Italy Wealth Report 2016

This report reviews the performance and asset allocations of HNWIs and ultra-HNWIs in Italy.

It also includes an evaluation of the local wealth management market.

Scope

• Independent market sizing of Italian HNWIs in five wealth bands

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

• HNWI volume, wealth and allocation forecasts to 2020

• HNWI and UHNWI asset allocations across 13 asset classes

• Geographical breakdown of all foreign assets

• Alternative breakdown of liquid vs investable assets

• Details of the development, challenges and opportunities related to the wealth management and private banking sector in Italy

• The size of Italian wealth management industry

• Information on private banks

• Detailed wealth management and family office information

• Insights into the drivers of HNWI wealth

Key Highlights

• There were 257,379 HNWIs in Italy in 2015, who collectively held US$1.0 trillion in wealth.

• The Italian HNWI population decreased by 2.2% in 2015, following a 0.8% increase in 2014.

• The Italian HNWI population is forecast to grow by 11.2%, to reach 285,587 in 2020, while HNWI wealth is projected to grow by 18.3% to reach US$1.2 trillion.

Reasons to buy

• The Italy Wealth Report 2016 is an unparalleled resource, and the leading resource of its kind. Compiled and curated by a team of expert research specialists, the report comprises a wide variety of data, created based on over 125,000 HNWIs from around the world in WealthInsight's database.

• With the wealth reports as the foundation for its research and analysis, WealthInsight is able to obtain an unsurpassed level of granularity, insight and authority on the HNWI and wealth management universe in each of the countries and regions it covers.

• The report reviews the performance and asset allocations of HNWIs and ultra-HNWIs. The report also includes projections of the volume, wealth and asset allocations of HNWIs to 2020, and a comprehensive background of the local economy.

• The report provides an overview of the private banking and wealth management sector.

Companies mentioned

The Bank of Italy, Unicredit, Intesa Sanpaolo, Banca Generali, Union Bank of Switzerland, Deutsche Bank, Pictet, Grupo Banca Sella, Kairos Private Wealth Management, Gruppo Azimut, Giovanni Agnelli & C Sapaz, and Aletti Montano and Co.

Table of Contents

Table of Contents

1 Introduction

1.1 Details of this Report

1.2 Definitions

2 Executive Summary

3 Italy Key Facts

4 Distribution of Wealth in Italy

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 Italian 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 Trends of investment in equities

6.1.7 Trends of investments 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 Italian 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 EUR–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 Rates

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: Italian HNWIs – Volume Distribution (%), 2015

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

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

Table 5: Italian HNWIs – Cities, 2015

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Table 21: Italian HNWIs – Asset Allocations (%), 2011–2020

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

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

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

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

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

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

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

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

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

Table 31: Italian Exchange Rate – EUR–US$ Exchange Rate, 2011–2020

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

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

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

Table 35: Italian Commodity Indices, 2011–2020

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

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

Table 38: Italian Money Market Rates (%), 2011–2020

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

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

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

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

Table 43: Italy – Appendix One

Table 44: Italy – Appendix Two

List of Figures

Figure 1: HNWI Wealth Band Definitions

Figure 2: Map of Italy

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Figure 33: Italian Exchange Rate – EUR–US$, 2011–2020

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

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

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

Figure 37: Italian Commodity Indices, 2011–2020

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

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

Figure 40: Italian Money Market Rates (%), 2011–2020

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

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

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

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

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

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

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

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