China Wealth Report 2014

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

Scope

• Independent market sizing of Chinese 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 China

• Size of China's 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 1,279,972 HNWIs in China in 2013. These HNWIs held US$4.3 trillion in wealth, and wealth per HNWI averaged US$3.4 million.

• Chinese HNWI numbers increased by 5.5% in 2013, following an 11.8% increase in 2012.

• Growth in HNWI wealth and volumes is expected to improve over the forecast period. The number of Chinese HNWIs is forecast to grow by 27.1%, to reach 1.7 million by 2018, while HNWI wealth is expected to grow by 46.5%, to reach US$7.12 trillion by the same year.

• Chinese HNWIs held 18.4% (US$796.0 billion) of their wealth outside their home country at the end of 2013, which is below the worldwide average of 20–30%.

Reasons to buy

• The China Wealth Report 2014 is an unparalleled resource and the leading resource of its kind. Compiled and curated by a team of expert research specialists, the report comprises a wide variety of data that is created based on over 115,000 HNWIs from around the world in our database.

• With the wealth reports 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.

• The report reviews the performance and asset allocations of HNWIs and ultra-HNWIs. The report also includes projections of the volume, wealth and asset allocations of the HNWIs to 2018, as well as a comprehensive background of the local economy.

• The report provides a thorough analysis of the Private Banking and Wealth Management sector, the latest merger and acquisition activity and the opportunities and challenges that it faces.

• It also provides detailed information on HNWI volumes in each major city.

Companies mentioned

Industrial and Commercial Bank of China Ltd

China Construction Bank Corp

Agricultural Bank of China Ltd

Bank of China Ltd

Bank of Communications Co. Ltd

Industrial Bank Co. Ltd

China Minsheng Banking Corp

Shanghai Pudong Development Bank Co. Ltd

China Merchant Bank Co. Ltd

China CITIC Bank Corp. Ltd

Table of Contents

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 Chinese Wealth in Context

3.4.1 Distribution of wealth in China

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

4.2 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 Chinese 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 the Asia-Pacific

5.2.4 Investments in 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 Chinese 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 Wealth managers

6.1.4 Family offices

6.1.5 Financial advisors

6.2 Developments in the Chinese Private Banking Industry

6.3 Wealth Management and the Private Banking Industry

6.4 Chinese Wealth Management Industry – Clientele Model and Maturity

6.5 Behavioral Mapping of Wealth Management and Private Banking in China

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

7 Appendix

7.1 Additional Components of the Wealth Sector in China

7.1.1 Philanthropy

7.2 Tax Regulations

7.3 Regulations Related to Immigration, Investment and Employment

7.4 Key Drivers

7.4.1 CNY 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 China by Population (Volume), 2013

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

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

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

Table 6: Chinese HNWIs – Cities, 2013

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Table 38: Wealth Management Industry – Recent Deal Activity in China, 2014/2013

Table 39: Chinese Income Tax Bands (RM), 2013–2014

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

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

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

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

Table 44: Chinese Commodity Indices, 2009–2018

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

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

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

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

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

Table 50: Chinese Stock Market Performance, 2009–2013

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

Table 52: China – Appendix One

Table 53: China – Appendix Two

List of Figures

Figure 1: HNWI Wealth Band Definitions

Figure 2: Map of China

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Figure 34: Chinese Wealth Management Industry Behavioral Mapping, 2013

Figure 35: Chinese Wealth Management Industry – Five Forces Analysis

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

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

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

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

Figure 40: Chinese Commodity Indices, 2009–2018

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

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

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

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

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

Figure 46: Chinese Stock Market Performance, 2009–2013

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

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

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

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

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