Japan 2014 Wealth Book

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

Scope

• Independent market sizing of Japan 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

• 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 Japan

• Size of the Japanese 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 2,167,224 HNWIs in Japan in 2013. These HNWIs held US$8.8 trillion in wealth. In 2013, the wealth per capita measured US$39,321.

• In 2013, Japanese HNWI numbers rose by 0.8%, following a 2012 increase of 1.3%.

• Growth in HNWI wealth and volumes are expected to improve over the forecast period. The number of Japanese HNWIs is forecast to grow by 7% to reach 2,340,459 in 2018. HNWI wealth is projected to grow by 21% to reach US$11.1 trillion by 2018.

• In 2013, Japanese HNWIs held 22.8% (US$2 trillion) of their wealth outside of their home country; the worldwide average is 20–30%.

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 95,000 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

Mitsui UFJ Morgan Stanley PB

Mizuho Financial Group

Sumitomo Mitsui Financial

Resona Holdings

Bank of Yokohama

Fukuoka Financial Group

Chiba Bank

Hokuhoku Financial Group

Table of Contents

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 Japan’s Wealth in Context

3.4.1 Distribution of wealth in Japan

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 Centimillionaire 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 Millionaires

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 Japanese HNWI Investments

5.1 Analysis by Asset Class

5.1.1 Trends in alternative assets

5.1.2 Trends in ‘art, wine and wheels’

5.1.3 Trends of investment in real estate

5.1.4 Trends of investment in cash and deposits

5.1.5 Trends of investment in fixed-income

5.1.6 Trends of investment in equity

5.1.7 Trends of investment 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 Japanese 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 Japanese Private Banking Industry

6.3 Wealth Management and the Private Banking Industry

6.4 Japanese Wealth Management Industry – Clientele Model and Maturity

6.5 Behavioral Mapping of Wealth Management and Private Banking in Japan

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

7 Appendix

7.1 Additional Components of the Wealth Sector in Japan

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 JPY 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 (FDI) – inflows and outflows

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: Japanese Population Volume of Key Cities (Million), 2013

Table 3: Japanese HNWIs – Volume Distribution (%), 2013

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

Table 5: Japanese HNWIs – Industry Performance (%), 2009–2013

Table 6: Japanese HNWIs – Populations in Cities and Percentage of HNWIs, 2013

Table 7: Japanese HNWIs – Growth in Top Cities (Thousand), 2009–2013

Table 8: Japanese HNWIs – Population Density in Major Cities (Thousand), 2013

Table 9: Japanese HNWIs Population in Top Cities (Thousand), 2009–2018

Table 10: Japanese HNWIs – Growth Rates for Top Cities (%), 2009–2018

Table 11: Japanese HNWIs – Population by State (Thousand), 2013

Table 12: Japanese HNWIs – Population and State Growth Data, (%) 2009–2013

Table 13: Japanese HNWIs – Population Density by State (%), 2013

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

Table 15: Japanese UHNWIs – Sources of Wealth (%), 2013

Table 16: Japanese UHNWIs in Top Cities (Thousand), 2009–2018

Table 17: Japanese UHNWIs Growth Rates for Top Cities (Thousand), 2009–2018

Table 18: Japanese Billionaires – Market Overview (US$ Billion) 2009–2018

Table 19: Japanese Top-10 Billionaires (US$ Billion), 2013

Table 20: Japanese Billionaire Wealth Growth (US$), 2009−2013

Table 21: Japanese Centimillionaires – Market Overview (US$), 2009–2018

Table 22: Japanese Affluent Millionaires – Market Overview (US$), 2009–2018

Table 23: Japanese Mid-Tier Millionaires – Market Overview (US$), 2009–2018

Table 24: Japanese Lower-Tier Millionaires – Market Overview (US$), 2009–2018

Table 25: Japanese Allocations of HNWI Assets (%), 2009–2018

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

Table 27: Japanese HNWIs – Alternative Asset Composition (%), 2009–2018

Table 28: Japanese HNWIs – Trends of Investments in Alternative Assets (%), 2009–2018

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

Table 30: Global Prime Real Estate Prices per m2 (US$), 2014

Table 31: Japanese HNWIs – Percentage of Foreign Investment Allocations (%), 2009–2018

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

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

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

Table 35: Japanese Leading Domestic Private Banks, 2013

Table 36: Japanese Leading Foreign Private Banks, 2013

Table 37: Japanese Wealth Managers, 2013

Table 38: Japanese Family Offices, 2013

Table 39: Japanese Wealth Management Industry – Recent Deal Activity, 2013

Table 40: Japanese Income Tax Bands (JPY), 2012–2013

Table 41: Japanese Exchange Rate – JPY to US$, 2009–2018

Table 42: Japanese Real GDP Growth (%), 2009–2018

Table 43: Japanese GDP Per Capita (US$), 2009–2018

Table 44: Japanese Domestic Market Capitalization (US$ Billion), 2009–2013

Table 45: Japanese Commodity Indices, 2009–2018

Table 46: Japanese Foreign Direct Investments (US$ Billion), 2009–2018

Table 47: Japanese Inflation Rate (%), 2009–2018

Table 48: Japanese Money Market Rate (%), 2009–2018

Table 49: Japanese Balance of Payments (US$ Billion), 2009–2013

Table 50: Japanese Government Debt as a Percentage of GDP (%), 2009–2018

Table 51: Japanese Stock Market Performance (Index), 2009–2013

Table 52: Japanese HNWI Wealth vs GDP Ratio (%), 2009–2018

Table 53: Japan – Appendix One

Table 54: Japan – Appendix Two

List of Figures

Figure 1: HNWI Wealth Band Definitions

Figure 2: Map of Japan

Figure 3: Japanese Asset Price Performance (US$), 2009–2013

Figure 4: Japanese HNWI Performance, (US$), 2009–2018

Figure 5: Japanese vs Global HNWIs in Terms of Volume and GDP per Capita Growth (US$), 2009–2013

Figure 6: Japanese HNWIs – Growth Factor Correlation (Index), 2009–2013

Figure 7: Japanese HNWIs – Volume Distribution Wealth Pyramid (%), 2013

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

Figure 9: Japanese HNWIs – Age Distribution, 2013

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

Figure 11: Japanese HNWIs – Distribution by Industry (%), 2013

Figure 12: Japanese HNWIs – City Performance (Thousand), 2009–2013

Figure 13: Japanese HNWIs – City Population Volumes (Thousand), 2009–2013

Figure 14: Japanese HNWIs – City Forecasts (Thousand), 2014–2018

Figure 15: Japanese HNWIs – City Population Volumes (Thousand), 2014–2018

Figure 16: Japanese UHNWIs – Wealth Share vs Volume Growth (%), 2009–2013

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

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

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

Figure 20: Japanese UHNWIs – Distribution by Industry, 2013

Figure 21: Japanese Billionaires – Market Overview (US$), 2009–2018

Figure 22: Japanese Centimillionaires – Market Overview (US$), 2009–2018

Figure 23: Japanese Affluent Millionaires – Market Overview (US$), 2009–2018

Figure 24: Japanese Mid-Tier Millionaires – Market Overview (US$), 2009–2018

Figure 25: Japanese Lower-Tier Millionaires – Market Overview (US$), 2009–2018

Figure 26: Japanese HNWIs – Asset Class Composition (%), 2009–2018

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

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

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

Figure 30: Japanese HNWIs – Global Distribution of Foreign Investments (%), 2009–2018

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

Figure 32: Japanese UHNWIs – Asset Class Composition (%), 2009–2018

Figure 33: Japanese Wealth Management Industry – Maturity Level of Operators

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

Figure 35: Japanese Wealth Management Industry – Five Forces Analysis

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

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

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

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

Figure 40: Japanese Commodity Indices, 2009–2018

Figure 41: Japanese Foreign Direct Investments (US$ Billion), 2009–2018

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

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

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

Figure 45: Japanese Government Debt as a Percentage of GDP (%), 2009–2018

Figure 46: Japanese Stock Market Performance (Index), 2009–2013

Figure 47: Japanese HNWI Wealth vs GDP Ratio (%), 2009–2018

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

Figure 49: Japanese HNWIs – Wealth by Wealth Band (US$ Billion), 2009–2018

Figure 50: Japanese HNWIs – Wealth per Capita (US$ Million), 2009–2018

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