Germany 2014 Wealth Book

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

Scope

• Independent market sizing of Germany 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 Germany

• Size of the German wealth management industry

• Largest private banks by AuM

• Detailed wealth management and family office information

• Insights into the drivers of HNWI wealth

Key Highlights

• There were 1,382,265 HNWIs in Germany in 2013. These HNWIs held US$4.2 trillion in wealth, and wealth per HNWI was US$3,038,491.

• In 2013, German HNWI numbers increased by 4.2%, following a 5.7% decrease in 2012.

• Growth in HNWI wealth and volumes is expected to improve over the forecast period. The number of German HNWIs is forecast to grow by 11%, reaching 1,561,820 by 2018, and HNWI wealth is expected to grow by 25%, reaching US$5.60 trillion by 2018.

• At the end of 2013, German HNWIs held 34.6% (US$1.5 trillion) of their wealth outside their home country, which is higher than the worldwide average of 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 its research and analysis, WealthInsight is 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.

• The report includes comprehensive forecasts to 2018.

• The report also provides detailed information on UHNWIs in each major city.

Companies mentioned

Deutsche Bank Private Wealth Management

Commerzbank Private Banking

UniCredit Bank AG

Bankhaus Lampe

Merck Finck & Co.

BHF-Bank Private Banking

Berenberg Private Banking

DZ Privatbank

Mertzler 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 German Wealth in Context

3.4.1 Distribution of wealth in Germany

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 Wealth band trends

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 German 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 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 Investment trends in equity

5.1.7 Investments trends 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 German UHNWI Investments

6 Competitive Landscape of the Wealth Sector

6.1 Competitive Landscape

6.1.1 Domestic private banks

6.1.2 Foreign private banks

6.1.3 Acquisitions

6.1.4 Wealth managers

6.1.5 Family offices

6.1.6 Financial advisors

6.2 Developments in the German Private Banking Industry

6.3 Wealth Management and the Private Banking Industry

6.4 German Wealth Management Industry – Clientele Model and Maturity

6.5 Behavioral Mapping of Wealth Management and Private Banking in Germany

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

7 Appendix

7.1 Additional Components of the Wealth Sector in Germany

7.1.1 Philanthropy

7.1.2 Demand for intergenerational wealth transfer

7.2 Tax Regulations

7.3 Regulations Related to Immigration, Investment and Employment

7.4 Key Drivers

7.4.1 EUR 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 Germany by Population (Volume), 2013

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

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

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

Table 6: German HNWIs – Cities, 2013

Table 7: German HNWI Growth in Top Cities (Thousand), 2009–2013

Table 8: German HNWI Population Density in Major Cities (Thousand), 2013

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

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

Table 11: German Volume of HNWI by States (Thousand), 2013

Table 12: German HNWI State Performance (%), 2009–2013

Table 13: German HNWIs Population Density by State (Thousand), 2013

Table 14: German UHNWI Gender Performance (%), 2009–2013

Table 15: German UHNWI Source of Wealth (%), 2013

Table 16: German Volume of UHNWI in Top Cities (Hundred), 2009–2018

Table 17: German UHNWI Growth Rates in Top Cities (%), 2009–2018

Table 18: German Billionaires Market Overview (Volume and US$ Billion), 2009–2018

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

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

Table 21: German Centimillionaires Market Overview (Volume and US$ Million/Billion), 2009–2018

Table 22: German Affluent Millionaires Market Overview (Volume and US$ Million/Billion), 2009–2018

Table 23: German Mid-Tier Millionaires Market Overview (Volume and US$ Million/Billion), 2009–2018

Table 24: German Lower-Tier Millionaires Market Overview (Volume and US$ Million/Billion), 2009–2018

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

Table 26: German HNWI Holdings Growth (%), 2009–2018

Table 27: German HNWI Alternative Asset Composition (%), 2009–2018

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

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

Table 30: Global Prime Real Estate Prices per m2 (US$), 2012

Table 31: German HNWI Foreign Investment Allocations (%), 2009–2018

Table 32: German HNWI Liquidity Breakdown (US$ Billion), 2009–2018

Table 33: German HNWI Liquidity Breakdown (%), 2009–2018

Table 34: German UHNWI Allocations and Share of HNWI Assets (%), 2013

Table 35: Leading Domestic Private Banks in Germany by local AuM (US$ million), 2013

Table 35: Leading Foreign Private Banks in Germany by local AuM (US$ million), 2013

Table 36: Leading Wealth Managers in Germany by AuM (US$m), 2013

Table 37: Top German Family Offices by AuM (US$m), 2013

Table 38: Wealth Management Industry – Recent Deal Activity in Japan, 2013

Table 39: German Income Tax Bands (EUR), 2013–2014

Table 40: EUR per US$ Exchange Rate, 2009–2018

Table 41: German Real GDP Growth (%), 2009–2018

Table 42: German GDP per Capita (US$), 2009–2018

Table 43: German Domestic Market Capitalization (US$ Billion), 2009–2013

Table 44: German Commodity Indices, 2009–2018

Table 45: German Foreign Direct Investment (US$ Billion), 2007–2011

Table 46: German Inflation Rate (%), 2009–2018

Table 47: German Money Market Rate (%), 2009–2018

Table 48: German Balance of Payments (US$ Billion), 2009–2013

Table 49: German Government Debt as a Percentage of GDP, 2009–2018

Table 50: German Stock Market Performance, 2009–2013

Table 51: German HNWI Wealth vs GDP Ratio, 2009–2018

Table 52: Germany – Appendix One

Table 53: Germany – Appendix Two

List of Figures

Figure 1: HNWI Wealth Band Definitions

Figure 2: Map of Germany

Figure 3: German Asset Price Performance (%), 2009–2013

Figure 4: German HNWI Performance (US$ Billions and HNWI Volume), 2009–2018

Figure 5: German vs Global HNWIs (%), 2009–2018

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

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

Figure 8: German HNWIs – Wealth Pyramid (Volume Distribution), 2013

Figure 9: German HNWIs – Age Distribution (%), 2013

Figure 10: German HNWIs – Job Titles (%), 2009–2013

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

Figure 12: German HNWIs – City Performance (%), 2009–2013

Figure 13: German HNWIs – Volume of HNWIs by City (Thousand), 2009 and 2013

Figure 14: German HNWIs – City Forecasts (%), 2014–2018

Figure 15: German Volume of HNWI by City (Thousand), 2014–2018

Figure 16: German UHNWI Wealth Share vs Volume Growth (%), 2009–2013

Figure 17: German UHNWI Volume by Wealth Band (Thousand), 2009–2018

Figure 18: German UHNWI Wealth by Wealth Band (US$ Billion), 2009–2018

Figure 19: German UHNWI Age Distribution (Percentage Share), 2013

Figure 20: German UHNWI Distribution by Industry (%), 2013

Figure 21: German Billionaires Market Overview (Volume and US$ Billion), 2009–2018

Figure 22: German Centimillionaires Market Overview (Volume and US$ Million/Billion), 2009–2018

Figure 23: German Affluent Millionaires Market Overview (Volume and US$ Million/Billion), 2009–2018

Figure 24: German Mid-Tier Millionaires Market Overview (Volume and US$ Million/Billion), 2009–2018

Figure 25: German Lower-Tier Millionaires Market Overview (Volume and US$ Million/Billion), 2009–2018

Figure 26: German HNWI Asset Class Composition (%), 2009–2018

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

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

Figure 29: German HNWI Foreign Investment Allocation and Growth (%), 2013

Figure 30: German HNWI Global Distribution of Foreign Investments (%), 2009–2018

Figure 31: German HNWI Liquidity Breakdown (%), 2009–2018

Figure 32: German UHNWI Asset Class Composition (%), 2009–2018

Figure 33: German Wealth Management Industry – Maturity Level of Operators, 2014

Figure 34: German Wealth Management Industry Behavioral Mapping, 2013

Figure 35: German Wealth Management Industry – Five Forces Analysis

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

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

Figure 38: German GDP per Capita (US$), 2009–2018

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

Figure 40: German Commodity Indices, 2009–2018

Figure 41: German Foreign Direct Investment (US$ Billion), 2007–2011

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

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

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

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

Figure 46: German Stock Market Performance, 2009–2013

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

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

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

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

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