The US 2013 Wealth Book

Date: October 23, 2013
Pages: 128
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US$ 4,995.00
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Publisher: WealthInsight
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)
ID: U7A694801BEEN
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The US 2013 Wealth Book
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.
  • The report focuses on HNWI performance between the end of 2007 (the peak before the global financial crisis) and the end of 2012. This enables us to determine how well the country’s HNWIs have performed through the crisis.
SUMMARY

There are 5.8 million HNWIs in the UAE and 44,934 in the US in 2012. This report reviews the performance and asset allocations of HNWIs and Ultra HNWIs in the UAE highlights top-performing cities. It also includes an evaluation of the local wealth management market.

SCOPE
  • Independent market sizing of the US HNWIs across five wealth bands
  • HNWI volume, wealth and allocation trends from 2008 to 2012
  • HNWI volume, wealth and allocation forecasts to 2017
  • 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 wise 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.
  • Size of the US wealth management industry
  • Largest domestic private banks by AuM
  • Detailed wealth management and family office information
  • Insights into the drivers of HNWI wealth.
REASONS TO BUY
  • The WealthInsight Intelligence Center Database is an unparalleled resource and the leading resource of its kind. Compiled and curated by a team of expert research specialists, the database comprises dossiers on over 60,000 HNWIs from around the world.
  • The Intelligence Center also includes tracking of wealth and liquidity events as they happen and detailed profiles of major private banks, wealth managers and family offices in each market.
  • With the Database 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.
  • Report includes comprehensive forecasts to 2017.
  • Also provides detailed information on UHNWIs in each major city.
KEY HIGHLIGHTS
  • There were approximately 5.8 million HNWIs in the US in 2012. These HNWIs held US$21.7 trillion in wealth, which equated to around 35% of total individual wealth held in the country.
  • During the review period, the number of HNWIs who acquired their wealth through the financial services industry increased by 63%.
  • Equities and alternative products recorded the strongest growth during the review period, driven by strong recovery in the US economy.
  • There were 44,934 UHNWIs in the US in 2012, with an average wealth of US$138 million per person, making them the prime target group for wealth sector professionals. Of this total, there were 443 billionaires, 13,080 centimillionaires and 31,411 affluent millionaires in 2012.
  • At the end of 2012, US HNWIs held 23.6% (US$5.1 trillion) of their wealth outside their home country, which is within the range of the worldwide norm of 20–30%.
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 2017
  4.1.1 HNWI trend analysis
  4.1.2 Trends of the wealth bands
  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 Centimillionaires 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 Millionnaires
  4.7.1 Mid-tier millionnaire 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 Classes
  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 Trends of investments in equity
  5.1.7 Trends of Investments 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 & the Caribbean)
  5.2.3 Investments in Asia Pacific
  5.2.4 Investments in Latin 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 Private Banks
  6.1.2 Wealth managers
  6.1.3 Family offices
  6.1.4 Financial advisors
6.2 Developments in the US Private Banking Industry
6.3 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
6.6 Financial Services Review
  6.6.1 Retail Banks
  6.6.2 Funds management

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
  7.1.3 Human resource availability for the wealth management industry
7.2 Regulations on Taxes
7.3 Regulations Related to Immigration, Investment and Employment
7.4 Key Drivers
  7.4.1 Real GDP growth
  7.4.2 Per capita GD
  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 FIGURES

Figure 1: HNWI Wealth Band Definitions
Figure 2: Map of the US
Figure 3: US Asset Price Performance, 2008–2012
Figure 4: US HNWI Performance, 2008–2017
Figure 5: US vs Global HNWIs
Figure 6: US HNWIs – Growth Factor Correlation, 2008–2012
Figure 7: US HNWIs – Volume Distribution Wealth Pyramid, 2012
Figure 8: US HNWIs – Wealth Distribution Wealth Pyramid (%), 2012
Figure 9: US HNWIs – Age Distribution, 2012
Figure 10: US HNWIs – Job Titles, 2007–2012
Figure 11: US HNWIs – Distribution by Industry, 2012
Figure 12: US HNWIs – City Performance, 2008–2012
Figure 13: US HNWIs – City Numbers, 2008–2012
Figure 14: US HNWIs – City Forecasts, 2013–2017
Figure 15: US HNWIs – City Numbers, 2013–2017
Figure 16: US UHNWIs – Wealth Share vs. Volume Growth, 2008–2012
Figure 17: US UHNWIs – Volume by Wealth Band, 2007–2017
Figure 18: US UHNWIs – Wealth by Wealth Band (US$ Billion), 2008–2017
Figure 19: US UHNWIs – Age Distribution (Percentage Share), 2012
Figure 20: US UHNWIs – Distribution by Industry, 2012
Figure 21: US Billionaires – Market Overview, 2008–2017
Figure 22: US Centimillionaires – Market Overview, 2008–2017
Figure 23: US Affluent Millionaires – Market Overview, 2008–2017
Figure 24: US Mid-Tier Millionaires – Market Overview, 2008–2017
Figure 25: US Lower-Tier Millionaires – Market Overview, 2008–2017
Figure 26: US HNWIs – Asset Class Composition, 2008–2017
Figure 27: US HNWIs – Trends in Alternative Assets (in US$ Billion), 2008–2017
Figure 28: US Trends in ‘Art, Wine and Wheels’, 2008–2012
Figure 29: US HNWIs – Foreign Investment Allocation and Growth (%), 2013–2017
Figure 30: US HNWIs – Global Distribution of Foreign Investments, 2008–2017
Figure 31: US HNWIs – Liquidity Breakdown (%), 2008–2017
Figure 32: US UHNWIs – Asset Class Composition, 2008–2017
Figure 33: US Wealth Management Industry – Maturity Level of Players
Figure 34: US Wealth Management Industry – Behavioral Mapping, 2012
Figure 35: US Wealth Management Industry – Five Forces Analysis
Figure 36: US Real GDP Growth (%), 2008–2017
Figure 37: US GDP Per Capita (US$), 2008–2017
Figure 38: US Domestic Market Capitalization (US$ Billion), 2008–2012
Figure 39: US Commodity Indices, 2008–2017
Figure 40: US Foreign Direct Investments (US$ Billion), 2008–2017
Figure 41: US Inflation Rate (%), 2008–2017
Figure 42: US Money Market Rate (%), 2008–2017
Figure 43: US Balance of Payments (US$ Billion) 2008–2012
Figure 44: US Government Debt as a Percentage of GDP, 2008–2017
Figure 45: US Stock Market Performance, 2008–2012
Figure 46: US HNWI Wealth vs GDP Ratio, 2008–2017
Figure 47: US HNWIs – Volume by Wealth Band, 2008–2017
Figure 48: US HNWIs – Wealth by Wealth Band (in US$ Billions), 2008–2017
Figure 49: US HNWIs – Wealth Per Capita (in US$ Millions), 2008–2017

COMPANIES MENTIONED

Morgan Stanley Wealth Management
Bank of America Merrill Lynch
JP Morgan Private Bank
Citigroup Private Bank
Goldman Sachs Private Wealth Management
Northern Trust Wealth Management
BNY Mellon Wealth Management
Wells Fargo Private Bank
US Bancorp Wealth Management
PNC Wealth Management

At the end of 2012, there were approximately 5.8 million HNWIs in the US holding a combined worth of US$21.7 trillion in wealth, which equates to around 35% of total individual wealth held in the country. This percentage is above the worldwide average of 29%, which indicates that the spread of wealth in the US is more even than the worldwide norm.

As is evident in the following figure, the number of HNWIs in the US as well as local HNWI wealth increased between 2008 and 2012. This growth in the number of HNWIs within the US is forecast to continue over the next 5 years with the local HNWI wealth set to increase significantly by 2017.

US HNWI Performance, 2008-2017
US HNWI Performance, 2008-2017 

New York had the largest number of HNWIs in 2012 with 452,296, accounting for 7.8% of the total number of HNWIs. This was followed by Houston with 130,708, equivalent to 2.2% of the total HNWI population. There were also sizable HNWI populations in Los Angeles (100,190), Chicago (77,158), Dallas (73,127), San Diego (46,064) and Phoenix (30,806).

At the end of 2012, US HNWIs held 23.6% (US$5.1 trillion) of their wealth outside their home country, which is within the range of the worldwide norm of 20-30%. It is expected that foreign asset holdings will reach US$8.4 trillion by 2017, when they will account for close to 21.2% of total HNWI assets. In 2012, Europe accounted for 52.5% of the foreign assets of US HNWIs. It was followed by North America with 17.1%, Latin and South America with 14.1%, Asia-Pacific with 13.3%, Africa with 1.9% and the Middle East with 1.2%. Due to the financial crisis problems in the US economy, the share allocated to North America is quite low in comparison to Europe, but altogether investments to North America have increased from 8.9% in 2008 to 17.1% in 2012.

There were 44,934 UHNWIs in the US in 2012, with an average wealth of US$128 million per person, making them the prime target group for wealth sector professionals. Of this total, there were 443 billionaires, 13,080 centimillionaires and 31,411 affluent millionaires in 2012. UHNWIs accounted for close to 0.8% of the total US HNWI population, close to the global average of 0.7%. The number of UHNWIs in the US increased by 46% from 30,807 in 2008 to 44,934 in 2012, which was very similar to the increase of 46.8% experienced by core HNWIs.

There was a wide range of performance between the different UHNWI wealth bands as the number of billionaires increased by 33%, while the number of centimillionaires and affluent millionaires increased significantly by 46% each.

The US economy alone held around 18.87% of the world’s total GDP in terms of purchasing power parity, equivalent to US$15.7 trillion. At the end of 2012, the US mutual fund industry remained the largest in the world with US$13 trillion in assets, accounting for 49% of US$26.8 trillion in mutual fund assets worldwide. The US banking industry showed renewed strength during 2012, after nearly collapsing during the financial crisis of the late 2000s.

The material was prepared in October, 2013.

LIST OF TABLES

Table 1: HNWI Wealth Band and Group Definitions
Table 2: Major States in the US, 2012
Table 3: Largest Cities in the US, 2012
Table 4: US Top 10 States by GDP, 2012
Table 5: Fastest-Growing Cities in the US by Population, 2010–2012
Table 6: US HNWIs – Volume Distribution Wealth Pyramid, 2012
Table 7: US HNWIs – Wealth Distribution Wealth Pyramid (%), 2012
Table 8: US HNWI Industry Performance, 2008–2012
Table 9: US HNWIs – Cities, 2012
Table 10: US HNWI Growth in Top Cities, 2008–2012
Table 11: US HNWIs – Population Density in Major Cities, 2012
Table 12: US HNWIs in Top Cities, 2008–2017
Table 13: US HNWI Growth Rates for Top Cities, 2008–2017
Table 14: US HNWIs – by States, 2012
Table 15: US HNWIs – State Performance, 2008–2012
Table 16: US HNWIs - Population Density in States, 2012
Table 17: US UHNWIs – Gender Performance, 2008–2012
Table 18: US UHNWIs – Source of Wealth (%), 2012
Table 19: US UHNWIs in Top Cities, 2008–2017
Table 20: US UHNWI Growth Rates for Top Cities, 2008–2017
Table 21: US Billionaires – Market Overview (US$ Billions) 2008–2017
Table 22: US Billionaire Wealth Growth, 2008−2012
Table 23: US Centimillionaires – Market Overview, 2008–2017
Table 24: US Affluent Millionaires – Market Overview, 2008–2017
Table 25: US Mid-Tier Millionaires – Market Overview, 2008–2017
Table 26: US Lower-Tier Millionaires – Market Overview, 2008–2017
Table 27: US Allocations of HNWI Assets, 2008−2017
Table 28: US HNWIs − Holdings Growth (%), 2008–2017
Table 29: US HNWIs – Trends of Investments in Alternative Assets (%), 2008–2017
Table 30: US HNWIs – Alternative Asset Composition (%), 2008–2017
Table 31: US Trends in ‘Art, Wine and Wheels’, 2008–2012
Table 32: Global Prime Real Estate Prices per Square Meter in US$, 2012
Table 33: US HNWIs – Percentage of Foreign Investment Allocations, 2008–2017
Table 34: US HNWIs – Liquidity Breakdown (US$ Billion), 2008–2017
Table 35: US HNWIs – Liquidity Breakdown (%), 2008–2017
Table 36: US UHNWIs – Allocations and Share of HNWI Assets, 2012
Table 37: US Top 10 Private Banks by AuM, 2012
Table 38: US Top Foreign Private Banks by AuM, 2012
Table 39: US Wealth Managers per City, 2012
Table 40: US Top 20 Wealth Managers by AuM, 2012
Table 41: US Family Offices, 2012
Table 42: US Family Offices per City, 2012
Table 43: US Financial Advisors in Top Cities, 2012
Table 44: Wealth Management Industry – Recent Deal Activity in the US, 2013
Table 45: US Income Tax Bands, 2012–2013
Table 46: US: Income Tax Bands, 2013–2014 (Due on April 15, 2014)
Table 47: US Corporate Tax Structure, 2013
Table 48: US Real GDP Growth (%), 2008–2017
Table 49: US GDP Per Capita (US$), 2008–2017
Table 50: US Domestic Market Capitalization (US$ Billion) 2008–2012
Table 51: US Commodity Indices, 2008–2017
Table 52: US Foreign Direct Investments (US$ Billion), 2008–2017
Table 53: US Inflation Rate (%), 2008–2017
Table 54: US Money Market Rate (%), 2008–2017 17
Table 55: US Balance of Payments (US$ Billion) 2008–2012
Table 56: US Government Debt as a Percentage of GDP, 2008–2017
Table 57: US Stock Market Performance, 2008–2012
Table 58: US HNWI Wealth vs GDP Ratio, 2008–2017
Table 59: US Appendix One
Table 60: US Appendix Two

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