Italy Wealth Report 2015

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

Scope

• Independent market sizing of Italy's HNWIs in 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 in 13 asset classes

• Geographical breakdown of all foreign assets

• Alternative breakdown of liquid versus investable assets

• UHNWI populations in major cities

• The number of wealth managers in each city

• City ratings of wealth management saturation and potential

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

• The size of Italy's wealth management industry

• The largest private banks by assets under management

• Detailed wealth management and family office information

• Insights into the drivers of HNWI wealth

Key Highlights

• There were 263,338 HNWIs in Italy in 2014. These HNWIs held US$1.1 trillion in wealth, with wealth per HNWI reaching US$4,214,133.0 that year.

• Italian HNWI numbers rose by 1.7% in 2014, following an increase of 2.5% from 2012.

• Growth in HNWI wealth and volumes is expected to improve over the forecast period. The total number of Italian HNWIs is forecast to grow by 19.0%, to reach 318,689 in 2019. HNWI wealth will see a significant percentage increase, growing by 31.2% to reach US$1.5 trillion by 2019.

• Italian HNWIs held 38.2% (US$424.0 billion) of their wealth outside their home country at the end of 2014, significantly higher than the worldwide average of 20–30%.

Reasons to buy

• The Italy 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, created based on over 125,000 HNWIs from around the world in WealthInsight's database.

• With the wealth reports 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 it covers.

• 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, and 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 the HNWI populations in each major city.

Companies mentioned

UniCredit Private Banking

Intesa Sanpolo Private Banking

UBI Private Banking

Banca Aletti Private Banking

Banca Generali

Mediobanca Private Banking

Ersel Private Bank

Banca Intermobiliare di Investimenti

MPS Private Banking

Banca Leonardo Private Banking

Banca Euromobiliare

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 Italy’s Wealth in Context

3.4.1 Distribution of wealth in Italy

3.5 HNWI Volume and Wealth Trends

4 Findings from the WealthInsight HNWI Database

4.1 Trends in HNWI Wealth to 2019

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 millionaire 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 Italian 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 Investments trends 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 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 Italian 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 Italian Private Banking Industry

6.3 Wealth Management and the Private Banking Industry

6.4 Italian Wealth Management Industry – Clientele Model and Maturity

6.5 Behavioral Mapping of Wealth Management and Private Banking in Italy

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

7 Appendix

7.1 Additional Components of the Wealth Sector in Italy

7.1.1 Philanthropy

7.1.2 Demand for intergenerational wealth transfer

7.2 Regulations on Taxes

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 Italy (Thousand), 2014

Table 3: Italian HNWIs – Volume Distribution, 2014

Table 4: Italian HNWIs – Wealth Distribution Wealth Pyramid (%), 2014

Table 5: Italian HNWIs – Industry Performance, 2010–2014

Table 6: Italian HNWIs – Population of Cities (Thousand), 2014

Table 7: Italian HNWIs – Growth in Top Cities (Thousand), 2010–2014

Table 8: Italian HNWIs – Population Density in Major Cities (Thousand), 2014

Table 9: Italian HNWIs – Population in Top Cities (Thousand), 2010–2019

Table 10: Italian HNWIs – Growth Rates for Top Cities (%), 2010–2019

Table 11: Italian HNWIs – Population by State (Thousand), 2014

Table 12: Italian HNWIs – Population and State Growth Data (%), 2010–2014

Table 13: Italian HNWIs – Population Density by State (%), 2014

Table 14: Italian UHNWIs – Gender Performance, 2010–2014

Table 15: Italian UHNWIs – Source of Wealth (%), 2014

Table 16: Italian UHNWIs in Top Cities (Thousand), 2010–2019

Table 17: Italian UHNWIs Growth Rates for Top Cities (Thousand), 2010–2019

Table 18: Italian Billionaires – Market Overview (US$ Billions), 2010–2019

Table 19: Italian Top 10 Billionaires (US$ Billions), 2014

Table 20: Italian Billionaire Wealth Growth (US$), 2010−2014

Table 21: Italian Centimillionaires – Market Overview (US$), 2010–2019

Table 22: Italian Affluent Millionaires – Market Overview (US$), 2010–2019

Table 23: Italian Mid-Tier Millionaires – Market Overview (US$), 2010–2019

Table 24: Italian Lower-Tier Millionaires – Market Overview (US$), 2010–2019

Table 25: Italian Allocations of HNWI Assets (%), 2010–2019

Table 26: Italian HNWIs − Holdings Growth (%), 2010–2019

Table 27: Italian HNWIs – Alternative Asset Composition (%), 2010–2019

Table 28: Italian HNWIs – Trends of Investments in Alternative Assets (%), 2010–2019

Table 29: Italian Trends in ‘Art, Wine and Wheels’, 2010–2014

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

Table 31: Italian HNWIs – Percentage of Foreign Investment Allocations, 2010–2019

Table 32: Italian HNWIs – Liquidity Breakdown (US$ Billion), 2010–2019

Table 33: Italian HNWIs – Liquidity Breakdown (%), 2010–2019

Table 34: Italian UHNWIs – Allocations and Share of HNWI Assets, 2014

Table 35: Leading Domestic Private Banks in Italy by AuM (US$), 2014

Table 36: Leading Foreign Private Banks in Italy by AuM (US$), 2012

Table 37: Italian Wealth Managers, 2014

Table 38: Italian Family Offices, 2014

Table 39: Wealth Management Industry – Recent Deal Activity in Italy, 2014

Table 40: Italian Income Tax Bands (EUR), 2014

Table 41: CHF per US$ Exchange Rate (%), 2010–2019

Table 42: Italian Real GDP Growth (%), 2010–2019

Table 43: Italian GDP Per Capita (US$), 2010–2019

Table 44: Italian Domestic Market Capitalization (US$ Billion), 2010–2014

Table 45: Italian Commodity Indices, 2010–2019

Table 46: Italian Foreign Direct Investments (US$ Billion), 2007–2011

Table 47: Italian Inflation Rate (%), 2010–2019

Table 48: Italian Money Market Rate (%), 2010–2019

Table 49: Italian Balance of Payments (US$ Billion), 2010–2014

Table 50: Italian Government Debt as a Percentage of GDP (%), 2010–2019

Table 51: Italian Stock Market Performance, 2010–2014

Table 52: Italian HNWI Wealth vs GDP Ratio (%), 2010–2019

Table 53: Italy – Appendix One

Table 54: Italy – Appendix Two

List of Figures

Figure 1: HNWI Wealth Band Definitions

Figure 2: Map of Italy

Figure 3: Italy’s Asset Price Performance (US$), 2010–2014

Figure 4: Italian HNWI Performance (US$), 2010–2019

Figure 5: Italian vs Global HNWIs (US$), 2010−2014

Figure 6: Italian HNWIs – Growth Factor Correlation, 2010–2014

Figure 7: Italian HNWIs – Volume Distribution Wealth Pyramid, 2014

Figure 8: Italian HNWIs – Wealth Distribution Wealth Pyramid (%), 2014

Figure 9: Italian HNWIs – Age Distribution, 2014

Figure 10: Italian HNWIs – Job Titles, 2010–2014

Figure 11: Italian HNWIs – Distribution by Industry (%), 2014

Figure 12: Italian HNWIs – City Performance (Thousand), 2010–2014

Figure 13: Italian HNWIs – City Population Volumes (Thousand), 2010–2014

Figure 14: Italian HNWIs – City Forecasts (Thousand), 2015–2019

Figure 15: Italian HNWIs – City Population Volumes (Thousand), 2015–2019

Figure 16: Italian UHNWIs – Wealth Share vs. Volume Growth (%), 2010–2014

Figure 17: Italian UHNWIs – Volume by Wealth Band (Thousand), 2010–2019

Figure 18: Italian UHNWIs – Wealth by Wealth Band (US$ Billion), 2010–2019

Figure 19: Italian UHNWIs – Age Distribution (Percentage Share), 2014

Figure 20: Italian UHNWIs – Distribution by Industry, 2014

Figure 21: Italian Billionaires – Market Overview (US$), 2010–2019

Figure 22: Italian Centimillionaires – Market Overview (US$), 2010–2019

Figure 23: Italian Affluent Millionaires – Market Overview (US$), 2010–2019

Figure 24: Italian Mid-Tier Millionaires – Market Overview (US$), 2010–2019

Figure 25: Italian Lower-Tier Millionaires – Market Overview (US$), 2010–2019

Figure 26: Italian HNWIs – Asset Class Composition (%), 2010–2019

Figure 27: Italian HNWIs – Trends in Alternative Assets (US$ Billion), 2010–2019

Figure 28: Italian Trends in ‘Art, Wine and Wheels’, 2010–2014

Figure 29: Italian HNWIs – Foreign Investment Allocation and Growth (%), 2014

Figure 30: Italian HNWIs – Global Distribution of Foreign Investments (%), 2010–2019

Figure 31: Italian HNWIs – Liquidity Breakdown (%), 2010–2019

Figure 32: Italian UHNWIs – Asset Class Composition, 2010–2019

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

Figure 34: Italian Wealth Management Industry – Behavioral Mapping, 2014

Figure 35: Italian Wealth Management Industry – Five Forces Analysis

Figure 36: EUR to US$ Exchange Rate (%), 2010–2019

Figure 37: Italian Real GDP Growth (%), 2010–2019

Figure 38: Italian GDP Per Capita (US$), 2010–2019

Figure 39: Italian Domestic Market Capitalization (US$ Billion), 2010–2014

Figure 40: Italian Commodity Indices, 2010–2019

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

Figure 42: Italian Inflation Rate (%), 2010–2019

Figure 43: Italian Money Market Rate (%), 2010–2019

Figure 44: Italian Balance of Payments (US$ Billion), 2010–2014

Figure 45: Italian Government Debt as a Percentage of GDP (%), 2010–2019

Figure 46: Italian Stock Market Performance, 2010–2014

Figure 47: Italian HNWI Wealth vs GDP Ratio (%), 2010–2019

Figure 48: Italian HNWIs – Volume by Wealth Band, 2010–2019

Figure 49: Italian HNWIs – Wealth by Wealth Band (in US$ Billions), 2010–2019

Figure 50: Italian HNWIs – Wealth Per Capita (in US$ Millions), 2010–2019

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