2020年世界超级富豪报告.docx

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1、TABLE OF CONTENTSExecutive Summary1 IntroductionGlobal Map of the Ultra Wealthy5 The Ultra Wealthy in 2019Wealth by TierTop 10 UHNW CountriesTop 10 UHNW Cities16 The Impact of the Covid-19 PandemicPrformcince by RegionBest and Worst Country PrformoncsPriorities in the Near Term26 Profiling Todays Ul

2、tra WealthySource of WealthGenderAge Asset AllocationMethodology32 About Wealth-XWEALTH-X WORLD ULTRA WEALTH REPORT 2020INEQUALITY AMONG THE ULTRA WEALTHYAmong the ultra wealthy, the distribution of wealth is also uneven. This is highlighted by a comparison of the average (mean) net worth (of $122m)

3、 across the UHNW population with the much lower level of median net worth (of $52m) Median net worth divides the wealth distribution into two equally sized groups: half of the UHNW population has a total net worth above the median level the other half below.Among the ultra wealthy, the distribution

4、of wealth is also uneven. This is highlighted by a comparison of the average (mean) net worth (of $122m) across the UHNW population with the much lower level of median net worth (of $52m) Median net worth divides the wealth distribution into two equally sized groups: half of the UHNW population has

5、a total net worth above the median level the other half below. This again shows the propensity for a large share of a cohorts population to fall within the lower wealth tiers. The two lowest UHNW wealth tiers, $30m to $50m and $50m to $100mz account for almost 80% of the global ultra wealthy populat

6、ion but only 33% of their cumulative wealth (at $11.7trn).Those individuals in the next three tiers up, each with a net worth of between $100m and $lbnz comprise one-fifth of the ultra wealthy population, whereas their share of combined UHNW wealth is twice as large (at 40%). Right at the top of the

7、 ultra wealth pyramid, the billionaires represent just 1% of the global UNHW population, yet their holdings of cumulative UHNW wealth amount to a 27% share (a total of $9.4trn).ULTRA HIGH NET WORTH POPULATION AND WEALTH BY MAJOR WEALTH TIER20192019290,720 $35,424bnPopulation Total wealthWEALTH TIERo

8、nCDonCD$lbn+$500m-$l bnPOPULATION$250m-$500m$100m-$250m$50m-$100m2,825$30m-$50m5,21511,66043,28088,680139,0605,436TOTALWEALTH ($bn)Source: Wealth-XnoooooTHE ULTRA WEALTHY IN 2019TOP 10 UHNW COUNTRIESRankCountryPopulationWealth2019 populationYcar-on-year change (%)2019 wealth ($bn)Ycar-on-year change

9、 (%)United States93.79015.311.28214.72China27,75511.24,17711.03Japan19,82011.01,85310.94Germany15,9601.81.8922.45Canada11.2858.61.17111.36France11.0008.41.15310.27Hong Kong-9,95511.21.2707.68United Kingdom9.6901.21.0191.09Switzerland7.20017.294416.810Indio6.51511.891613.1Note: Pcpularton numbers a(e

10、 recoded to The nearest 5. Anfxxai ctxines are measured baied on model inputs ufxiatcd rotrospcchvet/ and not on pn?viously pvbf山cd figures. For further information about our WHh and inveslatxe Assets Mode ptease see the Methodology section.Hong Kong is a semi autonomous, spcod adminbtrotivc regbn o

11、f Chha.Source: weoith-XThe top 10 countries ACCOUNT FOR ALMOST THREE-QUARTERS of the global UHNW population.12 WCALTH-X WORLD ULTRA WEALTH REPORT 2020To TctJc of CcntcntiNOTABLE HIGHLIGHTSTHE TOP 10 COUNTRIES ACCOUNTED FOR ALMOST THREE-QUARTERS OF THE GLOBAL UHNW POPULATION (73%) AND THEIR COMBINED

12、WEALTH (72%).The dominant share of the top 10 underlines that the largest pockets of opportunity for providers that target or cater to the ultra wealthy tend to be found among a key group of markets. Reflecting the overall global picture, all top 10 countries saw a rise in both their UHNW population

13、s and combined wealth in 2019.THE TOP TWO COUNTRIES, THE US AND CHINA, WERE HOME TO MORE THAN 40% OF THE GLOBAL ULTRA WEALTHY POPULATION.The US remains far and away the largest wealth market in the world, while Chino continues to cement the second-placed position it assumed over Japan in 2014. Both

14、experienced above-average rates of growth in their UHNW populations and combined wealth in 2019, bolstered, in large part, by the exuberant performance of their respective equity markets (the US also benefited from o stable economy and o strengthening dollar) despile ongoing trade tensions between t

15、he two countries.JAPAN RECORDED ITS HIGHEST UHNW GROWTH IN A DECADE.Sluggish economic growth, exchange-rate effects and aging demographics have partly constrained growth of the countrys ultra wealthy population and its combined wealth over the past decade. However, both expanded strongly in 2019 by

16、around 11% on the back of a strong performance in the Nikkei stock market and o relative boost from the safe-haven status of the yen.INDIA ENTERED THE TOP 10 RANKING FOR THE FIRST TIME.Reflecting its status as a steadily expanding wealth market. India overtook Italy in 2019 to claim 10th position. T

17、he ultra wealthy population of the worlds fifth-largest economy benefited from solid stock market gains, fiscal stimulus and the effects of rapid ongoing urbanization, olbeit against o backdrop of slowing economic momentum, social unrest and sluggish structural reform.THE UK AND GERMANY EXPERIENCED

18、THE SLOWEST UHNW GROWTH AMONG THE TOP 10 COUNTRIES.Acute political instability contributed to policy paralysis and sluggish economic growth in the UK, with Brexit-related disruption dampening capital-market returns. In Germany, equity markets were buoyed by monetary stimulus from the European Centra

19、l Bank but wealth portfolios in the countrys industrial heartlands were hit hard by the downturn in global trade and across the large automotive sector.WCALTH-X WORLD ULTRA WEALTH REPORT 2020THE ULTRA WEALTHY IN 2019TOP 10 UHNW CITIESYear-on-yeor change in population (%)Year-on-yeor change in popula

20、tion (%)City (metro areas and urbanagglomerations) and rank UHNW population 2019Note: Popitotlon numbers ore rcvrded to necrest 5. Cities ore defined on the tx)$fc of urtxr coomerctons or5 metropolhon (metro) ateai which include lb* txiit up areas outside lb* admnBtrativw core. Fcx exempte. htew Yor

21、k incKidw New York City; Newak end Jeriey City. Gobcly carparoWe cd not sp-jWehed际res. For furlher information about our Wealth and InvesloWe Auels Mode*, ptease see Ihe Me阳odology section.Hong Kong i$ a 5Gmi-autorKmou5, special odnintrotM? regon of CNro，Scxxces: Wedth-X; Oxtccd EcowntsI Six us citi

22、es feature in the top 10, while Asia and Europe account for two cities each.14 WCALTH-X WORLD ULTRA WEALTH REPORT 2020To Tctoie of ContentsNOTABLE HIGHLIGHTSTHE TOP 10 CITIES ACCOUNTED FOR 19.7% OF THE GLOBAL UHNW POPULATION IN 2019.This was up slightly on the 18.6% share in 2018 all 10 cities saw t

23、heir ultra wealthy populations, as well as their combined wealth, increase at a substantial pace in 2019. As the global urbanization trend has continued, the ultra wealthy have congregated increasingly in cities, attracted not only by commercial prospects and talent but also an array of cultural, ed

24、ucational and lifestyle opportunities.US CITIES DOMINATE THE TOP 10 RANKING.Highlighting the elevated level of cumulative UHNW wealth across US metropolitan (metro) areas, six US cities feature in the top 10, while Asia and Europe account for two cities each.NEW YORK AND HONG KONG WERE FAR AND AWAY

25、THE TWO LEADING UHNW CITIES.Together their ultra wealthy populations are more than half the size of the other top eight cities combined. New York remains the pre-eminent city of the wealthy, reflecting its status as a global financial center, the largest regional economy in the US and o global cente

26、r of luxury consumption and prime real estate. The ultra wealthy in financial- services-dominated Hong Kong were aided by favorable trends in its capital and currency markets. However, ongoing political developments and large-scale unrest linked to the territorys relationship with mainland China rai

27、se questions over its future status as a premier hub for international business and wealth creation.PARIS ECLIPSED LONDON TO TAKE FIFTH PLACE.With similar-sized UHNW populations of around 4,500, the two cities tend to swap ranks regularly, depending on the performance of specific wealth drivers. Man

28、y of Frances UHNW class live in the capital or 什s environs, and ultra wealthy Parisians benefited particularly from large equity market gains - the benchmark CAC 40 index jumped by almost 20% as the economy performed only modestly. Despite Londons UHNW population growing far more strongly than that

29、of the UK as a whole, Brexit disruption was a constraint on returns in the real estate and currency markets.NO CHINESE OR GERMAN CITIES FEATURED IN THE TOP 10.This is surprising given that the two countries are respectively home to the worlds second- and fourth-largest UHNW populations, as well as t

30、he large commercial hubs of Shanghai (Chinas largest UHNW city), Beijing and Munich (Germanys largest UHNW city). However, private wealth is more evenly dispersed in urban centers across the two countries than in other leading UHNW markets.WEALTH-X WORLD ULTRA WEALTH REPORT 2020THE IMPACT OF THE COV

31、ID-19 PANDEMICThe global spread of Covid-19 in early 2020 has made a considerable impact on the ultra wealthy. The introduction in many countries of fairly stringent lockdown restrictions, social distancing measures and travel bans had a huge effect on the global economy, bringing to an immediate ha

32、lt the essentially unbroken upward trend in the global growth of the ullra wealthy over the past decade.Aside from feeling increasingly anxious about the health and well-being of their families and friends, many of the ultra wealthy will also be concerned about the resilience of their financial hold

33、ings and businesses, given the continuing uncertainty over the path of the virus, different countries policy responses and the subsequent effects on economies, consumer and business behavior and on society generally.Wealth can be volatile particularly among the ultra wealthyHow the ultra wealthys fo

34、rtunes have fared so far in 2020 has been determined, in part, by the composition of their wealth holdings. Private and public holdings account for most of the ultra wealthy assets (56% see Asset allocation, page 31), a much higher proportion than for those with lower levels of wealth. This reflects

35、 such individuals1 tendency to either own or operate a business (or part of one) and to invest widely in public companies as part of wealth planning and protection strategies.With economies and many businesses struggling and stock markets continuing to gyrate, UHNW wealth has shown substantial volat

36、ility over the course of 2020 so far, with most of the ultra wealthy having experienced overall declines in their fortunes*WHAT DRIVES THE GROWTH OR CONTRACTION OF ULTRA WEALTH?A multitude of factors influence the size of a countrys ultra wealthy population, its respective wealth and how that wealth

37、 is distributed over time. These include the quality of institutions, tax and trade policy and the level of entrepreneurship, among others. These factors shape the size of a countrys economy, the value of its stock market(s) and the strength of its exchange rate all of which are leveraged in our Wea

38、lth and Investable Assets Model See the Methodology section for further details. to measure wealth by country.ULTRA WEALTH LEVELS DOWN BY ALMOST 30% IN QI 2020The sudden stop* to large parts of the global economy, a slump in financial markets and sharply heightened consumer business and investor cau

39、tion resulted in an 18% decline in the UHNW population over the first three months of 2020. At the end of March, the ultra wealthy class totaled 238,060 individuals, a drop of almost 53,000 from its level at the end of 2019.The hit to UHNW wealth was more severe, with collective net worth plunging b

40、y 28% to $25.4trnz down from $35.4trn at the end of 2019. This was the equivalent of virtually the entire UHNW wealth stock in Asia being wiped out over the space of three months. The nature of the crisis meant that almost oil asset classes suffered but the main channel of wealth loss was via the st

41、ock market as investors made a huge flight to safety1. At the end of March, the MSCI World Equity Index was down by 21% (in dollar terms) from its end-2019 level, with a number of major stock markets booking losses of more than 30%.A VERY DEEP DOWNTURN BUT SHORTER THAN A TYPICAL RECESSIONThe initial

42、 declines in capital markets, economic output and ultra wealth levels were dramatic. However, these were primarily the result of an abrupt shutdown of numerous economies and a spike in uncertainty, as opposed to o financially or economically driven crisis or cyclical downturn. Unlike in ,typicar rec

43、essions, the bulk of the damage to wealth holdings from the pandemic will most likely have been front-loaded.Change in UHNW population from end-2019-18% at end-March 2020-3%at end-August 2020Source: Wealth-XThis is not to downplay the continued risks over the path of the coronavirus and the likely s

44、carring1 effects that are expected to emergez such as business failures and higher unemployment. However, os the global economy rebounded in the second and third quarters of 2020 from its temporary cessation of activity, helped by extensive stimulus and support programs, there was a broad bounce-bac

45、k in financial markets and renewed opportunities for wealth creation as economies reopened. We estimate that at the end of August, the global UHNW population totaled 280,670 individuals, an increase of 18% from its low at the end of March but still 3% below its end-2019 level.Aided by o strong liqui

46、dity-driven recovery in equ计y markets between June and August a firming of commodity demand and pent-up consumer spending, the combined net worth of the global UHNW population expanded by a faster 27% from its end-March level to stand at $32.2trn at the end of August. Reflecting the scale of the ear

47、lier collapse, this was, however, still 9% lower than at the end of 2019.PERFORMANCE BY REGION - A VARIED STORYJust as there were significant regional differences in the growth of ultra wealth in 2019, the impact of the Covid-19 crisis on UHNW populations and cumulative wealth across the global economy vary widely, both in terms of the initial damage and as lockdown measures were eased. This will have reflected a range of factors at country level, such as the duration and seve