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1、World Wealth Report,2010,4,9,16,20,23,25,25,28,29,30,32,34,35,37,State of the Worlds Wealth,2009 in Review:Many Drivers of Wealth Rebounded,but Economic Recovery is Still Nascent,HNWIs Warily Returned to Markets in 2009in Cautious Pursuit of Returns,HNWIs Cautiously Returned to Passion Investments i
2、n 2009,HNWI Demand for Philanthropy-related AdvisoryServices is Rising,Spotlight:Crisis has Clearly Shifted Investor Psyche,and Wealth Managment Firms are Responding,Post-Crisis,Client Expectations Have Clearly Shifted;Firms are Adapting,Developing a Deeper Understanding of Investor Psychologywill H
3、elp Firms and Advisors Deal With a More Volatileand Less Certain Environment,More Mainstream use of Behavioral Finance ApproachesWill Have a Signficant Impact Across Service Delivery Modelsand Platforms,Many Firms are Already Adapting Advisory Processesand Operating Models to Integrate Behavior into
4、 HNWIInvesting Strategies,While Behavioral Finance is Relevant for all Firms,the Degree to Which Firms Seek to Transform will Vary,A Path Forward for the Industry,Appendix A:Methodology,Appendix B:Select Country Breakdown,World Wealth ReportTO OUR READERS,Capgemini and Merrill Lynch Global Wealth Ma
5、nagement are pleased to present the 2010 World Wealth Report.Our two firms have been working together for more than 20 years to study the macroeconomic and other factorsthat drive wealth creation,and to better understand the key trends that affect high net worth individuals(HNWIs)around the globe.Th
6、e last couple of years have been momentous for wealthy investors and their Advisors.At this time last year,we wereanalyzing the dramatic effects of the financial crisis,which was quickly turning into a global economic downturn.World equity markets had lost a decade of gains,and volatility had reache
7、d record levels.HNWIs were re-allocating tosafer investments and retreating to familiar markets close to home,and Financial Advisors were rallying to restore clienttrust and confidence.A year later,many markets are recovering well and the broader economy,after contracting across much of the worldin
8、2009,is showing distinct signs of recovery.The HNWI population itself has started growing again,and HNWIwealth is also recovering.But it is clear from HNWIs asset allocations that they are taking a cautious approach toinvesting and risk-taking.Moreover,it seems the lessons learned from the crisis ha
9、ve changed the way HNW clientswill think about investing for the foreseeable future.Clients are now much more involved in managing their investment choices,asking for more specialized advice,demanding full product disclosure and transparency.They are more educated about investing and about their own
10、needs.They now understand that when weighing potential returns,they must weigh the risks more thoroughly.This years World Wealth Report(WWR)looks at how wealth-management firms are adapting to behavior-driveninvesting by clients,and are re-evaluating their advisory processes,risk models and service
11、offerings to cater effectivelyto HNW clients in this new paradigm.It is a pleasure to provide you with our findings,and we hope you find continued value in the WWRs insights.,Sallie KrawcheckPresident,Global Wealth&Investment ManagementBank of America,Bertrand LavayssireManaging DirectorGlobal Finan
12、cial ServicesCapgemini,State of the,State of the Worlds Wealth,The worlds population of high net worth individuals(HNWIs1)grew 17.1%to 10.0 million in 2009,returning to levels last seen in 2007 despite the contraction in world gross domestic product(GDP).GlobalHNWI wealth similarly recovered,rising
13、18.9%to trillion,with HNWI wealth in Asia-Pacific and,1,2,4,WorldsUS$39.0WealthLatin America actually surpassing levels last seen at the end of 2007.For the first time ever,the size of the HNWI population in Asia-Pacific was as large as that of Europe(at 3.0 million).This shift in the rankings occur
14、red because HNWI gains in Europe,while sizeable,were farless than those in Asia-Pacific,where the regions economies saw continued robust growth in botheconomic and market drivers of wealth.The wealth of Asia-Pacific HNWIs stood at US$9.7 trillion by the end of 2009,up 30.9%,and above theUS$9.5 trill
15、ion in wealth held by Europes HNWIs.Among Asia-Pacific markets,Hong Kong and India led thepack,rebounding from mammoth declines in their HNWI bases and wealth in 2008 amid an outsized resurgencein their stock markets.The global HNWI population nevertheless remains highly concentrated.The U.S.,Japan
16、and Germany stillaccounted for 53.5%of the worlds HNWI population at the end of 2009,down only slightly from 54.0%in 2008.Australia became the tenth largest home to HNWIs,after overtaking Brazil,due to a considerable rebound.After losing 24.0%in 2008,Ultra-HNWIs2 saw wealth rebound 21.5%in 2009.At t
17、he end of 2009,Ultra-HNWIs accounted for 35.5%of global HNWI wealth,up from 34.7%,while representing only 0.9%of the globalHNWI population,the same as in 2008.HNWI SEGMENT RECOUPED SIGNIFICANT GROUND IN 2009,Globally,the HNWI Segment Regained Grounddespite Weakness in the World EconomyThe worlds pop
18、ulation of HNWIs grew 17.1%in 2009(see Figure 1),nearly recovering the unprecedenteddeclines of 2008 even though the global economycontracted(see 2009 in Review).HNWI financial wealthalso grew,posting a gain of 18.9%to US$39.0 trillion(seeFigure 2).The star performer was Asia-Pacific,the onlyregion
19、in which both macroeconomic and market driversof wealth expanded significantly in 2009.Regional findings show:The Asia-Pacific HNWI population rose 25.8%overallto 3.0 million,catching up with Europe for the first,time,after falling 14.2%in 2008.Seven countrieswithin the region actually saw their HNW
20、Ipopulations recover beyond 2007 levels.Asia-Pacific HNWI wealth surged 30.9%to US$9.7trillion,more than erasing 2008 losses and surpassingthe US$9.5 trillion in wealth held by Europes HNWIs.After falling 19.0%in 2008,the HNWI population inNorth America rebounded,gaining 16.6%in 2009.HNWI wealth the
21、re rose 17.8%to US$10.7 trillion.North America remains the single largest home toHNWIs,with its 3.1 million HNWIs accounting for31%of the global HNWI population.,HNWIs are defined as those having investable assets of US$1 million or more,excluding primary residence,collectibles,consumables,and consu
22、mer durablesUltra-HNWIs are defined as those having investable assets of US$30 million or more,excluding primary residence,collectibles,consumables,and consumer durables2010 WoRld WEAlTH REpoRT,(Million),0,0,5,STATE of THE WoRldS WEAlTH,FIgURE 1.FIGURE 1.(In Million),HNWI Population,2006 2009(by Reg
23、ion)HNWI Population,2006 2009(by Region),CAGR 2006-2008,-5.0%,Annual Growth 2008-2009 17.1%,9.5,10.1,8.6,10.0,108,2.6,0.10.30.4,2.8,0.10.40.4,0.10.40.4,3.0,0.10.40.5,%Change Total HNWI Population2008-2009,Number ofHNWIs,6,2.4,Africa,13.2%,Worldwide(in Million),4,3.0,3.1,2.6,3.0,Middle EastLatin Amer
24、ica,7.1%8.3%,Asia-Paci c,25.8%,2,3.2,3.3,2.7,3.1,Europe,12.5%,North America,16.6%,2006,2007,2008,2009,Note:Chart numbers may not add up due to roundingSource:Capgemini Lorenz curve analysis,2010,FIgURE 2.FIGURE 2.,HNWI Wealth Distribution,2006 2009(by Region)HNWI Wealth Distribution,2006 2009(by Reg
25、ion),(US$Trillion),CAGR 2006-2008,-6.2%,Annual Growth 2008-2009 18.9%,37.2,40.7,32.8,39.0,50,GlobalHNWIWealth(in US$Trillion),403020,5.18.410.1,0.91.4,6.29.510.7,1.01.7,5.87.48.3,0.81.4,6.79.79.5,1.01.5,%Change Total HNWI Wealth2008-2009Africa 20.2%Middle East 5.1%Latin America 15.0%Asia-Paci c 30.9
26、%,10,11.3,11.7,9.1,10.7,Europe,14.2%,North America,17.8%,2006,2007,2008,2009,Note:Chart numbers may not add up due to roundingSource:Capgemini Lorenz curve analysis,20102010 WoRld WEAlTH REpoRT,FIgURE 3.,FIGURE 3.,(Thousand),6,STATE of THE WoRldS WEAlTH,The size and wealth of Europes HNWI population
27、grew in 2009,though moderately.Europes HNWIpopulation rose 12.5%to 3.0 million after dropping14.4%in 2008.HNWI wealth increased 14.2%toUS$9.5 trillion after losing 21.9%in 2008.The HNWI population in Latin America grew 8.3%to0.5 million,while HNWI wealth in the region jumped15%.While the percentage
28、recovery in Latin Americain 2009 was not as big as in Asia-Pacific,LatinAmerican HNWI wealth is now 8%greater than in2007,while wealth among Asia-Pacific HNWIs hasgrown just 2%during that time.In 2009,Middle East HNWI population and wealthgrew by only 7.1%and 5.1%respectively,as the regionwas impact
29、ed by the Dubai crisis.While the global HNWI recovery was generally strongerin emerging and developing nations than in mature ones,most of the worlds HNWI population and wealthremains highly concentrated in three countries.The U.S.,Japan and germany together accounted for 53.5%of theworlds HNWI popu
30、lation in 2009,down only slightlyHNWI Population by Country,2009HNWI Population by Country,2009(in Thousands),from 54.0%in 2008(see Figure 3).And beyond that,theHNWI ranks remained spread across the globe in muchthe same proportions in 2009 as they had been in 2008.Asia-Pacific HNWIs,Hit Especially
31、Hardin 2008,Led Recovery in 2009Several Asia-Pacific countries experienced greater-than-average growth in their HWNI populations in 2009.Infact,the region was home to eight of the worlds tenfastest-growing HNWI populations.Hong Kong andIndia led the pack,after experiencing mammoth declinesin their H
32、NWI bases in 2008.In Hong Kong,the rebound followed a sharp resurgencein the stock market,where market capitalization surged73.5%in 2009 after falling about 50%the previous year.Market capitalization is a powerful driver of wealth inHong Kong,which has a very high market-cap-to-nominal-gDP ratio.(Ma
33、rket capitalization is almost 11times that of gDP,compared with the global average of0.8 times.)That ratio makes Hong Kong particularly,HNWI Growth,2008,2009,Rate(%)2008-2009,16.5%,20.8%,6.4%,31.0%,23.8%,10.8%,17.9%,19.7%,9.2%,34.4%,11.9%,12.5%,3000,2,866,25002000,2,460,53.5%of total worldwideHNWI p
34、opulation(54%in 2008),NumberofHNWIs(in thousands),1500,1,6501,366,1000,810 861,Australia movedback to 10th positionby overtaking Brazil,500,365,477,362,448,346383,213,251,185 222,164179,129174,131147,127 143,0,US,Japan,Germany,China,UK,France,Canada Switzerland,Italy,Australia,Brazil,Spain,Positioni
35、n 2008,1,2,3,4,5,6,7,8,9,11,10,12,Source:Capgemini Lorenz curve analysis,20102010 WoRld WEAlTH REpoRT,3,7,STATE of THE WoRldS WEAlTH,vulnerable to losses in wealth when the market declines asit did in 2008,but also produces outsized gains in wealthwhen stock prices rise.Hong Kong also has a very lar
36、ge proportion of HNWIsin the US$1 million-US$5 million wealth band,so manyhad been quickly relegated to the“mass affluent”3bracket during the losses of 2008and many were justas quickly promoted back to HNWI status when assetprices rose in 2009.As a result of these dynamicsand given the low base atwh
37、ich HNWI population numbers stood after the 2008lossesHong Kongs HNWI population posted a gain of104.4%in 2009.This was by far the strongest rebound inthe world but since it followed a 61.3%decline in 2008,the number of HNWIs at the end of 2009 was still only79%of the number at the end of 2007.In In
38、dia,the HNWI population grew 50.9%in 2009.India also has a relatively high market-cap-to-gDP ratio(two times gDP)and its stock-market capitalizationmore than doubled in 2009,after dropping 64.1%in2008.The recovery was also underpinned,however,bythe strong outlook for Indias underlying economy.China
39、remained the worlds fourth largest HNWI base,with 477,000 HNWIs,up 31.0%.Stock marketcapitalization in China soared more than 100%in 2009,as the economy grew at a rapid 8.7%pace.Australia,meanwhile,moved back up to tenth position inthe HNWI-population rankings,overtaking Brazil,aftermany of those wh
40、o had fallen into the“mass affluent”category in 2008 regained their HNWI status.InAustralia,HNWIs in the lowest(US$1 million-US$5million)wealth band account for 55.4%of all HNWIwealth,so far more HNWIs fall out of the HNWIcategory when wealth declines than is the case inBrazilwhere a staggering 87%o
41、f HNWI wealth lies inthe hands of Ultra-HNWIs.,Not All of 2008s Big Losers RecoupedTheir Losses in 2009Notably,not all the hefty losers of 2008 were able torecover the lions share of their losses.In many cases,therebounds were tempered by underlying macroeconomicconcerns.For example:The HNWI populat
42、ion grew strongly in the U.K.(42.7%)and in Russia(21.3%),but those gains did notcome close to recouping the losses of 2008.In bothcases,stock market capitalization surged,but wasapparently more than offset by the effects of thecontracting economy.gDP shrank by 5.0%in theU.K.and by 7.9%in Russia,whil
43、e the stock marketsrose 49.6%and 103.6%respectively.Some countries,such as Ukraine,Turkey and greece,areexperiencing persistent weakness in their markets andeconomies.greece is a prime example,and its HNWIpopulation continued to decline in 2009(by 1.2%).Similarly,the United Arab Emirates(UAE)lost ar
44、ound19%of its HNWI population in 2009,mainly due to thecrisis in Dubai and the significant fall(-48.0%)in realestate prices.Ultra-HNWI Segment Showed Outsized Gainsin Ranks and WealthUltra-HNWIs increased their wealth by a striking 21.5%in2009,far more than the average in the HNWI segment as awhole.
45、This resurgence followed a mammoth 24.0%loss inwealth for Ultra-HNWIs on aggregate in 2008,and wasmost likely due to a more effective re-allocation of assets.A disproportionate amount of wealth remainedconcentrated in the hands of Ultra-HNWIs.At the endof 2009,Ultra-HNWIs represented only 0.9%of the
46、global HNWI population,but accounted for 35.5%ofglobal HNWI wealth.That was up slightly from 34.7%in 2008.,Individuals with investable assets of US$100,000 to US$1,000,0002010 WoRld WEAlTH REpoRT,8,6,4,8,STATE of THE WoRldS WEAlTH,North America still has the largest regionalconcentration of Ultra-HN
47、WIs.At the end of 2009,thenumber of Ultra-HNWIs there totaled 36.3k(see Figure4),up from 30.6k in 2008,but that was still downsharply from 41.2k in 2007.Regionally,Latin Americastill has the highest percentage of Ultra-HNWIs relativeto the overall HNWI population2.4%,compared withthe global average
48、of 0.9%.Asia-Pacific will Likely be the Powerhouse ofHNWI Growth in Coming YearsOn aggregate,the number and wealth of HNWIs aroundthe world recovered significantly in 2009,but Asia-Pacific was the showcase,thanks to a solid performancein both the economic and market drivers of wealth.going forward,t
49、he BRIC(Brazil,Russia,India,andChina)nations are expected to again be the drivers fortheir respective regions.In Asia-Pacific,China and India,will continue to lead the way,with economic expansionand growth likely to keep outpacing more developedeconomies.The regions HNWI growth is likely to bethe fa
50、stest in the world as a result.In Latin America,Brazil is similarly expected to remain an engine ofgrowth.Russia is also expected to display strength due toits commodity-rich resource base.However,HNWI-wealth creation is always driven by amixture of economic and market factors,and 2009suggests macro
