2020年全球奢侈品展望报告.docx

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1、TABLE OF CONTENTSExecutive Summary 1Introduction 2Interwoven: Wealth and Luxury Market Growth 3The Global Luxury City Index 7Affinity for Luxury - City Ranking 10Affinity for luxury - UHNW Profiles 13Archetypes by Luxury Good Ownership 16Changing Luxury Preferences 19Methodology 21About Wealth-X 22W

2、EALTH-X GLOBAL LUXURY OUTLOOK 2020: A WORLD OF CHANGING PREFERENCESLOCATION AND LEVEL OF WEALTH MATTEROur analysis highlights the difference in city populations1 propensity to purchase luxury assets and reveals that, ultimately, location and wealth matter. Where an ultra wealthy individual lives has

3、 a bearing on their luxury consumption and their preferences, just as their level of total net worth does.TOP 10 CITIES BY LEVEL OF AFFINITY FOR LUXURYHIGH LEVEL OF AFFINITYHIGH LEVEL OF AFFINITYAmong those with $ 100m+ in net worthMoscowLondonZurichSydneyTorontoAbu DhabiNew YorkMEDIUM LEVEL OF AFFI

4、NITYAmong those with $ 100m+ in net worthMilan |Beijing戳Toronto33.3%MoscowVancouver31.3%RiyadhMiamiZurichSydney25.6%London24.1%Among those with $30m-$ 100m in net worthAmong those with $30m-$ 100m in net worthAmong those with $30m-$ 100m in net worthBostonBoston0.8%MilanZurichAbu DhabiBeijingMiamiPa

5、risTorontoSingaporeLos AngelesMoscowNote: Cities are defined on the basis of urban agglomerations and metropolitan (metro) areas, which include the built-up areas outside the administrative core. For example. New York includes New York C计y, Newark and Jersey City. Globally comparable city-level data

6、 is not available; as such, to ensure comparability is as precise as possible, we have sourced consistent metro- and urban-level population and GDP data. City definitions are from Oxford Economics.Source: Wealth-X 2020The chart above shows the 10 cities From a total of 100 cities with the largest UH

7、NW populations.The chart above shows the 10 cities From a total of 100 cities with the largest UHNW populations. whose ultra wealthy populations have the highest affinity for luxury. Even among these top-ranked cities of luxury enthusiasts there are large variations, summarized on the following page

8、.The ultra wealthy in Moscow and Riyadh are the leading luxury enthusiasts. Across both wealth tiers, Moscow is the strongest performing city among both the high and medium groups of affinity for luxury. Meanwhile, Riyadh displays by far the greatest affinity for luxury among those at the upper end

9、of the ultra wealthy spectrum (with net worth of $100m+)z although it fails to make the top 10 rankings across the other groups.Both cities are home to a larger proportion of their respective countries1 ultra wealthy populations than most of their peers, particularly among the very highest wealth ti

10、ers. Moscow is not only the symbolic and political capital of Russia,什 is also the countrys business and cultural heart. Riyadh, the capital of Saudi Arabia and one of the largest cities in the Middle East, is a financial and economic regional hub and among the most vis什ed cities in the Arab world.M

11、iami, Milan and Zurich are close behind. The ultra wealthy in these cities also show a high propensity for luxury goods ownership. While all three are luxury shopping destinations in their own right, those making their home here appreciate the same amenities. Miami is known for its high-end real est

12、ate and a coastline well suited to yachting, Milan is famous for fashion and Zurich is known for luxury goods such as watches and automobiles.The level of wealth matters. Among the top 10 cities with populations showing a high level of affinity for luxury, there are significant differences across bo

13、th wealth tiers. Owning *major luxury assets, such as private jets, yachts or a substantial art collection, or at least three types of other luxury goods, remains the preserve of those at the top end of the ultra wealthy spectrum with $100m+. Given the price tags of these items, this is to be somewh

14、at expected but the results are strongly confirmatory. The difference is much less stark among the top 10 cities with a medium level of affinity for luxury, where both wealth tiers are able and choose to purchase two more attainable, luxuries or one *major! luxury item.London and New York feature in

15、 the top 10 of those with a high level of affinity for luxury. Across both wealth tiers, the ultra wealthy in these cities demonstrate a high level of affinity for luxury, though not qu计e as high as their wealthy counterparts in the cities that top the respective rankings. Both locations have a long

16、 history of attracting wealthy people, and those who make their homes in London and New York own a wide variety of luxury goods, reflecting the many high-end amenities available in these cities.I MOSCOW AND RIYADH ARE HOME TO THE LEADING LUXURY ENTHUSIASTS AMONG THE ULTRA WEALTHY.AFFINITY FOR LUXURY

17、-UHNW PROFILESWhat are the defining features of UHNW individuals as a group when it comes to their affinity for luxury? Following on from our city analysis, here we examine how the level of propensity to own luxury assets changes according to different characteristics of the UHNW population, namely

18、gender, wealth source and age. We use the same criteria for high and medium affinity for luxury (see page 10 for description) used in the previous section.GENDERUHNW women show a slightly greater propensity for luxury at the high affinity level.Women represent just under 15% of the general UHNW popu

19、lation but they demonstrate a slightly greater propensity to own luxury goods and services at a high level of affinity. Their greater interest in art is one explanation, with a larger share of women looking to engage in art collection. Cultural factors are also at work in that high-value jewelry is

20、more likely to be owned by women, boosting their propensity-for-luxury score. Yet the UHNW distribution with a medium affinity for luxury shows the inverse, with men showing a slightly greater propensity for luxury - this may reflect their greater interest in classic cars and other vehicles, or owni

21、ng horses or sports teams.GENDER AND AFFINITY FOR LUXURY AMONG UHNW INDIVIDUALSGeneral UHNW population (%)HIGH affinityMEDIUM affinityMore or fewer UHNW individuals than the general UHNW population (%)90%80%70%60%50%40%30%20%10%0%-10%-20%Source: Wealth-X 2020SOURCE OF WEALTHUHNW individuals with inh

22、erited wealth are more likely to show a high affinity for luxury.How does the source of a persons wealth affect their affinity for luxury? While most of the ultra wealthy have self-made fortunes, this group actually accounts for a virtually unchanged proportion of the population with a high level of

23、 affinity for luxury.In contrast, those with inherited wealth are more likely, within the general UHNW population, to show a high affinity for luxury. This may reflect two forces at work. First many of those with self-made wealth may still be devoting much of their time to running their businesses a

24、nd may not yet be at the point where they are looking to spend more of their wealth and time on luxury 什ems. Second, inheritance tends to be a more common source of wealth among women, who, as discussed on the previous page, show a greater propensity for a high affinity for luxury.Meanwhile, the UHN

25、W distribution with a medium affinity for luxury was found not to differ significantly from the general UHNW population, and hence is not displayed graphically.SOURCE OF WEALTH AMONG UHNW INDIVIDUALS BY HIGH AFFINITY FOR LUXURYGeneral UHNW population (%)More or fewer UHNW individuals than the genera

26、l UHNW population (%)Inherited8.5%3.5%Inherited/self-madeInherited/self-made23.7%Self-madeSelf-made67.7%0.8%-20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 80%Source: Wealth-X 2020THE DISTRIBUTION OF THE SELF-MADE MAJORITY REMAINS VIRTUALLY UNCHANGED WHEN CONSIDERING THOSE WITH A HIGH LEVEL OF AFFINITY FOR

27、 LUXURY.AGEUHNW individuals aged 50 to 70 have a greater propensity than other age groups for a high level of affinity for luxury.Ultra wealthy people between the ages of 50 and 70 show the greatest propensity for a high level of affinity for luxury in addition to being the largest group in size. Li

28、kely to be active and also still earning, this age group has the resources, desire and lifestyle to spend substantial amounts on major luxury assets, as well as on other luxury goods, such os classic cars, jewelry and watches, real estate and sporting interests.Interestingly despite having greater a

29、verage net worth ($155m) than the two other age groups, those aged over 70 slightly decline in number among those with a high affinity for luxury. This may be largely。甘ributoble to their life stage, with a larger share of older ultra wealthy individuals tending to focus on giving bock to society Sou

30、rce: Wealth-Xs World Ultra Wealth Report 20J9 rather than accruing possessions.Those aged under 50 show the largest decline in representation when accounting for a high affinity for luxury. This is largely explained by their focus on wealth building, spending most of their time and energy on the day

31、-to-day running and building of their business(es). Similarly to source of wealth, a medium level of affinity for luxury shows little difference to the distribution of the general UHNW population by age.AGE OF UHNW INDIVIDUALS BY HIGH AFFINITY FOR LUXURYGeneral UHNW population (%)More or fewer UHNW

32、individuals than the general UHNW population (%)80%70%60%50%40%30%20%10%0%-10%-20%Source: Wealth-X 2020ARCHETYPES BY LUXURY GOOD OWNERSHIPUltra wealthy individuals who own private jets, private yachts or substantial art collections show distinct characteristics.By studying the ownership of specific

33、types of luxury goods, we find a number of distinctive characteristics among the ultra wealthy. In this section we examine three different groups: individuals who own private jets, private yachts or art collections - each wo什h at least $5m. There is naturally some overlap across all three cohorts, y

34、et each displays a number of distinguishing traits, whether related to average wealth, gender, wealth source, country representation, age or primary industry.Average wealth ($m)TOP 3 COUNTRIESSOURCE OF WEALTH (%)InheritedInherited/self-madeSelf-madeGENDER BY POPULATIONMaleFemaleAGE (%)5050-7070+Note

35、: Each of these specific luxury goods are worth at least $5m. Average wealth is rounded to the nearest $5m.Source: Wealth-X 2020ARCHETYPES BY LUXURY GOOD OWNERSHIPTOP 5 PRIMARY INDUSTRIES(% ULTRA WEALTHY POPULATION)UHNW JET OWNERUHNW YACHT OWNERBanking and finance14.7%Hospitality and entertainment10

36、.9%Real estate10.3%Industrial conglomerates8.3%6.1%Note: Eoch of specific luxury goods xe ot least $5m Wmary industry refers to the industry to which the ultra wecithy devote most of ther time, not necesarily the industry by vdiich they created their wcahh. dihough fbey arc oOch ore 6d the some.Sour

37、ce： weoirb-x 2020THE US REPRESENTS THE LARGEST MARKET AMONG ALL THREE ULTRA WEALTHY ARCHETYPES； YET THE UK COMES SECOND AMONG PRIVATE YACHT OWNERS AND ART COLLECTORS AND CHINAS FAST-GROWING INTEREST IN ART PLACES IT THIRD AMONG THIS GROUP.PRIVATE JET OWNERS: MALE AND BUSINESS FOCUSEDWith many privat

38、e charter options now available, ultra wealthy individuals who own a private jet often do so for the flexibility, privacy, bespoke customization to their needs or status it affords. Perhaps surprisingly, among the three cohorts, private jet owners hove the lowest average net worth, at $345m, indicat

39、ing business needs are often at the forefront of such a purchase. This is also reflected in the dominant representation of the self-made ultra wealthy, accounting for more than two-thirds of such individuals, o significantly larger proportion than among yacht or art collection owners. Most private j

40、et owners are aged 50 to 70, making them comparatively younger than the other two cohorts. Again, this is a reminder that many of these individuals are busy managing the day-to-day affairs of large corporations. Women comprise just 8% of private jet owners, just half of the female share (almost 15%)

41、 of the general ultra wealthy population. This may reflect the higher proportion of inherited fortunes among ultra wealthy women, making such a purchase less necessary for business reasons. Ultra wealthy individuals from the US have the greatest representation within this cohort (and in the two othe

42、r groups), reflecting not only the countrys size, wealth distribution and infrastructure (conducive to jet use) but also its status as having by far the worlds largest ultra wealthy population.PRIVATE YACHT OWNERS: STILL LARGELY FOR THE VERY WEALTHYUsed for family, social and business functions, pri

43、vate yachts remain the preserve of the upper tiers of the ultra wealthy - such individuals have an average net worth of $510m, the highest of the three cohorts. Luxury yacht prices start in the millions of dollars and the maintenance and management of such boats bring a not insubstantial ongoing cos

44、t, not to mention a yachts depreciation in value with age. Ultimately, a yacht is not a financial investment but an emotional one, an evocation of lifestyle and declaration of status. Inheritance as a source of wealth is slightly higher among yacht owners than among the general UHNW population - o n

45、od to the long-standing culture of yachting among the wealthy in many parts of the world. Owners w计h hospitality and entertainment as their primary industry, as well as shipping itself, are more highly represented in this cohort. The US has long been the worlds largest yacht market but there are als

46、o major hubs across Europe, including high ownership rates among Russias wealthy. Despite being home to the worlds second largest population of UHNW individuals, China remains a small, albeit growing, yachting country for the wealthy.This is due. in part, to its history and culture as well as Chinas

47、 lack of brood-based port infrastructure, although this is improving.MAJOR ART COLLECTORS: OLDER AND MORE FEMALELike their yacht-owning counterparts, people who own an art collection worth at least $5m tend to be in the upper wealth tiers, close to the demi-billionaire range. Making such an outlay s

48、peaks of their wealth but also their interests, values and status aspirations. Many appear to be at a different life stage to those in the other two cohorts. Most are aged over 70 and 22% have non-profit and social organizations as their primary industry, far above the 6% seen among the general UHNW set, indicating that their main focus is no longer business building or wealth accumulation. Those ottoched to the hospitality and entertainment industries are highly represented. Previous Wealth-X research has shown that ultra wealthy individuals over 70 have a greater int