Japan Wealth Report 2015

WealthInsight’s Japan model has been constructed using underlying data from the WealthInsight HNWI Database – the market-leading database of its kind. Compiled and curated by a team of expert research specialists, the database is an insightful resource of information on HNWIs and UHNWIs from around the world. With the HNWI Database as the foundation for its research and analysis, WealthInsight is able to obtain an incisive level of granularity, insight and authority on the HNWI segment in Japan. WealthInsight defines wealth as the net value of assets, including both financial holdings and tangible assets.

To provide the most comprehensive analysis of Japanese HNWI wealth, WealthInsight calibrates the total wealth held by HNWIs across six major asset classes: alternatives, real estate (excluding primary residences), cash and deposits, fixed-income, equity and business interests. WealthInsight also analyses liquid and investable assets to provide further insight into the Japanese HNWI sector and the opportunities it presents for wealth sector professionals.

Core HNWIs – also called core millionaires – consist of two wealth bands: mid-tier millionaires and lower-tier millionaires. As their name implies, core millionaires are the base of the wealth pyramid. Core HNWIs collectively accounted for a substantial proportion of Japanese HNWI wealth in 2014. Analysis found that core HNWIs are typically younger than their wealthier peers, and are more likely to have earned their wealth through a salaried position. Core HNWIs also generally hold large proportions of their wealth in cash and other low-risk products.

Scope

•An independent market sizing of Japanese HNWIs across five wealth bands.

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

•HNWI volume, wealth and allocation forecasts to 2019.

•An examination 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.

•Data on the number of UHNWIs in major Japanese cities.

•Data on the number of wealth managers in each Japanese city.

•GlobalData’s city ratings of wealth management saturation and potential.

•Insight on the development, challenges and opportunities for participants in the wealth management and private banking sector in Japan.

•An overview of the size of Japan's wealth management industry.

•The largest private banks by assets under management.

•Detailed wealth management and family office information.

•Insights into the key drivers of HNWI wealth in Japan.

Key Highlights

How many HNWIs are there in Japan? How much wealth in US$ trillion is held in total by Japanese HNWIs?

By what percentage did the Japanese HNWI population rise in 2014? How does this compare with the increase in 2013?

What is the forecast growth in HNWI numbers in the report? What is the total number forecast to be by 2019?

What is the projected rise in HNWI wealth projected by 2019? How many US$ trillion does this represent in total?

Reasons to buy

•Utilize city-wise ratings of wealth management saturation and potential – target prospects precisely and ensure the cost efficiency of your sales and marketing operations.

•Assess regulatory developments in the wealth management market – align your operations and minimize your risks in relation to any increasing burden of compliance costs.

•Evaluate the competitive landscape – assess behavioral mapping of the Japanese wealth management industry, enabling you to identify overlap and growth opportunities that will deliver you the best return whilst minimizing your associated risk.

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

•Gain an understanding of the competitive landscape of the Japanese wealth management market to identify the key local and cultural variations that might potentially have negative repercussions on your competitive edge.

Companies mentioned

Sumitomo Mitsui Trust Group

Mitsubishi UFJ Financial Group

Nomura Wealth Management

Mizuho Financial Group

Resona Holdings

Bank of Yokohama.

Shinsei Bank, Ltd

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 Japan

4.1 HNWI Population 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 population 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 Japanese 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 Japanese UHNWI Investments

7 Competitive Landscape

7.1 Additional Components of the Wealth Sector in Japan

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 JPY 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 investment (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: Japanese HNWIs – Population Distribution (%), 2014

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

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

Table 5: Japanese HNWIs – Cities, 2014

Table 6: Japanese HNWIs – Growth in Top Cities (Thousand), 2010–2014

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

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

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

Table 10: Japanese HNWIs – Sources of Wealth (%), 2014

Table 11: Japanese UHNWIs – Gender Performance (%), 2010–2014

Table 12: Japanese UHNWIs – Populations in Top Cities, 2010–2019

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

Table 14: Japanese Billionaires – Market Overview (Volume and US$ Billions) 2010–2019

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

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

Table 17: Japanese Centimillionaires – Market Overview (Volume), 2010–2019

Table 18: Japanese Affluent Millionaires – Market Overview (Volume), 2010–2019

Table 19: Japanese Mid-Tier Millionaires – Market Overview (Volume), 2010–2019

Table 20: Japanese Lower-Tier Millionaires – Market Overview (Volume), 2010–2019

Table 21: Japanese HNWIs – Asset Allocations (%), 2010–2019

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

Table 23: Japanese HNWIs – Alternative Asset Composition (%), 2010–2019

Table 24: Japanese HNWIs – Investments in Alternative Assets (%), 2010–2019

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

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

Table 27: Japanese HNWIs – Foreign Investment Allocations (%), 2010–2019

Table 28: Japanese HNWIs – Liquidity Breakdown (US$ Billion), 2010–2019

Table 29: Japanese HNWIs – Liquidity Breakdown (%), 2010–2019

Table 30: Japanese UHNWIs – Allocations and Share of HNWI Assets (%), 2014

Table 31: JPY to US$ Exchange Rate, 2010–2019

Table 32: Japanese Real GDP Growth (%), 2010–2019

Table 33: Japanese GDP Per Capita (US$), 2010–2019

Table 34: Japanese Domestic Market Capitalization (US$ Billion), 2010–2014

Table 35: Japanese Commodity Indices, 2010–2019

Table 36: Japanese Foreign Direct Investments (US$ Billion), 2010–2019

Table 37: Japanese Inflation Rate (%), 2010–2019

Table 38: Japanese Money Market Rate (%), 2010–2019

Table 39: Japanese Balance of Payments (US$ Billion), 2010–2014

Table 40: Japanese Government Debt as a Percentage of GDP (%), 2010–2019

Table 41: Japanese Stock Market Performance (Index), 2010–2014

Table 42: Japanese HNWI Wealth vs. GDP Ratio (%), 2010–2019

Table 43: Japan– Appendix One

Table 44: Japan – Appendix Two

List of Figures

Figure 1: HNWI Wealth Band Definitions

Figure 2: Map of Japan

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

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

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

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

Figure 7: Japanese HNWIs – Wealth Pyramid (Population Distribution), 2014

Figure 8: Japanese HNWIs – Wealth Pyramid (Population Distribution), 2014

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

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

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

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

Figure 13: Japanese HNWIs – Populations by City (Thousand), 2010 and 2014

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

Figure 15: Japanese HNWIs – Population by City (Thousand), 2015–2019

Figure 16: Japanese UHNWIs – Wealth Share vs Population Growth (%), 2010–2014

Figure 17: Japanese UHNWIs – Population by Wealth Band (Thousand), 2010–2019

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

Figure 19: Japanese UHNWIs – Age Distribution (%), 2014

Figure 20: Japanese UHNWIs – Distribution by Industry (%), 2014

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

Figure 22: Japanese Centimillionaires – Market Overview (Volume), 2010–2019

Figure 23: Japanese Affluent Millionaires – Market Overview (Volume), 2010–2019

Figure 24: Japanese Mid-Tier Millionaires – Market Overview (Volume), 2010–2019

Figure 25: Japanese Lower-Tier Millionaires – Market Overview (Volume), 2010–2019

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

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

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

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

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

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

Figure 32: Japanese UHNWIs – Asset Class Composition (%), 2010–2019

Figure 33: Japanese Exchange Rate – JPY to US$, 2010–2019

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

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

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

Figure 37: Japanese Commodity Indices, 2010–2019

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

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

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

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

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

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

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

Figure 45: Japanese HNWIs – Population by Wealth Band, 2010–2019

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

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

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