Peru Wealth Report 2015

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, with 98.8% of Peruvian HNWIs being identified as such. Core HNWIs collectively accounted for 58% of Peruvian HNWI wealth in 2014, well below the global average of 70%.

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 generally hold large proportions of their wealth in cash and other low-risk products. Core HNWIs in Peru tend not to use private banks, presenting an opportunity for the wealth management sector. There were 23,263 core millionaires in Peru in 2014, with a combined wealth of US$71.1 billion and an average wealth of US$3.1 million.

Lower-tier millionaires tend to have most of their wealth tied up in cash, fixed-income products, local real estate and other less-risky assets – few use wealth managers. As older lower-tier millionaires prepare for retirement, they may present an opportunity for wealth sector professionals. Lower-tier millionaires accounted for 88.8% of the total number of HNWIs in 2014, and held 30.6% of HNWI wealth, making them the largest segment in terms of volume contribution.

The report defines wealth as the net value of assets, including both financial holdings and tangible assets. In order to provide the most comprehensive analysis of Peruvian HNWI wealth, analysis has calibrated 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. GlobalData has also analyzed liquid and investable assets to provide further insight into the Peruvian HNWI sector, and the opportunities it presents for wealth sector professionals.

Scope

• An independent market sizing of Peru’s HNWIs across five wealth bands

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

• HNWI volume, wealth and allocation forecasts to 2019

• Analysis of HNWI and UHNWI asset allocations in 13 asset classes

• A geographical breakdown of all foreign assets

• An alternative breakdown of liquid versus investable assets

• The UHNWI populations in major cities in Peru

• The 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 Peru

• The largest private banks in Peru measured by assets under management

• Detailed wealth management and family office information

• Insights into the drivers of HNWI wealth

Key Highlights

How many HNWIs were there in Peru in 2014? How much wealth in US$ billion was held by these HNWIs?

By what percentage did the volume of Peruvian HNWIs rise in 2014? What was the increase in this figure in the preceding year?

What is the forecast percentage growth in the number of Peruvian HNWIs? What is the projected total number of HNWIs in 2019? How much is HNWI wealth anticipated to grow in Peru by the same year? What will be their total wealth in US$ billion?

Reasons to buy

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

• Assess regulatory developments in the wealth management market – minimize your risks in relation to compliance costs

• Evaluate the competitive landscape – assess behavioral mapping of the Peruvian 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 Peru and deliver your strategy to clients based on the most current market information

• Gain an understanding of the competitive landscape of the Peruvian wealth management market to identify the key local and cultural variations that impact your competitive edge

Companies mentioned

Banco de Crédito del Perú; BBVA Continental; Scotiabank Peru; Banco International del Perú, Atlantic Security Bank, Deutsche Bank (Perú) SA, JP Morgan Peru, Compass Group Perú, and CB Richard Ellis Peru, Credicorp, Creuza Advisors, Beacon Capital, Gamnic, and Numa Asset Management

Table of Contents

1 Introduction

1.1 Details of this Report

1.2 Definitions

2 Executive Summary

3 Peru Key Facts

4 Distribution of Wealth in Peru

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 Peruvian 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 the 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 Peruvian UHNWI Investments

7 Competitive Landscape

7.1 Additional Components of the Wealth Sector in Peru

7.1.1 Domestic private banks

7.1.2 Foreign Private Banks

7.1.3 Wealth managers

7.1.4 Family offices

7.2 Key Drivers

7.2.1 PEN–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: Peruvian HNWIs – Volume Distribution (%), 2014

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

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

Table 5: Peruvian HNWIs – Cities, 2014

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

Table 7: Peruvian HNWIs – Population Density in Major Cities 2014

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

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

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

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

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

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

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

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

Table 16: Peruvian Billionaires – Wealth Growth (US$ Billion), 2010−2014

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

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

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

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

Table 21: Peruvian HNWIs – Assets Allocations (%), 2010–2019

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

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

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

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

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

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

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

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

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

Table 31: Peruvian Exchange Rate – PEN–US$ Exchange Rate, 2010–2019

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

Table 33: Peruvian GDP per Capita (US$), 2010–2019

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

Table 35: Peruvian Commodity Indices, 2010–2019

Table 36: Peruvian Foreign Direct Investment (US$ Billion), 2010–2019

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

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

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

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

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

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

Table 43: Peru – Appendix One

Table 44: Peru – Appendix Two

List of Figures

Figure 1: HNWI Wealth Band Definitions

Figure 2: Map of Peru

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

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

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

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

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

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

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

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

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

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

Figure 13: Peruvian HNWIs – Volume of HNWIs by City (Thousand), 2010 and 2014

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

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

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

Figure 17: Peruvian UHNWIs – Volume by Wealth Band 2010–2019

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

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

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

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

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

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

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

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

Figure 26: Peruvian HNWs – Asset Class Composition (%), 2010–2019

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

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

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

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

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

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

Figure 33: Peruvian Exchange Rate – PEN–US$, 2010–2019

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

Figure 35: Peruvian GDP per Capita (US$), 2010–2019

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

Figure 37: Peruvian Commodity Indices, 2010–2019

Figure 38: Peruvian Foreign Direct Investment (US$ Billion), 2010–2019

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

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

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

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

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

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

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

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

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

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