WEALTH-X-2021年超高净值报告（英文）-2021.5-29正式版.doc

APPLIED WEALTH INTELLIGENCEVERY HIGH NET WORTHHANDBOOK 2021VERYVERY HIGHHIGH NETNET WORTHWORTH HANDBOOKHANDBOOK 20212021JAMES LAVELLCHIEF EXECUTIVE OFFICER, EUROMONEY PEOPLE INTELLIGENCERICHARD GREENCHIEF COMMERCIAL OFFICER, EUROMONEY PEOPLE INTELLIGENCEMANUEL BIANCHIMANAGING DIRECTOR AND GLOBAL HEAD OF BUSINESS DEVELOPMENT, WEALTH-XMICHAEL PHILLIPSVICE PRESIDENT, MARKETING AND COMMUNICATIONS, EUROMONEY PEOPLE INTELLIGENCELEAD AUTHORSMAYA IMBERGSENIOR DIRECTOR, THOUGHT LEADERSHIP AND DATA ANALYTICS, WEALTH-XMAEEN SHABANDIRECTOR, RESEARCH AND DATA ANALYTICS, WEALTH-XSTEPHANIE WARBURTONDIRECTOR OF VISUAL COMMUNICATIONS, EUROMONEY PEOPLE INTELLIGENCE© WEALTH-X APRIL 2021, A PART OF THE EUROMONEY INSTITUTIONAL INVESTOR PLC GROUP. ALL RIGHTS RESERVED.THIS PUBLICATION IS FOR YOUR INFORMATION ONLY AND IS NOT INTENDED AS AN OFFER, OR A SOLICITATION OF AN OFFER, TO BUY OR SELL ANY PRODUCT OR OTHER SPECIFIC SERVICE. ALL INFORMATION AND OPINIONS INDICATED ARE SUBJECT TO CHANGE WITHOUT NOTICE.TABLE OF CONTENTS1 Executive Summary2 Introduction3 A Wealth Tier of Considerable Importance5 Global Map of the Very High Net Worth7 The Very High Net Worth in 20208 VHNW Regions in 2020 at a Glance13 Top 10 VHNW Countries15 Top 10 VHNW Cities17 Five-Year Outlook19 Profiling Today's VHNW Individuals 19 Source of Wealth20 Gender21 Age23 Primary Industry25 Asset Allocation26 Interests, Passions and Hobbies28 Methodology29 About Wealth-X and Euromoney People Intelligence30 Wealth-X AnalyticsWEALTH-X VERY HIGH NET WORTH HANDBOOK 2021To TableToTableof ContentsofContentsEXECUTIVE SUMMARYThe global very highnet worth (VHNW)population increasedslightly in 2020 by .3%to . millionpeople. Combinedwealth rose $26.8by 1.2% totrnThis was a resilient performance set against the backdrop of a global pandemic and the deepest contraction in world economic output for a generation.North America and Asia were, by far, the best performing regions.All remaining five regions, in contrast, posted falls in the size of their VHNW class and combined wealth.Among the top 10 VHNW countries, the US, China, Japan and South Korea all performed well.The US VHNWpopulation grewThe majority of topby almostranking Asiancountries performed8%strongly, in contrastto Hong Kong. AUSCHINAJAPANS.KOREAnotable feature wastheir more eectivemanagement of thepandemic than mostof their global peers.2025FBy 20152020we forecast the globalVHNW population will total3.8 million individuals, arise of . million on 2020.WorldWe expect a rebalancing of growth among VHNW regions, following a five-year period in which growth has been powered mainly by North America and Asia.LONDON fell out of the top city list for the first time in our records.Ongoing Brexit-related damage, poorly performing equity markets and pandemic-related economic weakness all contributed.The average age of the global VHNW populationis just over 60 It takes time to create and/or accumulate significant wealth. The UAE, Bangladesh and Qatar have the youngest VHNW populations they represent economies where wealth creation has been fairly recent.1WEALTH-X VERY HIGH NET WORTH HANDBOOK 2021To Table of ContentsINTRODUCTIONThe Wealth-X Very High Net Worth Handbook 2021, the second edition and most recentmember of our annual flagship report series1, focuses on an important and relatively large group of wealthy individuals: those with a net worth of $5m to $30m.Perhaps more so than any other cohort among the wealthy2, the very high net worth (VHNW) group comprises a highly varied collection of individuals: from entrepreneurs and business owners, to corporate executives and retirees as well as inheritors.We first take a look at wealth distribution among the wealthy, providing context of where the VHNW group sits. We next explore the global VHNW population and its wealth in 2020, set against the backdrop of a tumultuous year of a global pandemic, international travel bans, trade disruption and the deepest contraction in world economic output for a generation. We analyze wealth drivers, regional trends and present a ranking of the leading VHNW countries and cities. Albeit in an environment of considerable uncertainty, we examine the five-year outlook for wealth by region.Digging deeper, we profile the global VHNW population by exploring key characteristics, such as wealth source, gender, age, industry focus, asset holdings as well as interests and hobbies. While members of this cohort share a number of defining traits, we also highlight the substantial variations among such individuals (this year focusing largely on regional differences) and also how they compare with those with less and more wealth.The Wealth-X Very High Net Worth Handbook 2021 offers unrivaled insight into this group of individuals, their characteristics and the constantly changing landscape of wealth creation, making it an essential read for any provider looking to prospect for and engage with individuals in this unique group.KEY DEFINITIONSVery high net worth (VHNW) individualsThose with a net worth of $5m-$30m.Ultra high net worth (UHNW) individualsThose with a net worth of $30m+ (also referred to as the ultra wealthy).1 We publish the World Ultra Wealth Report and Billionaire Census on an annual basis.2 Wealth-Xs demarcated major wealth tiers, in ascending order of wealth, are: people with $1m to $5m in net worth; the VHNW with $5m to $30m; the ultra wealthy (those with $30m+); and billionaires.2WEALTH-X VERY HIGH NET WORTH HANDBOOK 2021To Table of ContentsA WEALTH TIER OF CONSIDERABLE IMPORTANCEOne in every 10 of the worlds millionaire population is VHNW.In 2020 there were 25.6 million global millionaires (those with a net worth of more than $1m), with combined assets totaling just under $105trn. Almost 90% of all millionaires have a net worth of $1m to $5m, the lowest of the three major wealth tiers. Reflecting the large size of this group, their combined net worth is the largest of the three tiers at $42.3trn (accounting for a 40% share of global millionaire wealth).Exclusivity rises as wealth increases. One in every 10 of the worlds millionaires is a very high net worth (VHNW) individual each with a net worth of between $5m and $30m. With $26.8trn in combined wealth, the VHNW class accounts for just over 25% of global millionaire wealth, a testament to their importance as investors, consumers of luxury products, and donors to the not-for-profit sector. At the upper end of the wealth scale, the ultra wealthy (those with a net worth of more than $30m) represent just 1.1% ofthe global millionaire population, yet their combined net worth accounts for a substantial 34% share, highlighting the vast amounts of wealth held by an exclusive group of individuals.POPULATION AND WEALTH BY MAJOR WEALTH TIER 2020 POPULATION WEALTH293,120$35,555bn2,694,480UHNW$26,812bnUHNWVHNW VHNW22,593,780$1m-$5m innet worth$42,312bn$1m-$5m innet worthNote: UHNW denotes ultra high net worth individuals, those with $30m and more in net worth.Source: Wealth-X3WEALTH-X VERY HIGH NET WORTH HANDBOOK 2021To Table of ContentsA WEALTH TIER OF CONSIDERABLE IMPORTANCETwo-thirds of the VHNW class have a net worth of $5m to $10m the lowest VHNW wealth tier.An uneven distribution of global wealth is evident among the VHNW population itself. With an average net worth per individual of $10m, two-thirds of the VHNW class have a net worth that places them in the lowest of the cohorts four wealth tiers ($5m to $10m), commanding just under half of total VHNW wealth. Meanwhile, those in the cohort's upper two wealth tiers ($15m to $20m and $20m to $30m) represent just under 16% of the VHNW population, but their share of the groups total wealth is twice as large (32%). These distributions tend to change very little over time.VERY HIGH NET WORTH POPULATION BY WEALTH TIER 2020 2,694,480Wealth tier199,920 $20m-$30m221,250$15m-$20m493,400$10m-$15m1,779,910$10mThe averagenet worthper VHNWindividualSource: Wealth-X$5m-$10mSource: Wealth-X4WEALTH-X VERY HIGH NET WORTH HANDBOOK 2021GLOBAL MAP OF THE VERY HIGH NET WORTHTo Table of Contents1.3% change in population1.2% change in wealthfrom 2019from 201920202,694,480$26,812VHNW populationNumber of VHNWTotal wealthand total wealthindividuals($bn)ASIAAFRICALATIN AMERICA ANDTHE CARIBBEAN23,610-2.7%NORTH AMERICA56,220-26.1%1,118,7407.1%$235bn-2.6%EUROPE 623,880 -7.0%-6.9%$6,275bn761,070 5.2%5.1%$7,632bnMIDDLE EAST67,340-8.8%PACIFIC43,620 -7.2%$11,003bn-26.1%$560bn 7.0%41.5%0.9%2.1%23.2%2.5%-8.7%$687bn-7.1%$419bn28.2%1.6% of the worlds VHNW population5WEALTH-X VERY HIGH NET WORTH HANDBOOK 2021Note: VHNW stands for very high net worth those individuals with $5m-$30m in net worth.Data on % of the worlds VHNW population may not total 100% owing to rounding.Source: Wealth-XWEALTH-X VERY HIGH NET WORTH HANDBOOK 20216To Table of ContentsTHE VERY HIGH NET WORTH IN 2020Wealth gains (for some) in a tumultuous yearThe global VHNW population increased slightly in 2020, rising by 1.3% to 2.7 million individuals. This was a sharp slowdown from double-digit growth a year earlier, and masked large regional differences, but was a resilient performance set against the backdrop of a global pandemic, national lockdowns, international travel bans, trade disruption and the deepest contraction in world economic output for a generation. A collapse in financial markets in the early part of the year was met with another wave of central bank monetary stimulus, a swathe of government interventions and enormous fiscal largesse. Alongside promising late-year vaccine developments, this not only stabilized markets but triggered a sharp rebound in global equities and other risk-on assets, with almost all major stock-market indices posting healthy annual returns. Overall, the combined net worth of the VHNW population in 2020 rose by 1.2% to $26.8trn.Regional winners and losersOne feature of the pandemic has been its disproportionate impact on certain businesses, industries and population groups. The uneven nature of the crisis can also be seen in the significant regional variations in VHNW performance in 2020, reflecting the contrasting outcomes in terms of public health, economic damage, policy intervention and vaccine progress around the world. As in 2019, the best-performing regions were the two largest wealth hubs of North America and Asia, which saw healthy growth of their VHNW populations and collective net worth. It was a very different picture elsewhere, with the other five regions posting falls in the size of their VHNW class and combined wealth. Africa held up fairly well, whereas Europe, the Pacific and the Middle East all registered sizeable declines that more than erased the gains of the previous three years in each region. The outlier, however, was Latin America and the Caribbean, whose VHNW population and collective net worth slumped by more than one quarter.This diverse wealth performance can mainly be attributed to pandemic-related developments, with dominant market movers, such as the flood of liquidity in financial markets and the accelerated adoption of technologies, further accentuating the positive wealth creation trends seen in North America and Asia over recent years. But there were also other influencing factors, including volatile commodity and currency markets, the US presidential election, a pro-democracy clampdown in Hong Kong, heightened tensions across the Gulf region, and still elevated Brexit uncertainty.The global VHNW population rose by 1.3% in 2020 a resilient performance set against the backdrop of a global pandemic and the deepest contraction in world economic output for a generation7WEALTH-X VERY HIGH NET WORTH HANDBOOK 2021THE VERY HIGH NET WORTH IN 2020VHNW REGIONS IN 2020 AT A GLANCEANNUAL CHANGE IN VHNW POPULATIONTo Table of ContentsANNUAL RATE OF CHANGEDECLINEGROWTHSTRONGMEDIUM LOWLOWMEDIUMSTRONGNORTH AMERICASurging equities alongsideextensive fiscal stimulusmeasuresLATIN AMERICAHit by a sharp decline inEUROPEFairly steep economiccontractions amid virus spreadand restrictive lockdowns ASIAFaster economic bounce- back and strongly performing equity marketsPACIFICAsset portfolios hit bythe slump in commoditymarkets and the impactof pandemic restrictionseconomic activity, weakenedcommodity markets andsubdued equity markets8WEALTH-X VERY HIGH NET WORTH HANDBOOK 2021MIDDLE EASTSlump in demand for oil, travel restrictionsand a weakening oflocal currenciesAFRICACurrency and portfolioeffects limited wealth lossesNote: Categorizations of the annual rate of growth in regional VHNW population are based onincrements of 5 percentage points: 0% to 5% for low growth; 5% to 10% for medium growth and 10%and more for strong growth; with the same ranges (but negative) for annual rates of