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US Wealth Report 2014

Published: Dec-2014 | Format: PDF | WealthInsight | Number of pages: 115 | Code: MRS - 2011

Synopsis

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

Executive summary

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

Scope

  • Independent market sizing of US 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 ratings of wealth management saturation and potential
  • Details of the development, challenges and opportunities of the wealth management and private banking sector in the US
  • The size of the US wealth management industry
  • The largest private banks by AuM
  • Detailed wealth management and family office information
  • Insights into the drivers of HNWI wealth

Reasons to buy

  • The US 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

  • In 2013, there were 5,231,600 HNWIs in the US. These HNWIs held US$21.1 trillion in wealth, and wealth per HNWI averaged US$4.0 million.
  • Following a 6.5% increase in 2012, HNWI numbers in the US rose by 3.8% in 2013. 
  • Growth in HNWI wealth and volumes are expected to improve over the forecast period. The number of US HNWIs is forecast to grow by 12.1% to reach 6,029,547 by 2018, and HNWI wealth is expected to grow by 28.7%, to reach US$28.8 trillion by 2018. 
  • In 2013, US HNWIs held 23.9% (US$5.0 trillion) of their wealth outside of the country, in line with the global 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 US Wealth in Context 
3.4.1 Distribution of wealth in the US 
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 US 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 US UHNWI Investments 
 
6 Competitive Landscape of the Wealth Sector 
6.1 Competitive Landscape 
6.1.1 Domestic 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 Private Banking Industry 
6.3 Wealth Management and the Private Banking Industry 
6.3.1 The US wealth management industry – clientele model and maturity 
6.4 Behavioral Mapping of Wealth Management and Private Banking in the US 
6.5 Porter’s Five Force Analysis – The Wealth Management Industry 
 
7 Appendix 
7.1 Additional Components of the Wealth Sector in the US 
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 Real GDP growth 
7.4.2 Per capita GDP 
7.4.3 Domestic market capitalization 
7.4.4 Commodity index 
7.4.5 Foreign direct investments – inflow and outflow 
7.4.6 Inflation rate 
7.4.7 Interest rate 
7.4.8 Balance of payments 
7.4.9 Government debt 
7.4.10 Stock market performance 
7.5 Wealth Breakdowns 
 
8 About WealthInsight

List of Tables

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

List of Figures

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

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