world in our database.
With the wealth reports as the foundation for our research and analysis, we are able obtain an unsurpassed level of granularity, insight and authority on the HNWI and wealth management universe in each of the countries and regions we cover.
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 the 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, latest merger and acquisition activity and the opportunities and challenges that it faces.
It also provides detailed information on HNWIs volumes in each major city.

Key highlights

There were 185,055 HNWIs in Hong Kong in 2013. These HNWIs held US$1.04 trillion in wealth, and wealth per HNWI was US$5.62 million. 
In 2013, Hong Kong HNWI numbers increased by 3.2%, following a 4.6% increase in 2012.
HNWI wealth and volumes are expected to grow over the forecast period. The number of Hong Kong HNWIs is forecast to grow by 18.3%, reaching 228,903 by 2018, and HNWI wealth is expected to grow by 26.4%, reaching US$1.4 trillion by 2018. 
At the end of 2013, Hong Kong HNWIs held 40.6% (US$423.0 billion) of their wealth outside their home country, which is higher than 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 Hong Kong Wealth in Context 

3.4.1 Distribution of wealth in Hong Kong 

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 Hong Kong 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 the US, Mexico and the Caribbean) 

5.2.3 Investments in 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 Hong Kong 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 Hong Kong Private Banking Industry 

6.3 Wealth Management and the Private Banking Industry 

6.4 Hong Kong Wealth Management Industry – Clientele Model and Maturity 

6.5 Behavioral Mapping of Wealth Management and Private Banking in Hong Kong 

6.6 Porter’s Five Force Analysis – the Wealth Management Industry 

 

7 Appendix 

7.1 Additional Components of the Wealth Sector in Hong Kong 

7.1.1 Philanthropy 

7.2 Tax Regulations 

7.3 Regulations Related to Immigration, Investment and Employment 

7.4 Key Drivers 

7.4.1 HKD 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

 

Table 1: HNWI Wealth Band and Group Definitions 
Table 2: Regions in Hong Kong by Population (Volume), 2013 
Table 3: Hong Kong HNWIs – Volume Distribution (%), 2013 
Table 4: Hong Kong HNWIs – Wealth Distribution Wealth Pyramid (%), 2013 
Table 5: Hong Kong HNWIs – Industry Performance, 2009–2013 
Table 6: Hong Kong HNWIs – Cities, 2013 
Table 7: Hong Kong HNWI Growth in Top Cities (Thousand), 2009–2013 
Table 8: Hong Kong HNWI Population Density in Major Cities (Thousand), 2013 
Table 9: Hong Kong HNWIs in Top Cities (Thousand), 2009–2018 
Table 10: Hong Kong HNWIs – Growth Rates for Top Cities (%), 2009–2018 
Table 11: Hong Kong Volume of HNWI by States (Thousand), 2013 
Table 12: Hong Kong HNWI State Performance (%), 2009–2013 
Table 13: Hong Kong HNWIs Population Density by State (Thousand), 2013 
Table 14: Hong Kong UHNWI Gender Performance (%), 2009–2013 
Table 15: Hong Kong UHNWI Source of Wealth (%), 2013 
Table 16: Hong Kong Volume of UHNWI in Top Cities (Hundred), 2009–2018 
Table 17: Hong Kong UHNWI Growth Rates in Top Cities (%), 2009–2018 4
Table 18: Hong Kong Billionaires Market Overview (Volume and US$ Billion), 2009–2018 
Table 19: Hong Kong Top-10 Billionaires (US$ Billions), 2013 
Table 20: Hong Kong Billionaire Wealth Growth (US$ Billion), 2009−2013 
Table 21: Hong Kong Centimillionaires Market Overview (Volume and US$ Million/Billion), 2009–2018 
Table 22: Hong Kong Affluent Millionaires Market Overview (Volume and US$ Million/Billion), 2009–2018 
Table 23: Hong Kong Mid-Tier Millionaires Market Overview (Volume and US$ Million/Billion), 2009–2018 
Table 24: Hong Kong Lower-Tier Millionaires Market Overview (Volume and US$ Million/Billion), 2009–2018 
Table 25: Hong Kong Allocations of HNWI Assets (%), 2009–2018 
Table 26: Hong Kong HNWI Holdings Growth (%), 2009–2018 
Table 27: Hong Kong HNWI Alternative Asset Composition (%), 2009–2018 
Table 28: Hong Kong HNWI Trends of Investments in Alternative Assets (%), 2009–2018 
Table 29: Hong Kong Trends in ‘Art, Wine and Wheels’, 2009–2013 
Table 30: Global Prime Real Estate Prices per m2 (US$), 2014
Table 31: Hong Kong HNWI Foreign Investment Allocations (%), 2009–2018 
Table 32: Hong Kong HNWI Liquidity Breakdown (US$ Billion), 2009–2018 
Table 33: Hong Kong HNWI Liquidity Breakdown (%), 2009–2018 
Table 34: Hong Kong UHNWI Allocations and Share of HNWI Assets (%), 2013 
Table 35: Leading Domestic Private Banks in Hong Kong by local AuM (US$ Million), 2013 
Table 36: Leading Foreign Private Banks in Hong Kong by local AuM (US$ million), 2013 
Table 37: Leading Wealth Managers in Hong Kong by AuM (US$m), 2013 
Table 38: Leading Family Offices in Hong Kong by AuM (US$m), 2013 
Table 39: Wealth Management Industry – Recent Deal Activity in Hong Kong, 2014/2013 
Table 40: Hong Kong Income Tax Bands (HKD), 2013–2014 
Table 41: HKD per US$ Exchange Rate, 2009–2018 
Table 42: Hong Kong Real GDP Growth (%), 2009–2018
Table 43: Hong Kong GDP per Capita (US$), 2009–2018 
Table 44: Hong Kong Domestic Market Capitalization (US$ Billion), 2009–2013 
Table 45: Hong Kong Commodity Indices, 2009–2018 
Table 46: Hong Kong Foreign Direct Investment (US$ Billion), 2007–2011 
Table 47: Hong Kong Inflation Rate (%), 2009–2018 
Table 48: Hong Kong Money Market Rate (%), 2009–2018 
Table 49: Hong Kong Balance of Payments (US$ Billion), 2009–2013 
Table 50: Hong Kong Government Debt as a Percentage of GDP, 2009–2018 
Table 51: Hong Kong Stock Market Performance, 2009–2013 
Table 52: Hong Kong HNWI Wealth vs GDP Ratio, 2009–2018 
Table 53: Hong Kong – Appendix One 
Table 54: Hong Kong – Appendix Two

List of Figures

Figure 1: HNWI Wealth Band Definitions 
Figure 2: Map of Hong Kong 
Figure 3: Hong Kong Asset Price Performance (%), 2009–2013 
Figure 4: Hong Kong HNWI Performance (US$ Billions and HNWI Volume), 2009–2018 
Figure 5: Hong Kong vs Global HNWIs (%), 2009–2018 
Figure 6: Hong Kong HNWIs – Growth Factor Correlation, 2009–2013 
Figure 7: Hong Kong HNWIs – Wealth Pyramid (Volume Distribution), 2013 
Figure 8: Hong Kong HNWIs – Wealth Pyramid (Volume Distribution), 2013 
Figure 9: Hong Kong HNWIs – Age Distribution (%), 2013 
Figure 10: Hong Kong HNWIs – Job Titles (%), 2009–2013 
Figure 11: Hong Kong HNWIs – Distribution by Industry (%), 2013 
Figure 12: Hong Kong HNWIs – City Performance (%), 2009–2013 
Figure 13: Hong Kong HNWIs – Volume of HNWIs by City (Thousand), 2009 and 2013 
Figure 14: Hong Kong HNWIs – City Forecasts (%), 2014–2018 
Figure 15: Hong Kong Volume of HNWI by City (Thousand), 2014–2018 
Figure 16: Hong Kong UHNWI Wealth Share vs Volume Growth (%), 2009–2013 
Figure 17: Hong Kong UHNWI Volume by Wealth Band (Thousand), 2009–2018 
Figure 18: Hong Kong UHNWI Wealth by Wealth Band (US$ Billion), 2009–2018 
Figure 19: Hong Kong UHNWI Age Distribution (Percentage Share), 2013 
Figure 20: Hong Kong UHNWI Distribution by Industry (%), 2013 
Figure 21: Hong Kong Billionaires Market Overview (Volume and US$ Billion), 2009–2018 
Figure 22: Hong Kong Centimillionaires Market Overview (Volume and US$ Million/Billion), 2009–2018 
Figure 23: Hong Kong Affluent Millionaires Market Overview (Volume and US$ Million/Billion), 2009–2018 
Figure 24: Hong Kong Mid-Tier Millionaires Market Overview (Volume and US$ Million/Billion), 2009–2018 
Figure 25: Hong Kong Lower-Tier Millionaires Market Overview (Volume and US$ Million/Billion), 2009–2018 
Figure 26: Hong Kong HNWI Asset Class Composition (%), 2009–2018 
Figure 27: Hong Kong HNWI Trends in Alternative Assets (US$ Billion), 2009–2018 
Figure 28: Hong Kong Trends in ‘Art, Wine and Wheels’, 2009–2013 
Figure 29: Hong Kong HNWI Foreign Investment Allocation and Growth (%), 2013 
Figure 30: Hong Kong HNWI Global Distribution of Foreign Investments (%), 2009–2018 
Figure 31: Hong Kong HNWI Liquidity Breakdown (%), 2009–2018 
Figure 32: Hong Kong UHNWI Asset Class Composition (%), 2009–2018
Figure 33: Hong Kong Wealth Management Industry – Maturity Level of Operators, 2014 
Figure 34: Hong Kong Wealth Management Industry Behavioral Mapping, 2013 
Figure 35: Hong Kong Wealth Management Industry – Five Forces Analysis 
Figure 36: HKD to US$ Exchange Rate, 2009–2018 
Figure 37: Hong Kong Real GDP Growth (%), 2009–2018 
Figure 38: Hong Kong GDP per Capita (US$), 2009–2018 
Figure 39: Hong Kong Domestic Market Capitalization (US$ Billion), 2009–2013 
Figure 40: Hong Kong Commodity Indices, 2009–2018 
Figure 41: Hong Kong Foreign Direct Investment (US$ Billion), 2007–2011 
Figure 42: Hong Kong Inflation Rate (%), 2009–2018 
Figure 43: Hong Kong Money Market Rate (%), 2009–2018 
Figure 44: Hong Kong Balance of Payments (US$ Billion), 2009–2013 
Figure 45: Hong Kong Government Debt as a Percentage of GDP, 2009–2018 
Figure 46: Hong Kong Stock Market Performance, 2009–2013 
Figure 47: Hong Kong HNWI Wealth vs GDP Ratio, 2009–2018 
Figure 48: Hong Kong HNWIs – Volume by Wealth Band, 2009–2018 
Figure 49: Hong Kong HNWIs – Wealth by Wealth Band (US$ Billion), 2009–2018 
Figure 50: Hong Kong HNWIs – Wealth per Capita (US$ Million), 2009–2018

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