Argentina Wealth Report 2016

Argentinean UHNWIs held 40.5% of the country’s HNWIs total wealth in 2015; the global average is 30%.

Core HNWIs – also called core millionaires – consist of two wealth bands: mid-tier millionaires and lower-tier millionaires. Core millionaires are the base of the wealth pyramid, with 98.1% of Argentinean HNWIs identified as such.

Core HNWIs collectively accounted for 98.6% of Argentinean HNWI wealth in 2015, above the global average of 70%. WealthInsight 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 Argentina tend not to use private banks, presenting an opportunity for the wealth management sector.

Scope

• Analysis of HNWI volume, wealth and allocation trends from 2011 to 2015

• HNWI volume, wealth and allocation forecasts to 2020

• 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 HNWIs in major Argentinean cities

• An overview of the size of Argentina's wealth management industry

• Insights into the key drivers of HNWI wealth in Argentina

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

Key Highlights

How many HNWIs are there in Argentina? How much wealth in US$ billion do they hold between them?

By what percentage did the volume of Argentinean HNWIs decrease in 2015? How does this compare to the decrease in 2014?

What is the percentage growth forecast for HNWIs? What is the projected total of Argentinean HNWIs by 2020? By what percentage is their wealth forecast to grow? What is the anticipated total in US$ billion?

Reasons to buy

• Analyze the asset allocations of HNWIs and ultra-HNWIs, including projections of their volume, wealth and asset allocations to 2020. Identify those segments predicted to grow substantially over the forecast period and develop your value proposition to maximize your commercial gain

• Investigate an analysis of the private banking and wealth management sectors in Argentina and ensure your business decisions are based on the most current market information

• Evaluate HNWI volumes in each major Argentinean city and convert more prospects in a targeted and efficient manner

• Assess the competitive wealth landscape of Argentina and better position yourself to identify growth opportunities that will deliver you the best return on your investment whilst minimising business risk

Companies mentioned

Galicia Banca Privada

Banco Macro

BBVA Branco Frances

Industrial and Commercial Bank of China (ICBC)

Prudential Seguros

Itaú Asset Management

Chartered family office SA and AB Global

Table of Contents

Table of Contents

1 Introduction

1.1 Details of this Report

1.2 Definitions

2 Executive Summary

3 Argentina Key Facts

4 Distribution of Wealth in Argentina

4.1 HNWI Volume and Wealth Trends

5 Findings from the WealthInsight HNWI Database

5.1 Trends in HNWI Wealth to 2020

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 Argentinian 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 Argentinian 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 ARS–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: Argentinian HNWIs – Volume Distribution (%), 2015

Table 3: Argentinian HNWIs – Wealth Distribution Wealth Pyramid (%), 2015

Table 4: Argentinian HNWIs – Industry Performance (%), 2011–2015

Table 5: Argentinian HNWIs – Cities, 2015

Table 6: Argentinian HNWIs – Growth in Top Cities (Thousand), 2011–2015

Table 7: Argentinian HNWIs – Population Density in Major Cities 2015

Table 8: Argentinian HNWIs – Populations in Top Cities (Thousand), 2011–2020

Table 9: Argentinian HNWIs – Growth Rates for Top Cities (%), 2011–2020

Table 10: Argentinian HNWIs – Sources of Wealth (%), 2015

Table 11: Argentinian UHNWIs – Gender Performance (%), 2011–2015

Table 12: Argentinian UHNWIs – Populations in Top Cities, 2011–2020

Table 13: Argentinian UHNWIs – Growth Rates for Top Cities (%), 2011–2020

Table 14: Argentinian Billionaires – Market Overview (Volume and US$ Billions) 2011–2020

Table 15: Argentinian Top Billionaires (US$ Billion), 2015

Table 16: Argentinian Billionaires – Wealth Growth (US$ Billion), 2011−2015

Table 17: Argentinian Centimillionaires – Market Overview (Volume and US$ Million/Billion), 2011–2020

Table 18: Argentinian Affluent Millionaires – Market Overview (Volume and US$ Million/Billion), 2011–2020

Table 19: Argentinian Mid-Tier Millionaires – Market Overview (Volume and US$ Million/Billion), 2011–2020

Table 20: Argentinian Lower-Tier Millionaires – Market Overview (Volume and US$ Million/Billion), 2011–2020

Table 21: Argentinian HNWIs – Assets Allocations (%), 2011–2020

Table 22: Argentinian HNWIs – Holdings Growth (%), 2011–2020

Table 23: Argentinian HNWIs – Alternative Asset Composition (%), 2011–2020

Table 24: Argentinian HNWIs – Trends of Investments in Alternative Assets (%), 2011–2020

Table 25: Argentinian Trends in ‘Art, Wine and Wheels’, 2011–2015

Table 26: Global Prime Real Estate Prices per m2 (US$), 2015

Table 27: Argentinian HNWIs – Foreign Investment Allocations (%), 2011–2020

Table 28: Argentinian HNWIs – Liquidity Breakdown (US$ Billion), 2011–2020

Table 29: Argentinian HNWIs – Liquidity Breakdown (%), 2011–2020

Table 30: Argentinian UHNWIs – Allocations and Share of HNWI Assets (%), 2015

Table 31: Argentinian Exchange Rate – ARS–US$Exchange Rate, 2011–2020

Table 32: Argentinian Real GDP Growth (%), 2011–2020

Table 33: Argentinian GDP per Capita (US$), 2011–2020

Table 34: Argentinian Domestic Market Capitalization (US$ Billion), 2011–2015

Table 35: Argentinian Commodity Indices, 2011–2020

Table 36: Argentinian Foreign Direct Investment (US$ Billion), 2011–2020

Table 37: Argentinian Inflation Rate (%), 2011–2020

Table 38: Argentinian Money Market Rate (%), 2011–2020

Table 39: Argentinian Balance of Payments (US$ Billion), 2011–2015

Table 40: Argentinian Government Debt as a Percentage of GDP (%), 2011–2020

Table 41: Argentinian Stock Market Performance (Index), 2011–2015

Table 42: Argentinian HNWI Wealth vs GDP Ratio (%), 2011–2020

Table 43: Argentina – Appendix One

Table 44: Argentina – Appendix Two

List of Figures

Figure 1: HNWI Wealth Band Definitions

Figure 2: Map of Argentina

Figure 3: Argentinian Asset Price Performance (%), 2011–2015

Figure 4: Argentinian HNWI Performance (US$ Billion and HNWI Volume), 2011–2020

Figure 5: Argentinian vs Global HNWIs (%), 2011–2015

Figure 6: Argentinian HNWIs – Growth Factor Correlation, 2011–2015

Figure 7: Argentinian HNWIs – Wealth Pyramid (Volume Distribution), 2015

Figure 8: Argentinian HNWIs – Wealth Pyramid (Wealth Distribution), 2015

Figure 9: Argentinian HNWIs – Age Distribution (%), 2015

Figure 10: Argentinian HNWIs – Job Titles (%), 2011–2015

Figure 11: Argentinian HNWIs – Distribution by Industry (%), 2015

Figure 12: Argentinian HNWIs – City Performance (%), 2011–2015

Figure 13: Argentinian HNWIs – Volume of HNWIs by City (Thousand), 2011–2015

Figure 14: Argentinian HNWIs – City Forecasts (%), 2016–2020

Figure 15: Argentinian HNWIs – Population by City (Thousand), 2016–2020

Figure 16: Argentinian UHNWIs – Wealth Share vs Volume Growth (%), 2011–2015

Figure 17: Argentinian UHNWIs – Volume by Wealth Band 2011–2020

Figure 18: Argentinian UHNWIs – Wealth by Wealth Band (US$ Billion), 2011–2020

Figure 19: Argentinian UHNWIs – Age Distribution (Percentage Share), 2015

Figure 20: Argentinian UHNWIs – Distribution by Industry (%), 2015

Figure 21: Argentinian Billionaires – Market Overview (Volume and US$ Billion), 2011–2020

Figure 22: Argentinian Centimillionaires – Market Overview (Volume and US$ Million/Billion), 2011–2020

Figure 23: Argentinian Affluent Millionaires – Market Overview (Volume and US$ Million/Billion), 2011–2020

Figure 24: Argentinian Mid-Tier Millionaires – Market Overview (Volume and US$ Million/Billion), 2011–2020

Figure 25: Argentinian Lower-Tier Millionaires – Market Overview (Volume and US$ Million/Billion), 2011–2020

Figure 26: Argentinian HNWs – Asset Class Composition (%), 2011–2020

Figure 27: Argentinian HNWIs – Trends in Alternative Assets (US$ Billion), 2011–2020

Figure 28: Argentinian Trends in ‘Art, Wine and Wheels’, 2011–2015

Figure 29: Argentinian HNWIs – Foreign Investment Allocation and Growth (%), 2015

Figure 30: Argentinian HNWIs – Global Distribution of Foreign Investments (%), 2011–2020

Figure 31: Argentinian HNWIs – Liquidity Breakdown (%), 2011–2020

Figure 32: Argentinian UHNWIs – Asset Class Composition (%), 2011–2020

Figure 33: Argentinian Exchange Rate – ILS–US$, 2011–2020

Figure 34: Argentinian Real GDP Growth (%), 2011–2020

Figure 35: Argentinian GDP per Capita (US$), 2011–2020

Figure 36: Argentinian Domestic Market Capitalization (US$ Billion), 2011–2015

Figure 37: Argentinian Commodity Indices, 2011–2020

Figure 38: Argentinian Foreign Direct Investment (US$ Billion), 2011–2020

Figure 39: Argentinian Inflation Rate (%), 2011–2020

Figure 40: Argentinian Money Market Rate (%), 2011–2020

Figure 41: Argentinian Balance of Payments (US$ Billion), 2011–2015

Figure 42: Argentinian Government Debt as a Percentage of GDP (%), 2011–2020

Figure 43: Argentinian Stock Market Performance (Index), 2011–2015

Figure 44: Argentinian HNWI Wealth vs GDP Ratio (%), 2011–2020

Figure 45: Argentinian HNWIs – Volume by Wealth Band, 2011–2020

Figure 46: Argentinian HNWIs – Wealth by Wealth Band (US$ Billion), 2011–2020

Figure 47: Argentinian HNWIs – Wealth per Capita (US$ Million), 2011–2020

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