Sweden 2014 Wealth Book

This report reviews the performance and asset allocations of HNWIs and Ultra HNWIs in Sweden. It also includes an evaluation of the local wealth management market.

Scope

• Independent market sizing of Swedish HNWIs across five wealth bands

• HNWI volume, wealth and allocation trends from 2009 to 2013

• HNWI volume, wealth and allocation forecasts to 2018

• 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

• Ratings of wealth management saturation and potential by city

• Details of the development, challenges and opportunities of the wealth management and private banking sector in Sweden

• Size of the Swedish wealth management industry

• Largest domestic private banks by AuM

• Detailed wealth management and family office information

• Insights into the drivers of HNWI wealth

Key Highlights

• There were approximately 176,940 HNWIs in Sweden in 2013. These HNWIs held US$771 billion in wealth. The wealth per capita in the country in 2013 was approximately US$299,411.

• In 2013, Swedish HNWI numbers rose by 3.5%, following a marginal decrease of 3.2% in 2011.

• At the end of 2013, Swedish HNWIs held 39.5% (US$305 billion) of their wealth outside their home country, significantly higher than the worldwide average of 20–30%.

• Equities, business interests and alternative products recorded the strongest growth during the review period.

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 75,000 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 2018.

• Also provides detailed information on UHNWIs in each major city.

Companies mentioned

Nordea Private Bank

SEB Private Banking

Carnegie Private Bank

Cartella Wealth Management

Varbergs Sparbank Private Banking

SkandiaBanken Private Banking

Swedbank Private Banking

Erik Penser Bankaktiebolag

Handelsbanken Private Banking

Table of Contents

Table of Contents

LIST OF TABLES

LIST OF FIGURES

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 Swedens Wealth in Context

3.4.1 Distribution of wealth in Sweden

3.5 HNWI Volume and Wealth Trends

4 Findings from the WealthInsight HNWI Database

4.1 Trends in HNWI Wealth to 2018

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 Swedish 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 and the Caribbean)

5.2.3 Investments in Asia Pacific

5.2.4 Investments in Central 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 Swedish 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 Swedish Private Banking Industry

6.3 Wealth Management and the Private Banking Industry

6.4 Swedish Wealth Management Industry – Clientele Model and Maturity

6.5 Behavioral Mapping of Wealth Management and Private Banking in Sweden

6.6 Porter’s Five Force Analysis – the Wealth Management Industry

7 Appendix

7.1 Additional Components of the Wealth Sector in Sweden

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 SEK to US$ exchange rate

7.4.2 Real GDP growth

7.4.3 Per capita GDP

7.4.4 Domestic market capitalization

7.4.5 Commodity index

7.4.6 Foreign direct investments – inflow and outflow

7.4.7 Inflation rate

7.4.8 Interest rate

7.4.9 Balance of payments

7.4.10 Government debt

7.4.11 Stock market performance

7.5 Wealth Breakdowns

8 About WealthInsight

List of Tables

Table 1: HNWI Wealth Band and Group Definitions

Table 2: Regions in Sweden, 2013

Table 3: Swedish HNWIs – Volume Distribution Wealth Pyramid, 2013

Table 4: Swedish HNWIs – Wealth Distribution Wealth Pyramid (%), 2013

Table 5: Swedish HNWIs – Industry Performance, 2009–2013

Table 6: Swedish HNWIs – Cities, 2013

Table 7: Swedish HNWIs – Growth in Top Cities, 2009–2013

Table 8: Swedish HNWIs – Population Density in Major Cities, 2013

Table 9: Swedish HNWIs in Top Cities, 2009–2018

Table 10: Swedish HNWIs – Growth Rates for Top Cities, 2009–2018

Table 11: Swedish HNWIs – by States, 2013

Table 12: Swedish HNWIs – State Performance, 2009–2013

Table 13: Swedish HNWIs – Population Density in States, 2013

Table 14: Swedish UHNWIs – Gender Performance, 2009–2013

Table 15: Swedish UHNWIs – Source of Wealth (%), 2013

Table 16: Swedish UHNWIs in Top Cities, 2009–2018

Table 17: Swedish UHNWIs Growth Rates for Top Cities, 2009–2018

Table 18: Swedish Billionaires – Market Overview (US$ Billions) 2009–2018

Table 19: Swedish Top 10 Billionaires (US$ Billions), 2013

Table 20: Swedish Billionaire Wealth Growth, 2009−2013

Table 21: Swedish Centimillionaires – Market Overview, 2009–2018

Table 22: Swedish Affluent Millionaires – Market Overview, 2009–2018

Table 23: Swedish Mid-Tier Millionaires – Market Overview, 2009–2018

Table 24: Swedish Lower-Tier Millionaires – Market Overview, 2009–2018

Table 25: Swedish Allocations of HNWI Assets, 2009–2018

Table 26: Swedish HNWIs − Holdings Growth (%), 2009–2018

Table 28: Swedish HNWIs – Alternative Asset Composition (%), 2009–2018

Table 27: Swedish HNWIs – Trends of Investments in Alternative Assets(%), 2009–2018

Table 29: Swedish Trends in ‘Art, Wine and Wheels’, 2009–2013

Table 30: Global Prime Real Estate Prices per Square Meter (US$), 2012

Table 31: Swedish HNWIs – Percentage of Foreign Investment Allocations, 2009–2018

Table 32: Swedish HNWIs – Liquidity Breakdown (US$ Billion), 2009–2018

Table 33: Swedish HNWIs – Liquidity Breakdown (%), 2009–2018

Table 34: Swedish UHNWIs – Allocations and Share of HNWI Assets, 2013

Table 35: Leading Domestic Private Banks in Sweden by AuM, 2013

Table 36: Swedish Wealth Managers, 2013

Table 37: Swedish Family Offices, 2013

Table 38: Swedish Income Tax Bands (SEK), 2013–2013

Table 39: SEK per US$ Exchange Rate, 2009–2018

Table 40: Sweden Real GDP Growth (%), 2009–2018

Table 41: Swedish GDP Per Capita (US$), 2009–2018

Table 42: Swedish Domestic Market Capitalization (US$ Billion) 2009–2013

Table 43: Swedish Commodity Indices, 2009–2018

Table 44: Swedish Foreign Direct Investments (US$ Billion), 2007–2011

Table 45: Swedish Inflation Rate (%), 2009–2018

Table 46: Swedish Money Market Rate (%), 2009–2018

Table 47: Swedish Balance of Payments (US$ Billion) 2009–2013

Table 48: Swedish Government Debt as a Percentage of GDP, 2009–2018

Table 49: Swedish Stock Market Performance, 2009–2013

Table 50: Swedish HNWI Wealth vs GDP Ratio, 2009–2018

Table 51: Sweden Appendix One

Table 52: Sweden Appendix Two

List of Figures

Figure 1: HNWI Wealth Band Definitions

Figure 2: Map of Sweden

Figure 3: Sweden’s Asset Price Performance, 2009–2013

Figure 4: Swedish HNWI Performance, 2009–2018

Figure 5: Swedish vs Global HNWIs

Figure 6: Swedish HNWIs – Growth Factor Correlation, 2009–2013

Figure 7: Swedish HNWIs – Volume Distribution Wealth Pyramid, 2013

Figure 8: Swedish HNWIs – Wealth Distribution Wealth Pyramid (%), 2013

Figure 9: Swedish HNWIs – Age Distribution, 2013

Figure 10: Swedish HNWIs – Job Titles, 2009–2013

Figure 11: Swedish HNWIs – Distribution by Industry, 2013

Figure 12: Swedish HNWIs – City Performance, 2009–2013

Figure 13: Swedish HNWIs – City Numbers, 2009–2013

Figure 14: Swedish HNWIs – City Forecasts, 2014–2018

Figure 15: Swedish HNWIs – City Numbers, 2014–2018

Figure 16: Swedish UHNWIs – Wealth Share vs. Volume Growth, 2009–2013

Figure 17: Swedish UHNWIs – Volume by Wealth Band, 2009–2018

Figure 18: Swedish UHNWIs – Wealth by Wealth Band (US$ Billion), 2009–2018

Figure 19: Swedish UHNWIs – Age Distribution (Percentage Share), 2013

Figure 20: Swedish UHNWIs – Distribution by Industry, 2013

Figure 21: Swedish Billionaires – Market Overview, 2009–2018

Figure 22: Swedish Centimillionaires – Market Overview, 2009–2018

Figure 23: Swedish Affluent Millionaires – Market Overview, 2009–2018

Figure 24: Swedish Mid-Tier Millionaires – Market Overview, 2009–2018

Figure 25: Swedish Lower-Tier Millionaires – Market Overview, 2009–2018

Figure 26: Swedish HNWIs – Asset Class Composition, 2009–2018

Figure 27: Swedish HNWIs – Trends in Alternative Assets (in US$ Billion), 2009–2018

Figure 28: Swedish Trends in ‘Art, Wine and Wheels’, 2009–2013

Figure 29: Swedish HNWIs – Foreign Investment Allocation and Growth (%), 2013

Figure 30: Swedish HNWIs – Global Distribution of Foreign Investments, 2009–2018

Figure 31: Swedish HNWIs – Liquidity Breakdown (%), 2009–2018

Figure 32: Swedish UHNWIs – Asset Class Composition, 2009–2018

Figure 33: Swedish Wealth Management Industry – Maturity Level of Players

Figure 34: Swedish Wealth Management Industry – Behavioral Mapping, 2013

Figure 35: Swedish Wealth Management Industry – Five Forces Analysis

Figure 36: SEK to US$ Exchange Rate, 2009–2018

Figure 37: Swedish Real GDP Growth (%), 2009–2018

Figure 38: Swedish GDP Per Capita (US$), 2009–2018

Figure 39: Swedish Domestic Market Capitalization (US$ Billion), 2009–2013

Figure 40: Swedish Commodity Indices, 2009–2018

Figure 41: Swedish Foreign Direct Investments (US$ Billion), 2007–2011

Figure 42: Swedish Inflation Rate (%), 2009–2018

Figure 43: Swedish Money Market Rate (%), 2009–2018

Figure 44: Swedish Balance of Payments (US$ Billion) 2009–2013

Figure 45: Swedish Government Debt as a Percentage of GDP, 2009–2018

Figure 46: Swedish Stock Market Performance, 2009–2013

Figure 47: Swedish HNWI Wealth vs GDP Ratio, 2009–2018

Figure 48: Swedish HNWIs – Volume by Wealth Band, 2009–2018

Figure 49: Swedish HNWIs – Wealth by Wealth Band (in US$ Billions), 2009–2018

Figure 50: Swedish HNWIs – Wealth Per Capita (in US$ Millions), 2009–2018

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