Thailand Wealth Report 2015

During the last decade, the Thai economy has been driven by a strong growth in the financial services, manufacturing, and technology and telecommunications sectors. Wealth is increasing rapidly, and many local and foreign banks are ready to take advantage of the wealth created.

Local private banks are partnering with foreign institutions to provide wealth management services to HNWIs. The majority of investments by HNWIs include tangible and basic investment products such as bank deposits; private banks are making efforts to create awareness around the various investment instruments available offering higher returns for HNWIs .

UHNWIs accounted for 0.9% of Thailand’s total HNWI population in 2014. The number of UHNWIs in Thailand rose by 25.3% during the review period, from 431 in 2010 to 540 in 2014. A range of performance was recorded between the different UHNWI wealth bands. The number of centimillionaires rose by 25.3% during the review period, while affluent millionaires increased by 24.5%.

Scope

• An independent market sizing of Thai 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

• Details of how wealth management has developed, in addition to analysis of domestic and foreign private banks in Thailand

• Information on the largest private banks in Thailand

• Detailed wealth management and family office information

• Insights into the drivers of HNWI wealth in the Thai wealth market

• The number of HNWIs in major Thai cities

Key Highlights

How many HNWIs are there in Thailand? How much wealth do they hold in US$ billion?

By what percentage did the Thai HNWI population grow in 2014? How does this compare to the increase in the previous year?

How is the Thai HNWI population forecast to grow by 2019? By what percentage is HNWI wealth projected to grow by 2019? What will be the total of wealth in US$ billion that this represents?

Reasons to buy

• Investigate a comprehensive analysis of the private banking and wealth management sector in Thailand and deliver your value proposition to clients based on the most current market information

• Evaluate HNWI volumes in each major Thai city to better target your wealth prospects whilst ensuring your operations are cost-effective

• Analyze the asset allocations of HNWIs and ultra-HNWIs, including projections of their volume, wealth and asset allocations to 2019. Identify those segments predicted to grow substantially over the forecast period and develop your product propositions to maximize returns on investment

Companies mentioned

Bangkok Bank Public Co., Kasikorn Bank Public Co. Ltd, Siam Commercial Bank Public. Co. Ltd, Ayudhya Public Company Ltd (Krungsri), Standard Chartered Bank (Thai), Asia Plus Securities, Kiatnakin Phatra Private Wealth Management, Trinity Watthana PCL, TISCO Group Wealth Management, Finansa Wealth Management, and Forbears Freedom Wealth Management.

Table of Contents

Table of Contents

1 Introduction

1.1 Details of this Report

1.2 Definitions

2 Executive Summary

3 Thailand Key Facts

4 Distribution of Wealth in Thailand

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 Thai 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 Thai UHNWI Investments

7 Competitive Landscape

7.1 Domestic private banks

7.2 Foreign Private Banks

7.3 Wealth managers

7.4 Family offices

8 Key Drivers

8.1 THB–US$ exchange rate

8.2 Real GDP growth

8.3 Per capita GDP

8.4 Domestic market capitalization

8.5 Commodity index

8.6 Foreign direct investment (FDI) – inflows and outflows

8.7 Inflation rate

8.8 Interest rate

8.9 Balance of payments

8.10 Government debt

8.11 Stock market performance

8.12 Wealth Breakdowns

9 About WealthInsight

List of Tables

Table 1: HNWI Wealth Band and Group Definitions

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

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

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

Table 5: Thai HNWIs – Cities, 2014

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Table 31: Thai Exchange Rate – THB–US$ Exchange Rate, 2010–2019

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

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

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

Table 35: Thai Commodity Indices, 2010–2019

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

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

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

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

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

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

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

Table 43: Thailand – Appendix One

Table 44: Thailand – Appendix Two

List of Figures

Figure 1: HNWI Wealth Band Definitions

Figure 2: Map of Thailand

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Figure 33: Thai Exchange Rate – THB–US$, 2010–2019

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

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

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

Figure 37: Thai Commodity Indices, 2010–2019

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

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

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

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

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

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

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

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

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

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

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