United States 2012 Wealth Book: The American Dream Revisited

  • December 2012
  • -
  • WealthInsight
  • -
  • 138 pages

Synopsis

• This report is the result of WealthInsight’s extensive research covering the high net worth individual (HNWI) population and wealth management market in the United States.
• The report focuses on HNWI performance between the end of 2007 (the peak before the global financial crisis) and the end of 2011. This enables us to determine how well the country's HNWIs have performed through the crisis.

Summary

The US is the largest wealth market in the world, accounting for 5.1 million or 30% of the total number of worldwide HNWIs in 2011. This report reviews the performance and asset allocations of HNWIs and Ultra HNWIs in the US and highlights the top performing cities. It also includes an evaluation of the local wealth management industry.

Scope

The report features:
• Independent market sizing of US HNWIs across five wealth bands
• HNWI volume, wealth and allocation trends from 2007 to 2011
• HNWI volume, wealth and allocation forecasts to 2016
• HNWI and UHNWI asset allocations across 13 asset classes
• Number of UHNWIs and UHNWI growth rates in every state
• Number of UHNWIs in all major cities
• Fastest growing cities for UHNWIs
• Number of wealth managers in each city
• City wise ratings of wealth management saturation and potential
• Details of the development, challenges and opportunities of the Wealth Management and Private Banking sector in the US
• Size of local wealth management industry
• Detailed wealth management and family office information
• Insights into the drivers of HNWI wealth

Reasons To Buy

• The WealthInsight Intelligence Center Database is an unparalleled resource and the leading resource of its kind. Compiled and curated by a team of expert research specialists, the database comprises profiles on major private banks, wealth managers and family offices in each country.
• The WealthInsight Intelligence Center Database also includes up to one hundred data-points on over 100,000 HNWIs from around the world. With the database as the foundation for our research and analysis, we are able obtain an unsurpassed level of granularity, insight and authority on the HNWI and wealth management universe in each of the countries and regions we cover.
• Comprehensive forecasts to 2016.
• Detailed information on UHNWIs in each major city.

Key Highlights

• The number of HNWIs in the United States decreased by 3.1% over the review period from 5.3 million HNWIs in 2007 to 5.1 million HNWIs in 2011.
• Over the forecast period, the total number of US HNWIs is forecast to grow by 19.4%, to reach 6.1 million in 2016.
• In 2011, business interests were the largest asset class for HNWIs in the US (29% of total HNWI assets), followed by equities (26.7%), real estate (17.4%), fixed income (11.1%), cash (8.6%) and alternatives (7.3%).
• With 39,378 UHNWIs, the US accounts for a high 32% of the total number of worldwide UHNWIs in 2011.
• New York City is the largest city for US UHNWIs, accounting by 7.4% of total US UHNWIs with 2,929 individuals. There are also sizable UHNWI populations in Los Angeles (950 UHNWIs), Chicago (804 UHNWIs), Houston (777 UHNWIs), Dallas (564 UHNWIs) and San Francisco (511 UHNWIs).
• Greenwich was the top performing city for UHNWIs, with numbers rising by 39% from 252 in 2007 to over 350 in 2011. This was boosted by the movement of a large number UHNWIs out of Manhattan and into Connecticut.

Table Of Contents

Table of Contents
1 Introduction
1.1 What is this Report About?
1.2 Definitions
2 Executive Summary
3 Wealth Sector Fundamentals
3.1 Political Background
3.2 Economic Background
3.3 Benchmarking US Wealth in Context
3.3.1 World Statistics
3.3.2 Distribution of wealth in the US
3.1 HNWI Volume and Wealth Trends
4 Findings from the WealthInsight HNWI Database
4.1 Trends in HNWI Wealth to 2016
4.1.1 HNWI trend analysis
4.1.2 Trends of the wealth bands
4.1.3 Demographic breakdown of HNWI
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 - job titles
4.2.5 UHNWIs - industry breakdown
4.2.6 UHNWIs - industry performance
4.2.7 UHNWIs - Top 25 States
4.2.8 UHNWIs - States by sector
4.2.9 UHNWIs - Smaller States
4.2.10 UHNWI breakdown by top 10 city
4.2.11 UHNWIs - top 10 city performance
4.2.12 UHNWIs - population densities
4.2.13 UHNWIs - city forecasts
4.2.14 UHNWIs - Top 30 US Cities
4.2.15 UHNWIs - California Review
4.2.16 UHNWIs - New York State Review
4.2.17 UHNWIs - Texas Review
4.2.18 UHNWIs - Florida Review
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 Billionaires by industry
4.3.5 Billionaires by city
4.3.1 Billionaires by state
4.3.2 Billionaires - state by sector
4.3.3 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
4.6.2 Core HNWI wealth 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 US HNWI investments
5.1 Analysis by Asset Classes
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 interest
5.2 Analysis of Foreign Investments
5.2.1 Investments in Europe
5.2.2 Investments in Asia Pacific
5.2.3 Investments in Latin America
5.2.4 Investments in the Middle East
5.2.5 Investments in Africa
5.3 Alternative Breakdown: Liquid vs. Investable Assets
5.4 Analysis of US UHNWI Investments
5.5 Case Study: Luxury homes in the US
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 US Private Banking Industry
6.3 United States Wealth Management Industry - Clientele Model and Maturity
6.4 Behavioral Mapping of Wealth Management and Private Banking Industry in the US
6.5 Porter’s Five Force Analysis - Wealth Management Industry in the United States
6.6 Financial Services Review
6.6.1 Retail banks
6.6.2 Fund Management
7 Appendix
7.1 Additional Components of the Wealth Sector
7.1.1 Philanthropy
7.1.2 Demand for Intergenerational Wealth Transfer
7.1.3 Human Resource Availability
7.2 Financial Regulators in United States
7.2.1 Banking Regulations
7.2.2 Regulations on Taxes
7.2.3 Regulations related to immigration, investment and employment
7.3 Key Economic Trends and Drivers
7.3.1 Real GDP growth
7.3.2 Per capita GDP
7.3.3 Domestic market capitalization
7.3.4 Housing price index
7.3.5 Commodity index
7.3.6 Foreign direct investment
7.3.7 Investments of FIIs in equity products
7.3.8 Inflation rate
7.3.9 Interest rate
7.3.10 Balance of payments
7.3.11 Government debt
7.3.12 Stock market performance
7.4 Wealth Breakdowns
8 About WealthInsight

List of Tables

Table 1: HNWI Wealth Band and Group Definitions
Table 2: USA: Top 10 States by GDP, 2011
Table 3: USA: Top 10 States by GDP per capita, 2011
Table 4: USA: High Income Counties (US$), 2011
Table 5: USA: The largest 10 cities by population, 2011
Table 6: USA: HNWIs - Volume Distribution Wealth Pyramid, 2011
Table 7: USA: HNWIs - Wealth Distribution Wealth Pyramid (% share), 2011
Table 8: USA: UHNWI -Sector performance, 2007- 2011
Table 9: USA: UHNWIs - Top 25 states, 2011
Table 10: USA: UHNWIs - Top 25 States by UHNWI growth, 2007-2011
Table 11: USA: UHNWIs - Top 5 States by Sector, 2011
Table 12: USA: UHNWIs - Smaller States, 2011
Table 13: USA: UHNWIs - Top 10 Cities, 2011
Table 14: USA: UHNWI - Population Density in Major Cities, 2011
Table 15: USA: UHNWI in Top Cities, 2007-2016
Table 16: USA: UHNWI Growth Rates for Top Cities, 2007-2016
Table 17: USA: UHNWIs - Top 30 cities, 2011
Table 18: USA: UHNWIs - Top 30 cities by UHNWI growth, 2007 - 2011
Table 19: USA: UHNWIs - California, Top 20 cities, 2011
Table 20: USA: UHNWIs - New York, Top 10 cities, 2011
Table 21: USA: UHNWIs - Texas, Top 10 cities, 2011
Table 22: USA: UHNWIs - Florida, Top 10 cities, 2011
Table 23: USA: Billionaires - Market Overview (US$ Billions) 2007-2016
Table 24: USA: Billionaires - Industry Breakdown, 2011
Table 25: USA: Billionaires - City Breakdown, 2011
Table 26: USA: Billionaires - State Breakdown, 2011
Table 27: USA: Billionaires - State by sector, 2011
Table 28: USA: Top 25 Billionaire’s (US$ Billions), 2011
Table 29: USA: Billionaire Wealth Growth, 2007?2011
Table 30: USA: Centimillionaires - Market Overview, 2007-2016
Table 31: USA: Affluent Millionaires - Market Overview, 2007-2016
Table 32: USA: Mid-Tier Millionaires - Market Overview, 2007-2016
Table 33: USA: Lower-Tier Millionaires - Market Overview, 2007-2016
Table 34: USA: Allocations of HNWI Assets, 2007?2016
Table 35: USA: HNWIs ? Holdings Growth (%), 2007-2016
Table 36: USA: HNWIs - Trends of Investments in Alternative Assets (%), 2007-2016
Table 37: USA: HNWIs - Alternative Asset Composition (%), 2007-2016
Table 38: USA: Trends in “Art, Wine and Wheels”, 2007-2011
Table 39: USA: HNWIs -Prime Cities, 2007-2011
Table 40: USA: Prime real estate prices, US$ terms, 2011
Table 41: Global: Prime International Cities, US$ terms, 2007-2011
Table 42: Global: Prime real estate prices per square meters, US$ terms, 2011
Table 43: USA: Top 10 HNWI 2nd home destinations, 2007- 2011
Table 44: USA: Other 2nd home hotspots for HNWIs, 2011
Table 45: USA: HNWIs - % Foreign allocation, 2007-2016
Table 46: USA: HNWIs - Liquidity Breakdown (US$ Billion), 2007-2016
Table 47: USA: HNWIs - Liquidity Breakdown (%), 2007-2016
Table 48: USA: UHNWIs - Allocations and Share of HNWI Assets, 2011
Table 49: USA: Homes for sale, 2011
Table 50: USA: Top 20 Private Banks by AuM, 2011
Table 51: USA: Wealth Managers per City, 2011
Table 52: USA: Top 20 Wealth Managers by AuM, 2011
Table 53: USA: Family Offices, 2011
Table 54: USA: Family Offices per City, 2011
Table 55: USA: Financial Advisors in United States Cities, 2011
Table 56: USA: Income Tax Bands, 2012
Table 57: USA: Corporate Tax Structure, 2012
Table 58: USA: Real GDP Growth, 2006-2016
Table 59: USA: GDP Per Capita, 2006-2016
Table 60: USA: Domestic Market Capitalization (US$ Billions) 2006-2011
Table 61: USA: Housing Price Index, 2006-2011
Table 62: USA: Commodity Indices, 2006-2016
Table 63: USA: Foreign Direct Investments (US$ Billions) 2006-2016
Table 64: USA: Investments of FIIs in Equity Products (US$ Billion) 2007-2010
Table 65: USA: Inflation Rate, 2006-2016
Table 66: USA: Money Market Rate, 2006-2016
Table 67: USA: Balance of Payments (US$ Billions) 2006-2011
Table 68: USA: Government Debt to GDP, 2006-2016
Table 69: USA: Stock Market Performance, 2006-2011
Table 70: USA: HNWI Wealth vs GDP Ratio, 2007-2016
Table 71: USA: Appendix One
Table 72: USA: Appendix Two
Table 73: USA: UHNWI -Source of wealth (%), 2011

List of Figures
Figure 1: HNWI Wealth Band Definitions
Figure 2: USA: Map
Figure 3: USA: Asset Price Performance, 2007-2011
Figure 4: USA: HNWI Performance, 2007-2016
Figure 5: USA: US HNWIs vs the World
Figure 6: USA: HNWIs - Growth Factor Correlation, 2007-2011
Figure 7: USA: HNWIs - Volume Distribution Wealth Pyramid, 2011
Figure 8: USA: HNWIs - Wealth Distribution Wealth Pyramid (% share), 2011
Figure 9: USA: HNWIs - Age Distribution, 2011
Figure 10: USA: UHNWIs - Wealth Share vs Volume Growth, 2007-2011
Figure 11: USA: UHNWIs - Volume by Wealth Band, 2007-2016
Figure 12: USA: UHNWIs - Wealth by Wealth Band (US$ Billion), 2007-2016
Figure 13: USA: UHNWIs - Age Distribution (% Share), 2011
Figure 14: USA: UHNWIs - Job Titles, 2007-2011
Figure 15: USA: UHNWIs - Distribution by Industry, 2011
Figure 16: USA: UHNWIs - Sector Performance, 2007-2011
Figure 17: USA: UHNWIs - City Performance, 2007-2011
Figure 18: USA: UHNWIs - City Numbers, 2007-2011
Figure 19: USA: UHNWIs - City Forecasts, 2011-2016
Figure 20: USA: UHNWIs - City numbers, 2011-2016
Figure 21: USA: Billionaires - Market Overview, 2007-2016
Figure 22: USA: Centimillionaires - Market Overview, 2007-2016
Figure 23: USA: Affluent Millionaires - Market Overview, 2007-2016
Figure 24: USA: Mid-Tier Millionaires - Market Overview, 2007-2016
Figure 25: USA: Lower-Tier Millionaires - Market Overview, 2007-2016
Figure 26: USA: HNWIs - Asset Class Composition, 2007-2016
Figure 27: USA: HNWIs - Trends in Alternative Assets (in US$ Billion), 2007-2016
Figure 28: USA: Trends in “Art, Wine and Wheels”, 2007-2011
Figure 29: USA: HNWIs - Foreign Investment Allocation and Growth (%), 2011-2016
Figure 30: USA: HNWIs - Global Distribution of Foreign Investments, 2007-2016
Figure 31: USA: HNWIs - Liquidity Breakdown (%), 2007-2016
Figure 32: USA: UHNWIs - Asset Class Composition, 2007-2016
Figure 33: USA: Wealth Management Industry - Maturity Level of Players
Figure 34: USA: Wealth Management Industry - Behavioral Mapping, 2011
Figure 35: USA: Wealth Management Industry - Five Forces Analysis
Figure 36: USA: Real GDP Growth (%), 2006-2016
Figure 37: USA: GDP Per Capita, 2006-2016
Figure 38: USA: Domestic Market Capitalization (US$ Billion) 2006-2011
Figure 39: USA: Housing Price Index, 2006-2011
Figure 40: USA: Commodity Indices, 2006-2016
Figure 41: USA: Foreign Direct Investments (US$ Billion) 2006-2016
Figure 42: USA: Investments of FIIs in Equity Products (US$ Billion) 2007-2010
Figure 43: USA: Inflation Rate, 2006-2016
Figure 44: USA: Money Market Rate, 2006-2016
Figure 45: USA: Balance of Payments (US$ Billion) 2006-2011
Figure 46: USA: Government Debt to GDP, 2006-2016
Figure 47: USA: Stock Market Performance, 2006-2011
Figure 48: USA: HNWI Wealth vs GDP Ratio, 2007-2016
Figure 49: USA: HNWIs - Volume by Wealth Band, 2007-2016
Figure 50: USA: HNWIs - Wealth by Wealth Band (in US$ Billion), 2007-2016
Figure 51: USA: HNWIs - Wealth per Capita (in US$ million), 2007-2016

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