Russia Wealth Report 2015

This report is the result of WealthInsight’s extensive research into the high net worth individual (HNWI) population and wealth management industry in Russia. Wealth reports are the foundation of GlobalData’s research and analysis.

As a result, GlobalData is able to obtain an unsurpassed level of granularity, insight and authority on the HNWI and wealth management sector in each of the countries and regions covered.

The report focuses on HNWI performance between the end of 2010 and the end of 2014. This gives a clear understanding of how well the country’s HNWIs have performed following the global financial crisis. The forecast period for the report is 2015–2019.

The wealth management and private banking sectors in Russia comprise the following types of service provider: wealth managers, private banks, joint ventures, independent financial advisors and family offices.

Scope

• An independent market sizing of Russian HNWIs across five wealth bands

• Analysis of HNWI volume, wealth and allocation trends from 2010 to 2014

• An analysis of HNWI volume, wealth and allocation forecasts to 2019

• A breakdown of HNWI and UHNWI asset allocations across 13 asset classes.

• A geographical breakdown of all foreign assets

• An alternative breakdown of liquid versus investable assets

• The number of UHNWIs in major Russian cities

• Data on the number of wealth managers in each Russian city

• Details of how wealth management has developed, in addition to analysis of the challenges and opportunities available in the wealth management and private banking sector in Russia

• Detail on the size of Russia's wealth management industry

• The largest private banks measured by assets under management

• Detailed wealth management and family office information

• Insights into the drivers of HNWI wealth in Russia

Key Highlights

What is the total number of HNWIs in Russia? What is the total wealth held by these HNWIs in US$ trillion?

By what percentage did the volume of Russian HNWIs rise in 2014? How does this compare with the previous year’s figures?

How substantial is the growth in HNWI wealth and total numbers expected to be in the report’s forecast period to 2019?

What is the total of wealth which Russian HNWIs hold outside of their home country in US$ billion? How does this compare to the worldwide average?

Reasons to buy

• Make a comprehensive analysis of the private banking and wealth management sector in Russia and deliver strategy to clients based on the most current market information.

• Evaluate HNWI volumes in each major Russian city to target wealth prospects precisely, and ensure cost-efficiency in strategy.

•Assess regulatory developments in the Russian wealth management market, and realign strategy to minimize risk in relation to any financial burden from compliance.

•Analyze the asset allocations of HNWIs and ultra-HNWIs, including projections of volume, wealth and asset allocations to 2019. Identify segments predicted to grow substantially over the forecast period, and develop product propositions to achieve competitive advantage.

Companies mentioned

VTB 24

Otkritie FC Private Banking

Bank Saint Petersburg

URALSIB

Promsvyazbank Private Banking

Sberbank of Russia

Gazprombank

Alfa Bank

Bank of Moscow

Bank Zenit

AKB Finansovo-Promyshlennyi Bank OAO

Alfa Group Consortium (Wealth Management)

ATON Wealth Management

Table of Contents

1 Introduction

1.1 Details of this Report

1.2 Definitions

2 Executive Summary

3 Wealth Sector Fundamentals

4 Distribution of Wealth in Russia

4.1 HNWI Volume and Wealth Trends

5 Findings from the WealthInsight HNWI Database

5.1 Trends in HNWI Wealth to 2019

5.1.1 HNWI trend analysis

5.1.2 Wealth band trends

5.1.3 Demographic breakdown of HNWIs

5.1.4 HNWIs – job titles

5.1.5 HNWIs – industry breakdown

5.1.6 HNWIs – industry performance

5.1.7 HNWIs – breakdown by city

5.1.8 HNWIs – city performance

5.1.9 HNWIs – city population densities

5.1.10 HNWIs – city forecasts

5.2 UHNWIs

5.2.1 UHNWI volume trend analysis

5.2.2 UHNWI wealth trend analysis

5.2.3 Demographic breakdown of UHNWIs

5.2.4 UHNWIs – industry breakdown

5.2.5 UHNWIs – city breakdown and performance

5.3 UHNWIs – Billionaires

5.3.1 Billionaire volume trend analysis

5.3.2 Billionaire wealth trend analysis

5.3.3 Billionaire per capita net worth trend analysis

5.3.4 List of billionaires

5.4 UHNWIs – Centimillionaires

5.4.1 Centimillionaire volume trend analysis

5.4.2 Centimillionaire wealth trend analysis

5.4.3 Centimillionaire per capita net worth trend analysis

5.5 UHNWIs – Affluent Millionaires

5.5.1 Affluent millionaire volume trend analysis

5.5.2 Affluent millionaire wealth trend analysis

5.5.3 Affluent millionaire per capita net worth trend analysis

5.6 Core HNWIs

5.6.1 Core HNWI volume trend analysis

5.7 Core HNWIs – Mid-Tier Millionaires

5.7.1 Mid-tier millionaire volume trend analysis

5.7.2 Mid-tier millionaire wealth trend analysis

5.7.3 Mid-tier millionaire per capita net worth trend analysis

5.8 Core HNWIs – Lower-Tier Millionaires

5.8.1 Lower-tier millionaire volume trend analysis

5.8.2 Lower-tier millionaire wealth trend analysis

5.8.3 Lower-tier millionaire per capita net worth trend analysis

6 Analysis of Russian HNWI Investments

6.1 Analysis by Asset Class

6.1.1 Trends in alternative assets

6.1.2 Trends in ‘art, wine and wheels’

6.1.3 Trends of investment in real estate

6.1.4 Trends of investment in cash and deposits

6.1.5 Trends of investment in fixed-income

6.1.6 Investment trends in equity

6.1.7 Investments trends in business interests

6.2 Analysis of Foreign Investments

6.2.1 Investments in Europe

6.2.2 Investments in North America (including the US, Mexico and the Caribbean)

6.2.3 Investments in Asia-Pacific

6.2.4 Investments in South America

6.2.5 Investments in the Middle East

6.2.6 Investments in Africa

6.3 Alternative Breakdown: Liquid vs. Investable Assets

6.4 Analysis of Russian UHNWI Investments

7 Competitive Landscape

7.1.1 Domestic private banks

7.1.2 Foreign Private Banks

7.1.3 Wealth managers

7.1.4 Family offices

7.1.5 Financial advisors

7.2 Key Drivers

7.2.1 RUB to US$ exchange rate

7.2.2 Real GDP growth

7.2.3 Per capita GDP

7.2.4 Domestic market capitalization

7.2.5 Commodity index

7.2.6 Foreign direct investments (FDI) – inflows and outflows

7.2.7 Inflation rate

7.2.8 Interest rate

7.2.9 Balance of payments

7.2.10 Government debt

7.2.11 Stock market performance

7.3 Wealth Breakdowns

8 About WealthInsight

List of Tables

Table 1: HNWI Wealth Band and Group Definitions

Table 2: Russian HNWIs – Volume Distribution (%), 2014

Table 3: Russian HNWIs – Wealth Distribution Wealth Pyramid (%), 2014

Table 4: Russian HNWIs – Industry Performance (%), 2010–2014

Table 5: Russian HNWIs – Cities, 2014

Table 6: Russian HNWI Growth in Top Cities (Thousand), 2010–2014

Table 7: Russian HNWIs Population Density in Major Cities (Thousand), 2014

Table 8: Russian HNWIs in Top Cities (Thousand), 2010–2019

Table 9: Russian HNWIs – Growth Rates for Top Cities (%), 2010–2019

Table 10: Russian HNWI Source of Wealth (%), 2014

Table 11: Russian UHNWI Gender Performance (%), 2010–2014

Table 12: Russian Volume of UHNWI in Top Cities, 2010–2019

Table 13: Russian UHNWIs Growth Rates for Top Cities (%), 2010–2019

Table 14: Russian Billionaires Market Overview (Volume and US$ Billion) 2010–2019

Table 15: Russian Top-10 Billionaires (US$ Billion), 2014

Table 16: Russian Billionaire Wealth Growth (US$ Billion), 2010−2014

Table 17: Russian Centimillionaires Market Overview (Volume and US$ Million/Billion), 2010–2019

Table 18: Russian Affluent Millionaires Market Overview (Volume and US$ Million/Billion), 2010–2019

Table 19: Russian Mid-Tier Millionaires Market Overview (Volume and US$ Million/Billion), 2010–2019

Table 20: Russian Lower-Tier Millionaires Market Overview (Volume and US$ Million/Billion), 2010–2019

Table 21: Russian Allocations of HNWI Assets (%), 2010–2019

Table 22: Russian HNWIs − Holdings Growth (%), 2010–2019

Table 23: Russian HNWI Alternative Asset Composition (%), 2010–2019

Table 24: Russian HNWI Trends of Investments in Alternative Assets (%), 2010–2019

Table 25: Russian Trends in ‘Art, Wine and Wheels’, 2010–2014

Table 26: Global Prime Real Estate Prices per m2 (US$), 2014

Table 27: Russian HNWI Foreign Investment Allocations (%), 2010–2019

Table 28: Russian HNWI Liquidity Breakdown (US$ Billion), 2010–2019

Table 29: Russian HNWI Liquidity Breakdown (%), 2010–2019

Table 30: Russian UHNWI Allocations and Share of HNWI Assets (%), 2014

Table 31: Leading Domestic Private Banks in Russia by local AuM (US$ Million) , 2014

Table 32: Leading Foreign Private Banks in Russia by local Aum (US$ Million), 2014

Table 33: Leading Wealth Managers in Russia by AuM (US $m), 2014

Table 34: RUB to US$ Exchange Rate, 2010–2019

Table 35: Russian Real GDP Growth (%), 2010–2019

Table 36: Russian GDP Per Capita (US$), 2010–2019

Table 37: Russian Domestic Market Capitalization (US$ Billion), 2010–2014

Table 38: Russian Commodity Indices, 2010–2019

Table 39: Russian Foreign Direct Investments (US$ Billion), 2010–2019

Table 40: Russian Inflation Rate (%), 2010–2019

Table 41: Russian Money Market Rate (%), 2010–2019

Table 42: Russian Balance of Payments (US$ Billion), 2010–2014

Table 43: Russian Government Debt as a Percentage of GDP (%), 2010–2019

Table 44: Russian Stock Market Performance (Index), 2010–2014

Table 45: Russian HNWI Wealth vs. GDP Ratio (%), 2010–2019

Table 46: Russia– Appendix One

Table 47: Russia – Appendix Two

Figure 47: Russian HNWIs – Wealth per Capita (US$ Million), 2010–2019

List of Figures

Figure 1: HNWI Wealth Band Definitions

Figure 2: Map of Russia

Figure 3: Russian Asset Price Performance (%), 2010–2014

Figure 4: Russian HNWI Performance (US$ Billion and HNWI Volume), 2010–2019

Figure 5: Russian vs Global HNWIs (%), 2010–2019

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

Figure 7: Russian HNWIs – Wealth Pyramid (Volume Distribution), 2014

Figure 8: Russian HNWIs – Wealth Pyramid (Volume Distribution), 2014

Figure 9: Russian HNWIs – Age Distribution (%), 2014

Figure 10: Russian HNWIs – Job Titles (%), 2010–2014

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

Figure 12: Russian HNWIs – City Performance (%), 2010–2014

Figure 13: Russian HNWIs – Volume of HNWIs by city (Thousand), 2010 and 2014

Figure 14: Russian HNWIs – City Forecasts (%), 2015–2019

Figure 15: Russian Volume of HNWIs by City (Thousand), 2015–2019

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

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

Figure 18: Russian UHNWI Wealth by Wealth Band (US$ Billion), 2010–2019

Figure 19: Russian UHNWI Age Distribution (Percentage Share), 2014

Figure 20: Russian UHNWI Distribution by Industry (%), 2014

Figure 21: Russian Billionaires Market Overview (Volume and US$ Billion), 2010–2019

Figure 22: Russian Centimillionaires Market Overview (Volume and US$ Million/Billion), 2010–2019

Figure 23: Russian Affluent Millionaires Market Overview (Volume and US$ Million/Billion), 2010–2019

Figure 24: Russian Mid-Tier Millionaires Market Overview (Volume and US$ Million/Billion), 2010–2019

Figure 25: Russian Lower-Tier Millionaires Market Overview (Volume and US$ Million/Billion), 2010–2019

Figure 26: Russian HNWI Asset Class Composition (%), 2010–2019

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

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

Figure 29: Russian HNWI Foreign Investment Allocation and Growth (%), 2014

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

Figure 31: Russian HNWI Liquidity Breakdown (%), 2010–2019

Figure 32: Russian UHNWI Asset Class Composition (%), 2010–2019

Figure 33: Russian Exchange Rate – RUB to US$, 2010–2019

Figure 34: Russian Real GDP Growth (%), 2010–2019

Figure 35: Russian GDP Per Capita (US$), 2010–2019

Figure 36: Russian Domestic Market Capitalization (US$ Billion), 2010–2014

Figure 37: Russian Commodity Indices, 2010–2019

Figure 38: Russian Foreign Direct Investments (US$ Billion), 2010–2019

Figure 39: Russian Inflation Rate (%), 2010–2019

Figure 40: Russian Money Market Rate (%), 2010–2019

Figure 41: Russian Balance of Payments (US$ Billion), 2010–2014

Figure 42: Russian Government Debt as a Percentage of GDP (%), 2010–2019

Figure 43: Russian Stock Market Performance (Index), 2010–2014

Figure 44: Russian HNWI Wealth vs. GDP Ratio (%), 2010–2019

Figure 45: Russian HNWIs – Volume by Wealth Band, 2010–2019

Figure 46: Russian HNWIs – Wealth by Wealth Band (US$ Billion), 2010–2019

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