Spain Wealth Report 2015


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117pages

WealthInsight

$ 4995

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Synopsis

This report is the result of WealthInsight’s extensive research covering the high net worth individual (HNWI) population and wealth management market in Spain.

Executive summary

This report reviews the performance and asset allocations of HNWIs and ultra-HNWIs in Spain. It also includes an evaluation of the local wealth management market.

Scope

  • Independent market sizing of Spain's HNWIs across five wealth bands
  • HNWI volume, wealth and allocation trends from 2009 to 2013
  • HNWI volume, wealth and allocation forecasts to 2018
  • HNWI and UHNWI asset allocations across 13 asset classes
  • Geographical breakdown of all foreign assets
  • Alternative breakdown of liquid vs. investable assets
  • Number of UHNWIs in major cities
  • Number of wealth managers in each city
  • City ratings of wealth management saturation and potential
  • Details of the development, challenges and opportunities of the wealth management and private banking sector in Spain
  • The size of Spain's wealth management industry
  • The largest private banks by AuM
  • Detailed wealth management and family office information
  • Insights into the drivers of HNWI wealth
Reasons to buy

  • The Spain Wealth Report 2014 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 that is created based on over 125,000 HNWIs from around the world in our database.
  • With the wealth reports as the foundation for its research and analysis, WealthInsight is able 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 the HNWIs to 2018 and a comprehensive background of the local economy.
  • The report provides a thorough analysis of the private banking and wealth management sector, latest merger and acquisition activity and the opportunities and challenges that it faces.
  • It also provides detailed information on HNWIs volumes in each major city.

Key highlights

  • There were approximately 228,736 HNWIs in Spain in 2014, which held US$968.8 billion in wealth. 
  • Spanish HNWI numbers rose by 1.7% in 2014, following an increase of 3.0% in 2013.
  • Growth rates in HNWI wealth and volumes are expected to improve over the forecast period. The total number of Spanish HNWIs is forecast to grow by 19.4%, to reach 279,884 in 2019. HNWI wealth will see a significant percentage increase, growing by 31.4% to reach US$1.3 trillion by 2019.
  • At the end of 2014, Spanish HNWIs held 39.5% (US$382.2 billion) of their wealth outside their home country, significantly higher than the worldwide average of 20–30%.

1 Introduction 
1.1 Details of this Report 
1.2 Definitions 

2 Executive Summary 

3 Wealth Sector Fundamentals 
3.1 Political Background 
3.2 Economic Background 
3.3 Social Background 
3.4 Benchmarking Spain’s Wealth in Context 
3.4.1 Distribution of wealth in Spain 
3.5 HNWI Volume and Wealth Trends 

4 Findings from the WealthInsight HNWI Database 
4.1 Trends in HNWI Wealth to 2019 
4.1.1 HNWI trend analysis 
4.1.2 Trends of the wealth bands 
4.1.3 Demographic breakdown of HNWIs 
4.1.4 HNWIs – job titles 
4.1.5 HNWIs – industry breakdown 
4.1.6 HNWIs – industry performance 
4.1.7 HNWIs – breakdown by city 
4.1.8 HNWIs – city performance 
4.1.9 HNWIs – city population densities 
4.1.10 HNWIs – city forecasts 
4.1.11 HNWIs – breakdown by state 
4.1.12 HNWIs – state performance 
4.1.13 HNWIs – state population densities 
4.2 UHNWIs 
4.2.1 UHNWI volume trend analysis 
4.2.2 UHNWI wealth trend analysis 
4.2.3 Demographic breakdown of UHNWIs 
4.2.4 UHNWIs – industry breakdown 
4.2.5 UHNWIs – city breakdown and performance 
4.3 UHNWIs – Billionaires 
4.3.1 Billionaire volume trend analysis 
4.3.2 Billionaire wealth trend analysis 
4.3.3 Billionaire per capita net worth trend analysis 
4.3.4 List of billionaires 
4.4 UHNWIs – Centimillionaires 
4.4.1 Centimillionaire volume trend analysis 
4.4.2 Centimillionaire wealth trend analysis 
4.4.3 Centimillionaire per capita net worth trend analysis 
4.5 UHNWIs – Affluent Millionaires 
4.5.1 Affluent millionaire volume trend analysis 
4.5.2 Affluent millionaire wealth trend analysis 
4.5.3 Affluent millionaire per capita net worth trend analysis 
4.6 Core HNWIs 
4.6.1 Core HNWI volume trend analysis 
4.7 Core HNWIs – Mid-Tier Millionaires 
4.7.1 Mid-tier millionaire volume trend analysis 
4.7.2 Mid-tier millionaire wealth trend analysis 
4.7.3 Mid-tier millionaire per capita net worth trend analysis 
4.8 Core HNWIs – Lower-Tier Millionaires 
4.8.1 Lower-tier millionaire volume trend analysis 
4.8.2 Lower-tier millionaire wealth trend analysis 
4.8.3 Lower-tier millionaire per capita net worth trend analysis 

5 Analysis of Spanish HNWI Investments 
5.1 Analysis by Asset Class 
5.1.1 Trends in alternative assets 
5.1.2 Trends in ‘art, wine and wheels’ 
5.1.3 Trends of investments in real estate 
5.1.4 Trends of investments in cash and deposits 
5.1.5 Trends of investments in fixed-income 
5.1.6 Trends of investments in equity 
5.1.7 Trends of investments in business interests 
5.2 Analysis of Foreign Investments 
5.2.1 Investments in Europe 
5.2.2 Investments in North America (including the US, Mexico and the Caribbean) 
5.2.3 Investments in the Asia-Pacific 
5.2.4 Investments in South America 
5.2.5 Investments in the Middle East 
5.2.6 Investments in Africa 
5.3 Alternative Breakdown: Liquid vs Investable Assets 
5.4 Analysis of Spanish UHNWI Investments 

6 Competitive Landscape of the Wealth Sector 
6.1 Competitive Landscape 
6.1.1 Private banks 
6.1.2 Wealth managers 
6.1.3 Family offices 
6.1.4 Financial advisors 
6.2 Developments in the Spanish Private Banking Industry 
6.3 Wealth Management and the Private Banking Industry 
6.4 Spanish Wealth Management Industry – Client Model and Maturity 
6.5 Behavioral Mapping of Wealth Management and Private Banking in Spain 
6.6 Porter’s Five Force Analysis – the Wealth Management Industry 

7 Appendix 
7.1 Additional Components of the Wealth Sector in Spain 
7.1.1 Philanthropy 
7.1.2 Demand for intergenerational wealth transfer 
7.2 Regulations on Taxes 
7.3 Regulations Related to Immigration, Investment and Employment 
7.4 Key Drivers
7.4.1 EUR to US$ exchange rate 
7.4.2 Real GDP growth 
7.4.3 Per capita GDP 
7.4.4 Domestic market capitalization 
7.4.5 Commodity index 
7.4.6 Foreign direct investments – inflow and outflow 
7.4.7 Inflation rate 
7.4.8 Interest rate 
7.4.9 Balance of payments 
7.4.10 Government debt 
7.4.11 Stock market performance 
7.5 Wealth Breakdowns 

8 About WealthInsight
Table 1: HNWI Wealth Band and Group Definitions 
Table 2: Regional Populations in Spain (Thousand), 2014 
Table 3: Spanish HNWIs – Volume Distribution, 2014 
Table 4: Spanish HNWIs – Wealth Distribution Wealth Pyramid (%), 2014 
Table 5: Spanish HNWIs – Industry Performance, 2010–2014 
Table 6: Spanish HNWIs – Population of Cities (Thousand), 2014 
Table 7: Spanish HNWIs – Growth in Top Cities (Thousand), 2010–2014 
Table 8: Spanish HNWIs – Population Density in Major Cities (Thousand), 2014 
Table 9: Spanish HNWIs – Population in Top Cities (Thousand), 2010–2019 
Table 10: Spanish HNWIs – Growth Rates for Top Cities (%), 2010–2019 
Table 11: Spanish HNWIs – Population by State (Thousand), 2014 
Table 12: Spanish HNWIs – Population and State Growth Data (%), 2010–2014 
Table 13: Spanish HNWIs – Population Density by State (%), 2014 
Table 14: Spanish UHNWIs – Gender Performance, 2010–2014 
Table 15: Spanish UHNWIs – Source of Wealth (%), 2014 
Table 16: Spanish UHNWIs in Top Cities (Thousand), 2010–2019 
Table 17: Spanish UHNWIs Growth Rates for Top Cities (Thousand), 2010–2019 
Table 18: Spanish Billionaires – Market Overview (US$ Billions), 2010–2019 
Table 19: Spanish Top 10 Billionaires (US$ Billions), 2014 
Table 20: Spanish Billionaire Wealth Growth (US$), 2010−2014 
Table 21: Spanish Centimillionaires – Market Overview (US$), 2010–2019 
Table 22: Spanish Affluent Millionaires – Market Overview (US$), 2010–2019 
Table 23: Spanish Mid-Tier Millionaires – Market Overview (US$), 2010–2019 
Table 24: Spanish Lower-Tier Millionaires – Market Overview (US$), 2010–2019 
Table 25: Spanish Allocations of HNWI Assets (%), 2010–2019 
Table 26: Spanish HNWIs − Holdings Growth (%), 2010–2019 57
Table 27: Spanish HNWIs – Alternative Asset Composition (%), 2010–2019 
Table 28: Spanish HNWIs – Trends of Investments in Alternative Assets (%), 2010–2019 
Table 29: Spanish Trends in ‘Art, Wine and Wheels’, 2010–2014 
Table 30: Global Prime Real Estate Prices per m² (US$), 2012 
Table 31: Spanish HNWIs – Percentage of Foreign Investment Allocations, 2010–2019 
Table 32: Spanish HNWIs – Liquidity Breakdown (US$ Billion), 2010–2019 
Table 33: Spanish HNWIs – Liquidity Breakdown (%), 2010–2019 
Table 34: Spanish UHNWIs – Allocations and Share of HNWI Assets, 2014 
Table 35: Leading Domestic Private Banks in Spain by AuM (US$), 2014 
Table 36: Leading Foreign Private Banks in Spain by AuM (US$), 2014
Table 37: Spanish Wealth Managers, 2014 
Table 38: Spanish Family Offices, 2014 
Table 39: Wealth Management Industry – Recent Deal Activity in Spain, 2014 
Table 40: Spanish Income Tax Bands (EUR), 2014 
Table 41: EUR per US$ Exchange Rate (%), 2010–2019 
Table 42: Spanish Real GDP Growth (%), 2010–2019 
Table 43: Spanish GDP Per Capita (US$), 2010–2019 
Table 44: Spanish Domestic Market Capitalization (US$ Billion), 2010–2014 
Table 45: Spanish Commodity Indices, 2010–2019 
Table 46: Spanish Foreign Direct Investments (US$ Billion), 2007–2011 
Table 47: Spanish Inflation Rate (%), 2010–2019 
Table 48: Spanish Money Market Rate (%), 2010–2019 
Table 49: Spanish Balance of Payments (US$ Billion), 2010–2014 
Table 50: Spanish Government Debt as a Percentage of GDP (%), 2010–2019 
Table 51: Spanish Stock Market Performance, 2010–2014 
Table 52: Spanish HNWI Wealth vs GDP Ratio (%), 2010–2019 
Table 53: Spain – Appendix One 
Table 54: Spain – Appendix Two
Figure 1: HNWI Wealth Band Definitions
Figure 2: Map of Spain 
Figure 3: Spain’s Asset Price Performance (US$), 2010–2014 
Figure 4: Spanish HNWI Performance (US$), 2010–2019 
Figure 5: Spanish vs. Global HNWIs (US$), 2010−2014 
Figure 6: Spanish HNWIs – Growth Factor Correlation, 2010–2014 
Figure 7: Spanish HNWIs – Volume Distribution Wealth Pyramid, 2014 
Figure 8: Spanish HNWIs – Wealth Distribution Wealth Pyramid (%), 2014 
Figure 9: Spanish HNWIs – Age Distribution, 2014 
Figure 10: Spanish HNWIs – Job Titles, 2010–2014 
Figure 11: Spanish HNWIs – Distribution by Industry (%), 2014 
Figure 12: Spanish HNWIs – City Performance (Thousand), 2010–2014 
Figure 13: Spanish HNWIs – City Population Volumes (Thousand), 2010–2014 
Figure 14: Spanish HNWIs – City Forecasts (Thousand), 2015–2019 
Figure 15: Spanish HNWIs – City Population Volumes (Thousand), 2015–2019 
Figure 16: Spanish UHNWIs – Wealth Share vs Volume Growth (%), 2010–2014 
Figure 17: Spanish UHNWIs – Volume by Wealth Band (Thousand), 2010–2019 
Figure 18: Spanish UHNWIs – Wealth by Wealth Band (US$ Billion), 2010–2019 
Figure 19: Spanish UHNWIs – Age Distribution (Percentage Share), 2014 
Figure 20: Spanish UHNWIs – Distribution by Industry, 2014 
Figure 21: Spanish Billionaires – Market Overview (US$), 2010–2019
Figure 22: Spanish Centimillionaires – Market Overview (US$), 2010–2019 
Figure 23: Spanish Affluent Millionaires – Market Overview (US$), 2010–2019 
Figure 24: Spanish Mid-Tier Millionaires – Market Overview (US$), 2010–2019 
Figure 25: Spanish Lower-Tier Millionaires – Market Overview (US$), 2010–2019 
Figure 26: Spanish HNWIs – Asset Class Composition (%), 2010–2019 
Figure 27: Spanish HNWIs – Trends in Alternative Assets (US$ Billion), 2010–2019 
Figure 28: Spanish Trends in ‘Art, Wine and Wheels’, 2010–2014 
Figure 29: Spanish HNWIs – Foreign Investment Allocation and Growth (%), 2014 
Figure 30: Spanish HNWIs – Global Distribution of Foreign Investments (%), 2010–2019 
Figure 31: Spanish HNWIs – Liquidity Breakdown (%), 2010–2019 
Figure 32: Spanish UHNWIs – Asset Class Composition, 2010–2019 
Figure 33: Spanish Wealth Management Industry – Maturity Level of Operators 
Figure 34: Spanish Wealth Management Industry – Behavioral Mapping, 2014 
Figure 35: Spanish Wealth Management Industry – Five Forces Analysis 
Figure 36: EUR to US$ Exchange Rate (%), 2010–2019 
Figure 37: Spanish Real GDP Growth (%), 2010–2019 
Figure 38: Spanish GDP Per Capita (US$), 2010–2019 
Figure 39: Spanish Domestic Market Capitalization (US$ Billion), 2010–2014 
Figure 40: Spanish Commodity Indices, 2010–2019 
Figure 41: Spanish Foreign Direct Investments (US$ Billion), 2007–2011 
Figure 42: Spanish Inflation Rate (%), 2010–2019 
Figure 43: Spanish Money Market Rate (%), 2010–2019 
Figure 44: Spanish Balance of Payments (US$ Billion), 2010–2014 
Figure 45: Spanish Government Debt as a Percentage of GDP (%), 2010–2019 
Figure 46: Spanish Stock Market Performance, 2010–2014 
Figure 47: Spanish HNWI Wealth vs GDP Ratio (%), 2010–2019 
Figure 48: Spanish HNWIs – Volume by Wealth Band, 2010–2019 
Figure 49: Spanish HNWIs – Wealth by Wealth Band (in US$ Billions), 2010–2019 
Figure 50: Spanish HNWIs – Wealth Per Capita (in US$ Millions), 2010–2019