WEALTH-X-2021年超高净值报告.docx

TABLE OF CONTENTSExecutive Summary1 IntroductionA Wealth Tir of Considerable Importance5 Global Map of the Very High Net WorthThe Very High Net Worth in 20207 VHNW Regions in 2020 at a GlanceTop 10 VHNW Countries15 Top 10 VHNW Cities17 Five-Year Outlook19 Profiling Today's VHNW IndividualsSource of Wealth19 GenderAge23 Primary IndustryAsst Allocation25 Interests, Passions and HobbiesMethodology28 About Wealth-X and Euromoney People IntelligenceWealth-X AnalyticsWEALTH-X VERY HIGH NET WORTH HANDBOOK 2021Asia: wealth gains supported by faster economic bounce-backAs the only other region to register an increase in wealth, Asia consolidated its second- placed position ahead of Europe. Its VHNW population rose by 5.2% to 76LO7O individuals, with a similar expansion lifting collective net worth to $7.6trnz equivalent to almost 29% of global VHNW wealth. On the whole, equity markets performed strongly, with most currencies resilient against the US dollar. The region's overriding feature was the more effective control and suppression of the virus than in most of its global peers, allowing for a quicker and more sustained recovery in economic activity (China was the only G20 economy to report full-year GDP growth in 2020).This was particularly the case in the region's two largest wealth markets of China and Japan, as well as South Korea and Taiwan all four recorded solid growth in their VHNW populations and collective net worth. The Shanghai Composite Index ended the year up 14% (in local currency terms), with Japan's Nikkei Index 16% higher, although both were outshone by a 31% jump in South Korea's tech-heavy stock market. There were underperformers in the region, including India and Hong Kong, both of which experienced falls in their VHNW populations and total wealth.Europe: VHNW wealth hit by virus spread, lockdowns and BrexitThe third major wealth region of Europe significantly underperformed its global peers, with the VHNW population declining by 7% to 623,880 individuals. The region's share of the total VHNW class fell to 23.2%, five percentage points below that of Asia. Collective net worth dropped by 6.9% to $6.3trnz its lowest level since 2016. This weak outturn reflected a range of factors: elevated levels of virus cases and deaths (especially in the UK and Spain); comparatively strict lockdown restrictions; a severe winter second wave of infections; many countries' high dependence on consumer-facing industries, such as hospit。叶y and tourism; a more limited influence of tech stocks on regional equity indices; and ongoing Brexit-related weakness in the UK.Despite fairly extensive policy stimulus from the European Central Bank, a major fiscal expansion in Germany and agreement on a 750bn European recovery fund, most regional stock markets struggled in 2020. There were modest gains on the German DAX and some mid-sized indices, but double-digit falls in the UK's FTSE 100, Spain's Ibex 35 and the MSCI Russia index. Alongside fairly steep economic contractions in most of the region's major economies, this contributed to a brood-based decline in VHNW wealth portfolios, with the largest falls of around 12% in France and the UK.Middle East: slump in demand for oil and travel restrictions take their tollThe Middle East retained its position as the fourth-largest VHNW region in 2020 but recorded the second-largest declines (in relative terms) in population and collective net worth. The size of the region's VHNW class fell by 8.8% to 67,340 individuals, equivalent to a 2.5% share of the global total, while combined wealth slid by 8.7% to $687bn. The region's largest wealth markets were hit by a pandemic-driven slump in oil demand and restrictions on international travel and tourism, which weighed on domestic stock markets and contributed to a broad weakening of local currencies against the US dollar. Oil prices temporarily plunged to a multi-decade low in April and were down by an average of 20% over the year as a whole, despite a second-half recovery. At a broader level, rising disaffection among marginalized young populations across the region remained a constraint on wealth creation opportunities, as did elevated geopolitical tensions involving Iran, Syria, Yemen and Saudi Arabia. More positively, the initial vaccine rollout progressed well in several of the Gulf states and Israel.Latin America and the Caribbean: wealth portfolios suffer a painful slumpThe VHNW class in Latin America and the Caribbean took a severe hit from the pandemic, with the size of the population declining by 26.1% to 56,220 individuals. Collective net worth also plunged by more than one quarter to $560bn, equivalent to a 2.1% global share. This slump followed a relatively weak performance for the region in 2018-19. Wealth portfolios were damaged by a sharp decline in economic activity, weakened commodity markets, subdued equity markets and, in particular, a marked depreciation of most local currencies against the US dollar. That said, developments were by no means uniform across the region's largest markets. In economic terms, Argentina, Mexico and Peru were among the worst hit (with Argentina defaulting on its external debt), whereas Brazil, Chile and Colombia fared less badly.Pacific: VHNW wealth dragged down by commodities and virus restrictionsThe relative falls in the VHNW population and combined wealth in the Pacific region were of a similar scale to those in Europe, with the number of individuals declining by 7.2%, to 43,620, and total net worth down by 7.1% to $420bn. The regional total primarily reflects developments in Australia, where asset portfolios were hit by the demand slump in commodity markets and the impact of pandemic restrictions on the large tourism sector, which contributed to the country's first economic recession in almost 30 years. Some offsetting support came from a significant expansion of monetary stimulus and a resilient Australian dollar (which is viewed by financial markets as a proxy for the economic performance of China, its largest trading partner).Africa: currency and portfolio effects limit wealth lossesThe smallest VHNW region of Africa fared slightly better than some of its larger peers in 2020, with falls of 'only' 2.7% in its VHNW population to 23,610 individuals and 2.6% in collective net worth to $235bn. The continent's two economic powerhouses, Nigeria and South Africa, had a difficult year, either because of protracted lockdowns (in South Africa) or low global oil prices (in Nigeria) but, on on aggregate basis, portfolio effects from equity market performance and currency depreciation against the US dollar were less damaging than in some other wealth markets.THE VERY HIGH NET WORTH IN 2020TOP 10 VHNW COUNTRIESYear-on-year change in population (%)Rank andwealth ($bn) VHNW population 20208 Hong Kong* $6679 South Korea$51210 Switzerland$514-5.4 13.0-0.6 Not© PcixAron numbers ere rcjncfed to the r»cro$t S. Annud choree? cn meosizw! ba56d on tnodW inputs upckjted refrospectrely arc not on previovdy pubfched figures. For further informatfon about cur Wexith and InveUabie Assets Model, ptease see the .velbodoto seciton.Hong Kong is a seni-autonc<YX>ji. specid admhislrative regton of Ona.Source: WcaithXWHAT DRIVES THE GROWTH OF WEALTH?To Ibbie of ContentsNOTABLE HIGHLIGHTSTHE TOP 10 COUNTRIES ACCOUNT FOR THREE-QUARTERS OF THE WORLD'S VHNW POPULATION.The dominant share of the top 10 shows that the largest windows of opportunity for providers that target or cater to the wealthy tend to be concentrated among o select group of wealth markets. Each year brings some small shifts within the top rankings, but wealth is largely resilient across these markets. In 2020. the US and China consolidated their position as the top two VHNW countries, increasing their combined share of the global VHNW population by more than three percentage points to 49%.THE US, THE WORLD'S LARGEST WEALTH MARKET, SAW FAIRLY ROBUST GROWTH.The US remains far and away the dominant location for the global VHNW population: with just more than 1 million individuals, the US VHNW class outnumbers the combined total of the other nine countries in the rankings. US wealth is indicative of the world's largest economy, backed by the US dollar's global reserve currency status, bolstered by dominant financial services and technology sectors, and underpinned by a business environment largely supportive of private enterprise ond competition. Its VHNW population grew by almost 8% in 2020. largely on the back of strong equity gains ond an economy buffered by extensive policy stimulus. This performance was in contrast to eighth-placed Canada, where the VHNW population declined, influenced by a contracting economy despite modestly positive stock-market returns.CHINA, JAPAN AND SOUTH KOREA ALL PERFORMED STRONGLY IN ASIA, IN CONTRAST TO HONG KONG.A notable feature of all four countries was their more effective management of the pandemic than the majority of their global peers. Over recent years. China has cemented the second-placed position it assumed over Japan in 2014. but it remains far behind the VHNW status of the US (which has almost four times os many VHNW individuals). Wealth portfolios in China were buoyed by a faster economic recovery from the pandemic than in most countries, supporting firm equity gains. This was similar to South Korea, where net worth was especially boosted by a surging stock market; while in Japan the economy contracted but the Nikkei Index had a solid year. In Hong Kong. China's imposition of a new national-security law led to widespread social unrest and diminished the territory's attractiveness as an international business hub.GERMANY； FRANCE, THE UK AND SWITZERLAND ALL REGISTERED FALLS IN WEALTH.All major European markets experienced declines in their VHNW populations and their combined wealth, led by double-digit falls in France and the UK. The pandemic and its associated lockdowns took a substantial toll on these economies, with wealth portfolios in the UK also hit by Brexit-reloted weakness. Despite policy stimulus from the European Central Bank and in the UK, the Bank of England as well as extensive fiscal support measures, most regional stock markets struggled, among which the UK's FTSE 100 posted double-digit falls. Wealth losses in Switzerland were partly constrained by an appreciation of the safe-haven Swiss franc. Italy and Russia, which both rank among the top 20 countries, also saw their VHNW populations fall.SOUTH KOREA, SWITZERLAND, INDIA AND ITALY VIE CLOSELY FOR INCLUSION IN THE TOP 10 EVERY YEAR.With their respective VHNW populations ranging from 45,000 to 60,000. these four countries tend to swap rankings with one another on an annual basis, depending upon the performance of local wealth drivers. India appeared in the top 10 in 2019 for the first time but, in 2020, its VHNW population and wealth both fell by more than 5%, causing it to drop out of the leading rankings. Despite stock-market gains, the country and economy were hit badly by the pandemic, with India's high population density ond inadequate healthcore infrastructure resulting in stringent lockdowns.WEALTH X VERY HIGH NET WORTH HANDBOOK 2021 4THE VERY HIGH NET WORTH IN 2020TOP 10 VHNW CITIESRonk ond city (metro areas and urban agglomerations)Ronk ond city (metro areas and urban agglomerations)VHNW poputation in 2020Yeor-on-year change in population (%)Notr PcpUchon numbcn ere rwrxicd to the rccrcst 5 Cities ere dcfirxxi on the bE，d ut>an oggionxjrotkxn end mctrcpo*Han (metro) creas.-crude the bUtt-up aeas outsde the odmn市ative cote. Fer exar0e. New Ykxk hebdes htew York City. Netrk andJersey C<ty We focus on metro crcc? to ensure compcrabilty became gbbety ccxnpopdc c<ty4cvcl 3。is nd ewiobte. Major cities ere determined on o ncn»d GDP basis 八 $. Arruol charges cte measured boied on nxxtel incurs ipdoted retrospectively 6d not <xi pccvxxisfy publishod figjrw. For further infermahon cbovt our Wedth and invc$ioWc Awets Mc8. p/cc?c see the Methodobgy section.*Hong Kong is a semi autcfiomous. spebal admiiKtrutive regicxi of ChnaSource: wotth-XTOP 10 CITIES BY VHNW DENSITY 2020Number of city residents per VHNW individualSon JoseBaselSan FranciscoGenevaZurichSeattleBostonNew YorkWashington DC,Heng Kong is a semi aulonomous, special adrnnatrolrve region of China.Scxjrce X15 WEALTH-X VERY HIGH NET WORTH HANDBOOK 2021To lobie of ContentsNOTABLE HIGHLIGHTSTHE TOP 10 VHNW CITIES ACCOUNTED FOR 20.6% OF THE GLOBAL VHNW POPULATION IN 2020.This was up slightly from the 19.8% share in 2019. The share of the top 10 VHNW cities has been broadly stable over the past couple of decodes, amid a very gradually rising trend, showcasing the global cities' allure to the wealthy in terms of commercial prospects, talent and an array of cultural, educational and lifestyle opportunities. Similar to the top 10 countries (page 13), the city rankings highlight the significant concentration of global wealth in select locations.NEW YORK, THE PRE-EMINENT GLOBAL CITY OF THE WEALTHY； EXTENDED ITS LEAD OVER SECOND-PLACED TOKYO.New York is home to almost 41,000 more VHNW individuals than Tokyo, an increase of 8% over the 2019 difference. Both cities' VHNW populations had a bumper year in 2020 (growing by over 9%), reflecting their countries' good overall performances but also their specializations as global financial centers and their status as the respective countries' largest city economies. New York overtook Tokyo in the VHNW city rankings in 2012 and the gap between the two has widened steadily since, driven in part by their respective countries' diverging economic performance.US VHNW CITIES DOMINATE, WITH SEVEN RANKED IN THE TOP 10.This reflects two main factors. First, the US is by far the world's largest VHNW wealth market, and so many of its major cities have high VHNW populations. Second, average growth in the VHNW populations of these seven cities (11.3%) vastly outpaced global growth in 2020 (at 1.3%) largely reflecting the bumper year for US wealth holdings, which were distributed across the country's leading wealth cities. Meanwhile, no Chinese or German cities feature in the top 10 (or. in fact, the top 20), which is explained by the nations' relatively large stock of private wealth being more evenly dispersed in urban centers across the two countries.LONDON FALLS OUT OF THE TOP 10 RANKINGS.The city's VHNW population fell by a substantial 16% in 2020. dropping London from eighth place in 2019 down to 12th. London's VHNW cohort contracted at a faster rate than that of the UK as o whole, which itself saw a sizeable decline. This is the first time in our records (doting back to 2004) that London has fallen out of the tier-one ranking. Ongoing Brexit-related damage, poorly performing equity markets and